BITCOIN 🚀 Above $9,500 is NOT a Bull Trap! 👨‍🚀

On Balance Volume breaks above Resistance to confirm the Symmetrical Triangle breakout was not a Bull Trap! The longer the contraction, the more explosive the expansion...

Kommentera:

Bitcoin's On Balance Volume needs to surpass prior resistance, otherwise, this could be a Bull Trap and price may reject back down... My bias is that whales may want to initiate a "short squeeze" by pushing price higher to take out stop-loss orders and liquidate short sellers... this could create the volume needed to get the price towards $10,500.

The path of least resistance is towards the upside since everyone keeps buying the dip at $9,000. 😄

Kommentera:

Weekly Candle closed above a Downtrend Line
that has trapped Bitcoin for 952 Days!

Trade stängt manuellt:

I dunno. Seems likes its topping out to me. I manually exited, but have multiple Buy Stop Orders somewhere above $12,000 in case Bitcoin actually breaks upward...

Kommentera:

In the 11 year history of Bitcoin (since 2009) it has closed weekly candles above $12,000 for 6 weeks. The path of least resistance is down, unfortunately.
• On Balance Volume looks amazing, as it has surpassed its 2017 highs!
• Moving Average Convergence Divergence confirms a strong trend.
• But the price is king. Bulls need to prove they can close a weekly candle above $12,000...
🚨 I do have Buy Stop Orders somewhere above $12,000 just in case the bulls can push the price higher.😅