Bitcoin Creates New Local High...Bull Trap or Bull Run?

Bitcoin Creates New Local High...Bull Trap or Bull Run?

By Workin | Technical Analysis | 12 Jun 2019


Bitcoin took out the prior local high, rising to nearly $8,300 before bears stepped in to push it back down. It’s currently trading within a major area of resistance between $8,250 and $8,150. Until we see a 4 hour candle open and close above this resistance, be aware of a possible bull trap. That said, price did break out on a decent amount of volume. The fact it hasn’t been strongly rejected is significant. Should we see a 4 hour candle open and close above $8,150, I’d have to favor the bulls with another move up testing $8,450.

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Price is now above the 21 day EMA. If today’s candle closes above it, that would signal a bullish shift in momentum...at least short term.

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If you’ve been watching my video’s, you know we’ve been discussing the gap on the CME chart between $7,200 and $7,450. This is likely to get filled at some point, even if bitcoin does rise in the short term.

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In today’s video I’ll discuss where price may be heading next, key areas to watch, traps to avoid and so much more. I hope you find it helpful.

Video Analysis:

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.

Workin

Disclaimer: This is NOT financial advice.

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Workin
Workin

Crypto: Hated by governments, banks and dictators. Loved by all those who believe in true freedom. Retired airline pilot...full time crypto enthusiast. #Freedom


Technical Analysis
Technical Analysis

Crypto: Hated by governments, banks and dictators. Loved by all those who believe in true freedom. Retired airline pilot...full time crypto enthusiast. #Freedom

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