DataMoney

Are we back to the bull market? Is this a bull trap?

Long
BINANCE:ETHUSDT   Ethereum / TetherUS
Yesterday was a great day trading with opportunities to long and short. More importantly, it has been over 24hrs that the price is above the mid-way point without any significant dips. That indicates that the price is stabilizing and demonstrates clear bull flags. At the time of writing the price was quite stable around the previous resistance point of ETH $1550 that seems to have formed a new support line.

What does that mean?
Unless this is a bull trap, a situation where exchanges would be targeting to hype their users to overexpose longs and liquidate them - price should continue to rise steadily. This is definitely not the time to use high leverage. Do not fall into a bull trap πŸ˜‰
The price is quite stable, however, this does open new opportunities for price spikes (both up and down). If the price will continue to rise, at some point there will inevitably be a price spike up with almost immediate retrace. Volumes are slowly declining (either consolidation or another sign of a bull trap). 🎯

Today's technicals:
Forecasted highs at ETH $1640 and $1690
Mid-way point moving down to $1470 (This can also indicate a bull trap)
Forecasted lows at $1500 and $1470. If the price breaks below this point easily, it will is likely to trigger another sell-off.

Have fun trading! πŸ€‘


If you would like to have early access to my ETH technical analysis write "We are back to the bull market!" or "It is a bull trap!" in the comments down below!

Comments

it's a bull trap
+2 Reply
Could get in now bro! Great analysis anyway
+1 Reply
It was great to see your work
Reply
It is a bull trap!
Reply
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