3 Major Indicators Showing Bull Trap Before 9000

Bitcoin BTC has been able to move back above 10000 with some bullish indicators. The 4HR ema seems to have broken bullish along with the RSI.

When this happens I like to use previous market structure as a reference of where we may go and so 11,000 would be the next bullish target assuming we copy the previous trend.

During the weekend and holiday there seems to be more manipulation than usual so please be careful. We closed our short before 10100 where the 100D moving average resistance was near & we pierced through it showing potential signs of us moving above it, seems to be riskier to hold a short with this type of move.

Looking at crypto market cap, the 100D MA is a lot higher so this could give BTC room to go especially as dominance looks like it wants to break out again. As the week begins tomorrow we will assess the best strategy here but for us to test 9000 we must see strong push back from 10.1-10.2 or else we could break bullish.

Comment:

I’m staying on the side for this one. Volume is too low. We broke support. Major indicators pointing down. We caught this setup already in the past but I don’t see it strong enough this time around. Seems like manipulation on Labor Day.

Comment:

BTC Update: Bitcoin BTC is floating on very low volume and even the smallest sell volume is bringing it down significantly. As much as there’s a potential long opportunity to 11k, it’s just not worth the risk. Along with the fundamental impact of recent news, a breakout could happen at any time also placing high risks with shorts. I say to let it float in the 10’s until confirmation of the push down to 9k or for us to see major fundamentals like gold breaking new highs before going bullish on BTC. Tons of forex / stock / altcoin trades in the pipeline as we let BTC free away from the manipulation from the holidays.
@everyone