Is this a bull trap? Bitcoin needs to close above 37.3k first
On May 23, 2021 I said
"Bitcoin needs to close above 49k for 1 to 2 weeks to confirm Bitcoin is bullish again.
In the meantime, I believe Bitcoin will trade ways,
have a dead cat bounce and trade between the green and red zone,
and in a few weeks capitulation below 30k to confirm a bottom.
The weekly RSI is still trending down..."
Bitcoin closed below 30k last week.
Now Bitcoin is above 38k.
But could be a bull trap in the making....
We need to see Bitcoin at least close above the 0.236 fib line at 37.3k on the weekly chart,
in order to increase the possibility that Bitcoin has bottomed.
It's going to be an interesting week, especially with the Robinhood IPO on Thursday.
"Bitcoin needs to close above 49k for 1 to 2 weeks to confirm Bitcoin is bullish again.
In the meantime, I believe Bitcoin will trade ways,
have a dead cat bounce and trade between the green and red zone,
and in a few weeks capitulation below 30k to confirm a bottom.
The weekly RSI is still trending down..."
Bitcoin closed below 30k last week.
Now Bitcoin is above 38k.
But could be a bull trap in the making....
We need to see Bitcoin at least close above the 0.236 fib line at 37.3k on the weekly chart,
in order to increase the possibility that Bitcoin has bottomed.
It's going to be an interesting week, especially with the Robinhood IPO on Thursday.
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