BTC/USD Bear Trap or New Lows?

Bitcoin BTCUSD seemingly broke out of the symmetrical triangle that has been forming for the past few weeks this morning. There is still plenty of day left for the volume to increase and add conviction to his downward breakout and expect a fierce fall, but in the case that it doesn't I could see this turning into a bear trap and breaking back up through the lower support. Letting this ride and seeing where the weekly close takes us.

That's just my opinion so trade safely.
~Chloster

Commentaire:

Hey Buds, Here for a quick update! Looks like we had the daily close below the lower support of the symmetrical triangle. We had price attempt to break this support turned resistance with failures with each attempt. I'm personally cautiously bearish as the bulls struggle to regain trend line support. Daily closes above 3500 is a good sign mind you.

Cheers,
-Chloster