BTC/USDT - Bull trap or a Retrace to the support zone?!

Overview for BTC/ USDT

Wave I :

Starting point: 6869.62
Target: 8460.88
1591.26$ move UP!

Retracement:

0.5 fib. level
783.76$ move down

Wave II:

Starting point: 7677.12
Target: 9200.70
1523.58$ move UP

Retracement:

0.618 fib. level
971.57 $move down

Wave III:

Starting point: 8229.20
Target: 9434.94
1205.74 move UP! There is still a 306$ (3.25%) move up left for this wave?

Conclusion:

If you take into consideration the last 2 waves ( both waves have made 1591 - 1523$ gains) meaning that there is still a 306$ move up left for this wave.

On the other hand, as you can see, the price was rejected from the resistance line ( the red one) and the price is a little far from the 20 MA and a retest of it can be a possible scenario!

Also the RSI is on the sell zone.

Can this be bull trap or a it will be a retrace to the support zone?!

Let me know what do you think and what is your perspective for BTC!

Commento:

It looks like the bulls are trying to breakout of the resistance( red line)

Commento:

We are going to the 9741 target!

Trade chiuso: obiettivo raggiunto:

9741 target reached!