Bull Trap?
Bull Trap?

By EliteElliott | Crypto TA | 13 Oct 2019

$0.11 tipped


BTC did break out from the Bull-Flag formation to the upside, but it wasn't able to close above the 200MA. Does this mean that what is believed to be a Triple Bottom has now been invalidated and what we are witnessing is a Bull Trap?

-As the picture shows, it is quite common for the price to retrace like this after a breakout when it comes to Triple Bottoms.

-The Daily candle, however, is a little bit concerning. Not only it closed below the 200MA, again, but it took a shape of a Doji or a Spinning top.

-This Candle Formation on its own is a neutral sign, but the candle that forms after the Doji/Spinning Top is what could define the direction of the next market move.

If BTC can find Support around the area that has been mentioned in Yesterday's post, it will most likely make another attempt to break above the 200MA.

 


EliteElliott
EliteElliott

We are a Group of traders who are eager to Master the Art of Chart Reading using the Elliott Wave Theory. Come and join us on our journey to Financial Freedom.


Crypto TA
Crypto TA

Technical Analysis

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.