BTC/USDT - Bull Trap Or Breakout? 📈📉

٢٣ نوفمبر ٢٠٢٢

Looking at the BTC/USDT 1H chart, we've mapped out some key price action.🔥

We can see a clear Bull Trap at the start of November following the FTX induced crypto crash. People thought Bitcoin was on the bounce back...📈

Until it wasn't. We saw a grind down in the days following the 1st relief rally. Which brings us to Bull Trap 2.

This relief move up played out over a bit longer period of time, but Bitcoin failed to breakthrough 17K again. Slowly grinding down the $15-16K.

We're just witnessing what smells & looks like yet another Bull Trap, number 3 in this case.

Is Bitcoin poised to breakout and reclaim 17K and above? Or is this yet another preview of a leg down?🥶

Is this the last relief rally until the serious macro issues or black swan in equities send us straight to goblintown?

We shall see...👀

-TucciNomics
Chief Overlord, AlgoBuddy