BTC more likely to rise after bear trap

* 4H


BTC was dumped due to FUD last week. But this was a bear trap and a long squeeze.

If you look at the linear chart, it's supported by an uptrend line starting at 24.8k, and it's rolled up quickly with triangular convergence.

It's slowly going up, supporting the bottom of the triangular convergence and the uptrend line.

On this basis, it seems more likely to rise.

BTC is currently staying in the 29.5k to 31.5k box range with Triangle Convergence, but after a little more sideways, I think it will show direction sooner or later.

Comment:

Up Over $700 and the 1st tp is reached.

Comment:

After reaching 1tp, there was a break from the uptrend line, but it rebounded by touching the bottom of the triangle convergence.

BTC is still seeing some tedious convergence and box-like moves within 29.5k - 31.5k, which could be a big boost if it reaches the $31500 level.

It may be a little more sideways, but i'll watch calmly because i still have the same perspective.

Comment:

Breaking the short-term downtrend line has reached the uptrend line resistance that had broken away.

Comment:

BTC rose to $31500 but fell again on strong resistance.

However, it's still in the range of $29500 to $31500 boxes, and you can see it sideways when you look at it big.

I'm still keeping the same perspective within the box range, and I think it'll be able to get out of the box within a week or two at the most.

Comment:

Short-Term downtrend line breaks + Previously deviated uptrend line (Thick black line) resistance breaks

Comment:

Short-Term downtrend line breakout

Comment:

Triangle convergence breakout