Bitcoin Price Analysis: Bulls Have Got Into A Trap
Last week has passed with strong advantage of bears. At the moment bulls have lost a half of their success. Our idea with the fact that the breakdown of $ 8000 is a trap was correct. Price decreased by $ 1,300 per a week.
Here is how it looks on the day chart. The reverse occurred near the point again. But now the big players are not acting the same way as last year, clearly working out the reversal points. . Now they give hope for a breakdown, driving more traders into a trap and only then begin a strong reverse. The same situation was earlier with a breakdown of $ 6000 down and with a recent breakdown of $ 8000 up.
The daily 4-hour chart says that the decline is not over yet. Most likely the price will go to the level of $6600 at which the turned head and shoulders have been created, and more serious purchases (on graphics it is noted by the yellow horizontal line) can follow only from there.
For the bulls, an ideal weekly candle will be a fall in the area of $ 6,600 and a subsequent rebound to the area of $ 7,100, then you get a reversal doji with a bull body and price can continue climbing to $ 8400. If the reversal candle does not work this week, then there are all chances to test $ 6000 again.