Bitcoin has made a strong recovery after hitting the local low of $45k. However, it seems that the down-sloping resistance is holding once more. Since this trade is purely about the bull trap, the stop loss will be held relatively close in case Bitcoin will indeed make the full recovery that so many hope for.
On the chart I’ve marked two potential areas of support, R1 and R2. These areas are based on recent swing lows and round numbers. Do your own due diligence.
Happy trading!
On the chart I’ve marked two potential areas of support, R1 and R2. These areas are based on recent swing lows and round numbers. Do your own due diligence.
Happy trading!
Comment:
R1 and R2 are supposed to be S1 and S2.
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