Bitcoin Price May Restest Mini Uptrend Line After Breaking Down

Bitcoin price broke down mini uptrend line coming from 76K USD yesterday. It was tested 5 times and We can say it as great resistance. Even it is broken down, we have not seen huge price dump on Bitcoin price chart. Bitcoin price may retest this mini uptrend line as a resistance. This move may be bullish trap for the investors.

Here you can see 4-hour chart of Bitcoin price. If Bitcoin price closes over 109K in this week, we will see 8th green weekly candle in weekly chart of Bitcoin. This is why I say that I may be a bullish trap. Bitcoin price should have price correction. It went up from 76K to 112K without any price correction.

Here you can see daily chart of Bitcoin. All of major indicator seems bearish. They changed their direction to bearish side. MACD Indicator reversed from the top. Fisher Indicator is going down. There was great bowl pattern on RSI Indicator and It is broken down.

All of indicators need to enter new pattern. There is also support line on RSI Indicator. The bottom of RSI Indicator decreasing but the price is increasing.

If RSI Indicator breaks down this support line, we may see huge price drops on Bitcoin price chart as a price correction.

Even Bitcoin price chart seems at the beginning of price correction, it is still solid and trying to go up. Market maker always does fake moves.

We will see..