Bitcoin Price Analysis: Bulls’ Summer Vacation or Bear Trap? (Week of July 20th)
BTC price at press time: US$276. Last week’s price alert began with: “The RSI became overbought and it now correcting that condition. The price is testing support levels now and needs to hold. Nevertheless, RSI is on a buy signal. Right now, 50-55 looks like the support area in RSI. The Money Flow Index is also on a buy signal and in bullish territory. OBV has begun picking up slightly but is not convincing; it is not at the pace one would expect with the rise in price. It would be good to see volume confirm price. A line of resistance has been drawn through the OBV chart and it still has....
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Intended to convince market participants of a price correction, bear traps are orchestrated by entities with large holdings to make quick profits. How to identify and avoid a bear trap?As a difficult proposition for novice traders, a bear trap can be recognized by using charting tools available on most trading platforms and demands caution to be exercised.In most cases, identifying a bear trap requires the use of trading indicators and technical analysis tools such as RSI, Fibonacci levels, and volume indicators, and they are likely to confirm whether the trend reversal after a period of....
Bitcoin price action has now spent a total of nine days in a short-term uptrend, capping off a bounce back to 2021 highs. The sequence of mostly green candles has now triggered and perfected a TD 9 sell setup on daily timeframes. However, the signal has repeatedly failed to yield results since the more dominant high timeframe uptrend began. Is this time different? Or is this yet another bear trap layered into a bull flag […]
Newbie crypto traders should be wary of bull traps. If you suspect one is on the way, here are some tips to identify it. How to identify a bull trapHere’s how to spot a bull trap with some tell-tale indicators that one is on the way:RSI divergenceA high RSI might be an indication of a potential bull or bear trap.A relative strength index (RSI) calculation may be used to identify a possible bull or bear trap. The RSI is a technical indicator, which can help determine whether a stock or cryptocurrency asset is overbought, underbought or neither.The RSI follows this formula:The calculation....
Welcome back to another Bitcoin News in Review, where we feature some of the biggest stories of the week here on CryptoCoins News. This week, there was a drop in the Bitcoin price, Dogecoin's price continued to decline, Ecuador banned Bitcoin in favour of its own cryptocurrency, and more. Check out this week's Bitcoin News in Review after the break. Explaining Bitcoin's Recent Price Drop. The Bitcoin price fell below $600 this week. If you've been monitoring the Bitcoin price this week, you've probably noticed that it has dropped below $600 USD (currently at $588). While it's rarely....
Bitcoin price (BTC) is grappling to maintain the level above $23,500. BTC trying to crawl above $23,500 on August 18 Bulls’ aggression ebbing Immense selling pressure this week could invalidate the prevailing bearish price trend The king of crypto tries to keep the uptrend consistent which has peaked for over two months. Related Reading: Axie Infinity Drops 4.7% In Last 24 Hours As AXS Struggles In The Red Zone Bulls Losing Their Aggression? Judging by the daily chart, it’s apparent that the bulls’ aggression is fading out and will need to exhibit a revolutionary strength to keep the price....