Hi Everyone
From previous fractals regarding liquidations, bull traps vey often form. In other words, it might look like the price recovers just to see another hard rejection at resistance. Personally, I would only foresee a new ATH if we can capture as high as $55K. I know it sounds like a high target, but the risk of a bull trap is at hand therefore I would make my target wider to minimize risk.
Above said, we also need clarity in terms of market direction. For now, these are the ranges that I'm looking at from the chart. Dotted lines are immediate support/resistance.
Ofcourse, we shouldn't rule out a bear trap either (when it looks like a bear market is confirmed for sure but then price action suddenly increases and shorts get liquidated), therefore I've widened my target at support to say a break under $42500K would lead me to bearish sentiment.
All above summarized, now is the time to wait.
Best Regards,
Ev
From previous fractals regarding liquidations, bull traps vey often form. In other words, it might look like the price recovers just to see another hard rejection at resistance. Personally, I would only foresee a new ATH if we can capture as high as $55K. I know it sounds like a high target, but the risk of a bull trap is at hand therefore I would make my target wider to minimize risk.
Above said, we also need clarity in terms of market direction. For now, these are the ranges that I'm looking at from the chart. Dotted lines are immediate support/resistance.
Ofcourse, we shouldn't rule out a bear trap either (when it looks like a bear market is confirmed for sure but then price action suddenly increases and shorts get liquidated), therefore I've widened my target at support to say a break under $42500K would lead me to bearish sentiment.
All above summarized, now is the time to wait.
Best Regards,
Ev
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