BTC/USDT - Bull trap or a Retrace to the support zone?!
Diupdate
Overview for BTC/ USDT
Wave I :
Starting point: 6869.62
Target: 8460.88
1591.26$ move UP!
Retracement:
0.5 fib. level
783.76$ move down
Wave II:
Starting point: 7677.12
Target: 9200.70
1523.58$ move UP
Retracement:
0.618 fib. level
971.57
MOVE down
Wave III:
Starting point: 8229.20
Target: 9434.94
1205.74 move UP! There is still a 306$ (3.25%) move up left for this wave?
Conclusion:
If you take into consideration the last 2 waves ( both waves have made 1591 - 1523$ gains) meaning that there is still a 306$ move up left for this wave.
On the other hand, as you can see, the price was rejected from the resistance line ( the red one) and the price is a little far from the 20 MA and a retest of it can be a possible scenario!
Also the RSI is on the sell zone.
Can this be bull trap or a it will be a retrace to the support zone?!
Let me know what do you think and what is your perspective for BTC!
Wave I :
Starting point: 6869.62
Target: 8460.88
1591.26$ move UP!
Retracement:
0.5 fib. level
783.76$ move down
Wave II:
Starting point: 7677.12
Target: 9200.70
1523.58$ move UP
Retracement:
0.618 fib. level
971.57
MOVE downWave III:
Starting point: 8229.20
Target: 9434.94
1205.74 move UP! There is still a 306$ (3.25%) move up left for this wave?
Conclusion:
If you take into consideration the last 2 waves ( both waves have made 1591 - 1523$ gains) meaning that there is still a 306$ move up left for this wave.
On the other hand, as you can see, the price was rejected from the resistance line ( the red one) and the price is a little far from the 20 MA and a retest of it can be a possible scenario!
Also the RSI is on the sell zone.
Can this be bull trap or a it will be a retrace to the support zone?!
Let me know what do you think and what is your perspective for BTC!
Catatan
It looks like the bulls are trying to breakout of the resistance( red line)Catatan
We are going to the 9741 target! Trading ditutup: target tercapai
9741 target reached!
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