Yesterday’s upside move and range expansion had been highly anticipated. However, there was little follow through indicating that many traders had pre-empted it and were already long. If the break is not confirmed soon with another rally on decent volume, the risk of this being a bull trap will increase rapidly. This applies to the other top cryptos too.
The 4-hour uptrend remains valid above $6,495 – however the risk is that bulls are all already long and a decline to these levels will not find support.
The 4-hour uptrend remains valid above $6,495 – however the risk is that bulls are all already long and a decline to these levels will not find support.