Bullish Trap May Appear on Bitcoin Price Chart
There was a flag pattern on Bitcoin price chart. I shared a few analysis about this flag pattern and It is broken up a few days ago. Even Bitcoin price broke up this bullish pattern we have not seen the move going to the target. Bitcoin price is still in same level as the bottom line of this flag pattern.
Here you can see hourly chart of Bitcoin price. Bitcoin price is testing to break up great support line. You can see how many time Bitcoin price touched this support line. If it breaks down, we will see huge price correction on Bitcoin price and crypto market. Marker maker may do bullish trap for us.
Here you can see daily chart of Bitcoin price. There is great resistance on MACD Indicator. MACD Indicator can not go up and It reversed down today. I shared lots of analysis about this resistance. You can see what happened after touching this resistance.
You can also see what happened after reversing down on MACD Indicator. We may see same scenario. Bitcoin price may enter price correction.
There was negative divergence on RSI Indicator. We may see the result of this negative divergence.
Most of altcoins are melting. We may see same melting after Bitcoin price broke down great support line at 117K USD.
We will see..
Posted Using INLEO
Bitcoin should hold up strong, and not melt down a lot more than it is going on already.
Thanks for sharing your analysis 😊 Your warning about a possible bullish trap is a valuable heads-up 🙌 We'll certainly be watching to see how it unfolds! ✨
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