Bitcoin Bull Trap
Hello Everyone,
Today I am showing my bitcoin Descending Wedge Bull Trap Scenario. We have seen this pattern at the 60k area and now we are seeing it yet again in the 40k area.
Here are the Technicals:
1. Bearish Price Action - Volume is going up as Price is going down
2. Weekly/Monthly showing signs of cycle exhaustion. - The monthly Chart has maxed out on RSI and the weekly is showing similar patterns of market cycle reversal.
3. HS validation and Retest. - Both models show a head and shoulders pattern being validated with a retest.
I am expecting a bounce at 38k but this does not change the overall sentiment. I believe we have entered the bear market cycle and will continue to be in it until sentiment changes.
As Always, be patient, use risk management, and good luck trading.
Today I am showing my bitcoin Descending Wedge Bull Trap Scenario. We have seen this pattern at the 60k area and now we are seeing it yet again in the 40k area.
Here are the Technicals:
1. Bearish Price Action - Volume is going up as Price is going down
2. Weekly/Monthly showing signs of cycle exhaustion. - The monthly Chart has maxed out on RSI and the weekly is showing similar patterns of market cycle reversal.
3. HS validation and Retest. - Both models show a head and shoulders pattern being validated with a retest.
I am expecting a bounce at 38k but this does not change the overall sentiment. I believe we have entered the bear market cycle and will continue to be in it until sentiment changes.
As Always, be patient, use risk management, and good luck trading.
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