Is it a bull trap or is it the start of a bull market? Are you asking this? If you are, we are on the same page. Bitcoin has been flirtious for the past couple of days swinging around two price zones: 23k and 25k, but the upside would be triggered only when the following criteria is met.
When Shall We See a 28K?
We could only see a 28K BTC if two price points are broken as per the last 30 day charts. The first trend line in formation is at $24,580, however, it is followed by an immediate resistance at $25,200 level. Any upside momentum would set-up a new resistance target at $26,200. Once that is broken, we can see another resistance forming at $27,500; but a breach above that would trigger the next market for the bull run.
How To Prevent FOMO-ing In case It is a Bull Trap?
Right now, it might be hard to decipher whether it is a bull trap or the uptrend has started at the backdrop of anticipated halving due next fall autumn. But we are here to help you identify the bluff.
The above image is a bull-trap.
So, if BTC is in a bull-trap, the RSI will be breaching above the 70 or so levels. At the same time, the trading volume shouldn’t be lower in comparison to the price. If you are witnessing a falling trading volume in comparison to the price increase, things are not heading in the right direction.
As we can see that trading volume has not been proportionately increasing after the 21K levels in comparison to the Fed’s pivot. Hence this could be most likely a false signal; however, it will be too early to conclude. If the above mentioned resistances are broken and we see a significant rise in the trading volume in the coming days, it will set the momentum for BTC in the coming days. However it will be a wait and watch moment, but anything falling below 23K levels in the coming days would invalidate all speculation and we might not see any major movements in the coming days. Not a financial advice though, hence DYOR if you want to enjoy the long term upside in the upcoming journey of BTC towards financial empowerment.
We are no financial advisor and investor’s discretion is needful while investing in cryptocurrencies. It is always advisable to seek financial advisors before you invest in crypto or DYOR
New to trading? Try crypto trading bots or copy trading on best crypto exchanges
Join Coinmonks Telegram Channel and Youtube Channel get daily Crypto News
- Copy Trading | Crypto Tax Software
- Grid Trading | Crypto Hardware Wallet
- Crypto Telegram Signals | Crypto Trading Bot
- An ultimate guide to Leveraged Token
- 16 Best Folding Electric Bikes
- 28 Best Electric Bikes Review
- Top 3 Binance Futures Trading Bots
Is 28K The Next Stop For BTC To Moon Narrative? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.