Let's look at the overbought area and the bull trap in the making. With "the talk" is now over, price started struggling to cross above the old weekly lows and got rejected twice as a sign of weakness. Coincidentally few days before "the talk", JP Morgan unleashed their customers from buying GBTC crypto funds. Is this the demand we were waiting for? In other words, are these the people being trapped right now?
Probably yes.
I'm expecting a short term weak uptrend followed by a down move below 30k.
Best!
Probably yes.
I'm expecting a short term weak uptrend followed by a down move below 30k.
Best!
Note
January close at 33138.71 looks like an important level for a 1 to 4 candle correction perspective on the monthly chart. If we close this month above this level, we can have a green bar in August which i believe would be a short term reaction. I expect this bull trap to be over before the monthly close and close below this level.Note
Weekly perspective for the pump 
Note
Too good to be true 
Note
Point of No Return 
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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.