I am inspecting the 4 hour candle in comparison to the daily chart on BTC and it seem we have all the characteristics of a bulls trap on the chart. If the next 4 hours candle does not close bullish, it will confirm a bulls trap and price will likely pullback into the triangle. So be cautious trading at this resistance level.
Bull Trap Chart Characteristics
Look for:
A strong bullish candle that breaks above recent highs or resistance.
Volume spike on the breakout — signs that traders are buying.
Followed by a sharp bearish candle (like a shooting star, bearish engulfing, or long wick).
Price falls back below resistance, turning the breakout into a fakeout.
Cheers !!
Bull Trap Chart Characteristics
Look for:
A strong bullish candle that breaks above recent highs or resistance.
Volume spike on the breakout — signs that traders are buying.
Followed by a sharp bearish candle (like a shooting star, bearish engulfing, or long wick).
Price falls back below resistance, turning the breakout into a fakeout.
Cheers !!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.