Looking at the BTC/USDT 1H chart, we've mapped out some key price action.๐ฅ
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...๐
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?๐ฅถ
Is this the last relief rally until the serious macro issues or black swan in equities send us straight to goblintown?
We shall see...๐
-TucciNomics
Chief Overlord, AlgoBuddy
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...๐
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?๐ฅถ
Is this the last relief rally until the serious macro issues or black swan in equities send us straight to goblintown?
We shall see...๐
-TucciNomics
Chief Overlord, AlgoBuddy
Get Access to the exclusive QuantVue indicators: www.quantvue.io/
Join thousands of traders in our Free Discord: discord.gg/tC7u7magU3
Join thousands of traders in our Free Discord: discord.gg/tC7u7magU3
