Bitcoin Be Setting Bull Trap?_Breakout Without High Volume

22 mag

Bitcoin(BTCUSDT) started to fall yesterday after forming a new All-Time High(ATH) with high volume, but started to rise again. One of the reasons for Bitcoin’s sudden drop yesterday was the sharp drop in the S&P 500(SPX) index.

First of all, I must say that Bitcoin’s situation is a bit complicated and difficult to analyze, so pay more attention to money management. Be prepared for any scenario.

Bitcoin is trading above the Resistance zone($109,588-$105,820) and near the Resistance lines and Cumulative Short Liquidation Leverage($113,020-$111,833). What is worrying is that the break of the Resistance zone($109,588-$105,820) was NOT accompanied by high volume, suggesting a bull trap is possible.

I see a correction to at least Cumulative Long Liquidation Leverage($109,972-$108,609) given the low breakout volume for Bitcoin and the large sell orders in the upper prices for Bitcoin.
--------------------------------------------
Today, the Flash PMI data from the U.S. came in stronger than expected:

Flash Manufacturing PMI: 52.3 (vs. forecast 49.9, previous 50.2)

Flash Services PMI: 52.3 (vs. forecast 51.0, previous 50.8)

Analysis:

Both numbers exceeded expectations, signaling stronger economic activity in the U.S. This is bullish for the USD(DXY) and could put short-term downward pressure on Bitcoin, as it lowers the chances of near-term Fed rate cuts.
--------------------------------------------
Do you think Bitcoin is completing a Bull Trap or should we expect Bitcoin to increase further?

Note: If Bitcoin breaks above $114,500 with high momentum, we can expect Bitcoin to rise to near $119,000.

Please respect each other's ideas and express them politely if you agree or disagree.

Bitcoin Analyze (BTCUSDT), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.

Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.

23 mag

Trade attivo

Trade was activated

24 mag

Trade chiuso: obiettivo raggiunto

First Target Done