Bitcoin creating the bull trap!

Hello, everyone!

Couple of articles ago I told that I am waiting for the bull trap pump before the dump continuation. Today the Bitcoin is showing us the local accumulation which can potentially lead to this bull trap.

Let's take a look at the 1h timeframe of the WhiteBit exchange. Here we can see the strong limit buyers pressure at the price range $20800-$21000 because the price have multiple bounces on the high volume from this zone. Moreover we can see locally higher lows which is sign of strength.

We have the strong resistance above which is our target for this bullish move - this level is the Fibonacci Golden pocket, which is located approximately at the $22600. Moreover the local supply zone is also located here. After reaching this target I expect the rapid dump to the Fibonacci zone 27 ($20k).

Good luck!

Trade on WhiteBIT! Use this link to register and receive 40% of trading commissions from your invited users!

Trade easy with Smart tools
Utilize AI-enhanced SmartBot for automated decisions and SmartTrade terminal for tailored manual trades, all in one integrated platform
Get started

Similar blog posts

Experience the next level of trading efficiency