Bullish Trap May Appear on Bitcoin Price Chart
There was a flag pattern on Bitcoin price chart. I shared a few analysis about this flag pattern and It is broken up a few days ago. Even Bitcoin price broke up this bullish pattern we have not seen the move going to the target. Bitcoin price is still in same level as the bottom line of this flag pattern.
Here you can see hourly chart of Bitcoin price. Bitcoin price is testing to break up great support line. You can see how many time Bitcoin price touched this support line. If it breaks down, we will see huge price correction on Bitcoin price and crypto market. Marker maker may do bullish trap for us.
Here you can see daily chart of Bitcoin price. There is great resistance on MACD Indicator. MACD Indicator can not go up and It reversed down today. I shared lots of analysis about this resistance. You can see what happened after touching this resistance.
You can also see what happened after reversing down on MACD Indicator. We may see same scenario. Bitcoin price may enter price correction.
There was negative divergence on RSI Indicator. We may see the result of this negative divergence.
Most of altcoins are melting. We may see same melting after Bitcoin price broke down great support line at 117K USD.
We will see..
Hey @chorock! Great to see such a focused technical analysis on Bitcoin's current price action! Your highlighting of the flag pattern breakdown, coupled with the crucial support line test, MACD resistance, and RSI divergence, paints a really insightful picture of potential bearish scenarios. The charts are super clear and help visualize your points effectively.
I especially appreciate you pointing out the possibility of a bullish trap – something many traders might overlook in their excitement. This kind of cautious perspective is invaluable in the volatile crypto market. Thanks for sharing your expertise! I'm eager to see how these indicators play out. Following to stay updated!
Thanks for your valuable analysis