Bitcoin Weekly Outlook: Expect Bear Trap as Focus Shifts on Fed Meeting
Bitcoin has switched its short-term market bias from bullish to bearish in the last two weeks.
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Each year, some of the most powerful and influential people in the world come together to discuss a slew of events at the Bilderberg Meetings, which started in 1954 at the Hotel de Bilderberg in the Netherlands. These meets are shrouded in secrecy, which has given way to no shortage of conspiracy theories, but one can't help but to wonder whether or not bitcoin will be a talking point at this year's meeting, which runs from May 29th through the 1st of June in Copenhagen. Some of the topics at this year's meeting includes: Is the economic recovery sustainable? Who will pay for the....
Bears betting on a fresh Bitcoin price capitulation may get definitively burned this time, argues Rekt Capital. Bitcoin (BTC) may be battling for $50,000, but its latest move could prove to be the “ultimate” tool to make bears pay.In a tweet on Oct. 5, popular trader and analyst Rekt Capital described the most recent BTC price action as the “ultimate bear trap.”Analyst predicts more suffering for Bitcoin bearsAfter reaching $50,000 for the first time in a month and going on to hit highs of $50,400, Bitcoin is once again the source of intense debate among market participants.Whether BTC/USD....
Bitcoin fell more than 0.5 percent on Monday after a rebound in US Treasury yields, and the US dollar index manipulated traders' short-term appetite for the cryptocurrency.
In the short-term, supporting the upside outlook is the uncertainty led by a rising number of coronavirus infections in the US.
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....