BTC: Bull Trap and repeating Pattern. Target $5,800
Updated
In my opinion, we're in a Bull Trap. Dead-Cat Bounce.
There's a very similar Ascending Triangle forming on a smaller time-frame to the one we spilled from a few days ago. Similar Fractals, too.
Ascending Triangles are usually Bullish, however, in a overall Bear Market, Ascending Triangles will often spill to the downside.
I'm short right now with stop-loss at $6450. Target $5800 over next 24-48 hours.
Stay Sharp.
There's a very similar Ascending Triangle forming on a smaller time-frame to the one we spilled from a few days ago. Similar Fractals, too.
Ascending Triangles are usually Bullish, however, in a overall Bear Market, Ascending Triangles will often spill to the downside.
I'm short right now with stop-loss at $6450. Target $5800 over next 24-48 hours.
Stay Sharp.
Trade closed manually
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.