Sirwin
Sirwin

BTC LOOKING BULLISH!! ARE WE IN A BULL RUN FINALLY? OR IS IT JUST A BULL TRAP

By derbycuzxrp | CRYPTO Talk XRP | 23 Jan 2023


 

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IS THIS THE END OR JUST A BULL TRAP 

The last couple of weeks BTC has reached a 5 month  high trading well above $20k and today the crypto giant reached a high above $23k before it dipped down to about $22600 where it continued to trade at around that range. BTC managed to recover from bottoming out November last year almost. This amazing shift in price has however brought a bunch of rumours and price prediction to light. The crypto community has been split into two groups,  those who think this is the start of a bull market and then there are those who think this is a bull trap. There seems to be strong data to support the bull trap theory.  BTC is overbought even though it is still rising in price. The theory is that the rise in price will slow down and then crash back down to bellow the $16k range.

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The quick prise increase has given a sense of hope to some and fear for others. The truth is that we need to remember we have been tricked many times before and this could also be a huge trap that will put every person investing in BTC this week on the wrong side of the price if it drops next week. That is why it is so important to remain calm and not trade emotionally. Make sure you predict the price acording to data not feelings. There are some factors that can influence the price of BTC in the last week. The one major factor is that the BTC whales have accumulated about $1.5b in the last two weeks. This has resulted in the price soaring above $23k. Then there are rumours that some exchanges has manipulated the price of BTC creating the Bull trap everyone is talking about.

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The there was a EU MiCa crypto regulations delay with the translation being sighted as the reason for the delay. There are lost of people who believe that the EU regulations would be the deciding reason behind the next bull run. The huge price fluctuations has caused FOMO . It is important to be very careful when trading this type of market. Bitcoin will need to breach $24999 mark. We have to keep in mind that most markets and assets can normally drop 2-3 times faster than they rose. 

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THE REASONS TO BUY BTC 

There are alot of crypto people calling out Elon Musk to tweet about BTC . If the past has been any indication of how the markets react to Elon Musk  tweeting about BTC will make the price increase and help maintain the bull market.  There is also a shorting opportunity but this is very risky as we might see a short squeeze.  Then there has also been a rise in the amount of unique addresses that hold 100 or more coins these unique addresses are at this moment showing  20% to 25% profit. 

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THE COMING WEEK WHAT TO EXPECT  

This week could go ether  way we could see BTC get pumped above the $25k range before it has a major rejection this doesn't mean that we can't make profit trading , it just means we have to keep a close look at the support and rejection levels before any trade.  A long trade started when BTC breaks $23100 . With a stop loss at $22750 and a take profit at $23900 witch could be raised to $24150 . This is just an example of how a person could trade this fluctuating market. Again a short trade started at about $22600 with a take profit at $21300 and a stop loss at $22850. Then another long trade can be triggered at around $21200 going back to about the $23k range . This short trade should only be used if there is a clear strong rejection.

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In the end the price can easily crash back down but I think that not trading in anticipation of a crash won't be smart. There is alot of profit to be made with this price fluctuations. If this is a bull trap then you got to ask your self how much % is is is a trap and how much % is a bull run. Be careful that you don't miss the bull run cause you scared of the crash. 

 

please be advised that I am not a financial advisor and that all information in this article is my own opinion and not financial advice  please do your own research or speak to a financial advisor before making any investments this article is for you entertainment. 

 

That's all from me DERBYCUZXRP 

till next time 

Ttttttttttttttoooooooo Tttttthhhhhhhheeeeeeeee Mmmmmmmoooooooonnnnnn Lllllllaaaaaaammmmmmmbbbbbooooo 

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derbycuzxrp
derbycuzxrp

A Blockchain enthusiasts who is at the starting point of trading on certain platforms and believe in xrp as I educate my self to educate the world


CRYPTO Talk XRP
CRYPTO Talk XRP

This blog helps make the crypto market understandable. I dwell deep into the connections and speculate on the future of XRP using wisdom and knowledge i trade the market and publish my results with detailed analysis . disclaimer I am not a financial adviser nothing here is financial advice or suggestions I am only expressing my own actions for entertainment purposes A journey to generational wealth starts with truth. Ignorance holds the seed to wisdom. In man lies the seed of the universe .

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