BTC retracement levels - Signs of a bull trap
BTC has trended up recently. on the way up it has used the fibs from the second leg fall as resistance levels. Dipping from them and then being in a bullish breakout when above them. In a bull move, we typically want to see acceleration of this breaking of the fibs. When we see price slowing and ranging a bit more it's good to start looking for warning signs of a failure to break the fibs. Ranges and false drops often turn into different sorts of harmonic patterns signalling sells in or near the fib zones, and these can be really good trades.
The structure of higher lows breaking would be the first strong indication of the start of a fall. If there's a sharp drop breaking the previous higher lows structure, there will probably be a bullish rally immediately after that but this will set up a bigger sell and more important breaks.
The structure of higher lows breaking would be the first strong indication of the start of a fall. If there's a sharp drop breaking the previous higher lows structure, there will probably be a bullish rally immediately after that but this will set up a bigger sell and more important breaks.
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