BTC/USD fails again to cross above second resistance at 19,500. The price fell right into a bull trap causing it to break out of trend support.
Currently I have mapped out two different scenarios. It looks like BTC can cross above trend resistance (old support) and follow back in the rising wedge. But we can see rejection occurring right now.
My view: Until BTC does not close above ATH resistance (20k) we are not going to go any higher. Whales will trap all over leverage traders. Red margin indicates bull trap zone.
After conducting an analysis on derivative exchanges, when the 1HR candle closed above 19,300 resistance the average leverage was extremely high. Which indicated high volatility and caused a price reversal.
Full analysis on exchange data & Trading bots
👇👇
Currently I have mapped out two different scenarios. It looks like BTC can cross above trend resistance (old support) and follow back in the rising wedge. But we can see rejection occurring right now.
My view: Until BTC does not close above ATH resistance (20k) we are not going to go any higher. Whales will trap all over leverage traders. Red margin indicates bull trap zone.
After conducting an analysis on derivative exchanges, when the 1HR candle closed above 19,300 resistance the average leverage was extremely high. Which indicated high volatility and caused a price reversal.
Full analysis on exchange data & Trading bots
👇👇
