BTC is at a critical resistance right now. Above it, we still have a previous all-time high (Jan 8) and the 200 Daily EMA. The most probable area to take profits on the longs from the bottom of the range (1).
What if BTC overcomes it? There is still a low liquidity area, which means it can quickly move upwards from there - the bad news is that it can easily push the price to the downside again (2).
If the price overcomes the daily levels + 200 EMA, the next level to look at is the previous daily support (that is now resistance) at 49k. There we would have a classical, textbook Bull Trap scenario. If the price smashes this level, then bulls are in total control, and my dreams of a 19-14k BTC will be gone for now.
#btc #tradingidea
What if BTC overcomes it? There is still a low liquidity area, which means it can quickly move upwards from there - the bad news is that it can easily push the price to the downside again (2).
If the price overcomes the daily levels + 200 EMA, the next level to look at is the previous daily support (that is now resistance) at 49k. There we would have a classical, textbook Bull Trap scenario. If the price smashes this level, then bulls are in total control, and my dreams of a 19-14k BTC will be gone for now.
#btc #tradingidea