Bitcoin | was it a bullish trap?

2023年4月21日

The bearish pressure from news are at maximum from:

• The regulation and FUD around the top crypto projects
  
• Trump said that the recession is coming
  

So, what about the technical analysis ?
Frankly, The market looks bearish and it seems we already made the top of this bullish wave.

But there is a chance to avoid this disappointment....
- the only chance for Bulls is to hold the current level and be able to push the price to close daily above 28860
- If they were able to do that, most likely we will reach 32k quickly or even 34k
- still a weak scenario as long as we are under 28860.

Also, look at the chart we are already above a good support - maybe the last one :( -

What is the most realistic scenario?
- Bitcoin dominance will go down and give a chance for Altcoins to pump one last time.
- there is good liquidity at 27200-$27800, so if there is a bounce in that area, it could be very good.
- The retest level is around $29300.
- this will give a chance to correct the dump , and that mean it will give an opportunity to fix profit and increase USD for the future trades.
- After the test, I think bitcoin will not be able to break this resistance and there is a very high chance it will drop to 24k.
- at this time you should cut down your long positions on Alts and be mostly in fiat.

Just a side note:
Futures trading is much more risky than spot trading. The manipulator uses Futures to get money from retail traders. You have to consider the risk when you plan your trading.