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Update BTC - Bull Trap or 3200 was the bottom?
Diupdate
Fibs suggest 3200 or 2900 should be the bottom of this massive retracement.
After 3500, Weekly and Daily Horizontal support is 2950. If 3200 was the bottom, we would have seen some big buy volume in that price range. We haven't seen that yet.
The declining volume is pointing another move down. But to go for further down, gathering liquidity in the pool is important.
A lot of people are calling 3200 - The Bottom. But I'm far from convinced that that was the bottom.
It is difficult to trade in low volume market. Days of sideways are usually followed by a big pump or a dump.
I'm seeing another push to 3500 in next 2-3 days and in a LONG at the moment. But it won't be easy. We have made numerous attempts to close above 3500 but have failed to stay above it.
How am I trading this?
We've just broken out of another down trend resistance line.
I'm in a LONG since 3328.
Chasing it with a Stop Loss.
3500-3550 would be a good area to take profits from this LONG.
Post that I would suggest to close all positions and wait for some sort of confirmation.
A consolidation above HTL on higher timeframes is required to be sure of a long term LONG trade.
What are my indicators saying?
FOMO 1hr/2hr and 4hr are green.
FOMO Daily is green after a long time.
HTL has turned green.
FOMO Momentum Scalper is indicating increasing Buy Momentum.
After 3500, Weekly and Daily Horizontal support is 2950. If 3200 was the bottom, we would have seen some big buy volume in that price range. We haven't seen that yet.
The declining volume is pointing another move down. But to go for further down, gathering liquidity in the pool is important.
A lot of people are calling 3200 - The Bottom. But I'm far from convinced that that was the bottom.
It is difficult to trade in low volume market. Days of sideways are usually followed by a big pump or a dump.
I'm seeing another push to 3500 in next 2-3 days and in a LONG at the moment. But it won't be easy. We have made numerous attempts to close above 3500 but have failed to stay above it.
How am I trading this?
We've just broken out of another down trend resistance line.
I'm in a LONG since 3328.
Chasing it with a Stop Loss.
3500-3550 would be a good area to take profits from this LONG.
Post that I would suggest to close all positions and wait for some sort of confirmation.
A consolidation above HTL on higher timeframes is required to be sure of a long term LONG trade.
What are my indicators saying?
FOMO 1hr/2hr and 4hr are green.
FOMO Daily is green after a long time.
HTL has turned green.
FOMO Momentum Scalper is indicating increasing Buy Momentum.
Catatan
As we suspected. BTC failed to make a higher high yet again.
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