What can the market do to trap people to the wrong side and then go where you thought it would be going?
This scenario is pure speculation, but a way it could play out, if you are looking for a retest of the low (10.000).
Whatever happens, always pay attention to the short-term trends (inside ranges)!
This scenario is pure speculation, but a way it could play out, if you are looking for a retest of the low (10.000).
Whatever happens, always pay attention to the short-term trends (inside ranges)!
Note
BTC continued as expected in the short-term downward channel to the target at 10800. It then bounced quickly back into the tilted range to the resistance at 11280, thereby breaking the short-term downward channel. The bear trap seems to be working so far...Note
Prices went up in two legs right to the resistance at 11700.Then BTC went down again inside the range. So there was no real bull trap, but all previous shorts who entered between 11600 and 11000 had to see their breakeven stops being hit. Right now prices are working down in a steep downward channel. Today is Futures expiration day at CME, that means we could see more volatility. On the CBOE futures expiration day we made a new low (January 17)...Note
Futures will expire in about 7 hours, that is 4 pm London time...so far my scenario has played out pretty well...Now we could see a pullback to 11k before BTC makes another leg down.
This would be a retest of the support at 10k.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.