BTC/USD (Bull Trap? Sideways Trading?)

١٩ أغسطس ٢٠٢٠

BTC/USD

-Bitcoin just had a Bull trap after breaking the recent high at 12.1k
-The price slowly dumping down to 11.6k located the trendline support
-We can see a Bullish reaction candle on the 1st retest of trendline
-BTC is still on an uptrend but a sign of weakness is showing
-Though the trendline of support still valid
-We still need to be cautious as the price action is making fakeouts
-Two possible scenarios for Bitcoin today
-First is to consolidate at current market price and try to bounce back up to 12.4k
-Second, the price will break the upward trendline support
-Price discover in the area of support somewhere in 11.4k range
-If the 11.4k area holds, potential bounce reaction up to 12k is possible
-I recommend to always put stop-loss in all your trades
-Whether BTC goes up or down, Most Altcoins will still suffer