Make or break for Bitcoin BTC/USD
Bitcoin price has been consolidating 4 months now, it is already touching oversold territory and we have fallen under the 200EMA We have seen this scenario before where we fall under the 200EMA and we have seen a price reversal afterwards. I think this could be a beartrap where short sellers will enter their positions a bit too late when they should be taking profits by now, we have seen some liquidity grab under the lower trendline leaving a nice hammer daily candle indicating some buy pressure is coming to the market, we will see what happens but I think we can set a nice long position, only time will tell.
Note
Partial profit closed TP1
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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.