Bull Trap? Possible Head and Shoulders Down to $254xx

٤ يناير ٢٠٢١

BTC topped at 34800, then created a right shoulder of a smaller H & S that triggered last night. But whales usually signal the end of selling with a really large red volume candle. The drop this morning produced a long red volume candle, but not incomparable to the price candle, so I don't think this is the end. Correction? End of the rally? I won't try and call that but we do have another H & S forming (see one hour chart) which would take us down to 25424, probably tonight. I know we are in bull territory still but I am highly suspicious of this bounce. It may reach as far as 33000ish.

Care in trading is required as this is a crossroad move. Normally, bull cycles end with a 25% drop. This would make 27%. Be sure to secure profits for a re-buy much later if need be.

Also of note, I see no bullish divergence on the RSI as of yet, giving credence to the bull trap theory. This H&S is negated if BTC is able to rise above $34800.