#Bitcoin    will trap you before the next leg up ?🤔

Price consolidates for a few weeks inside a range & then breaks out in the opposite direction than the HTF trend.

Just to trap breakout traders followed by a quick reclaim & aggressive continuation in the direction of the main trend.

- Upside trap before downside move (In Downtrend)
- Downside trap before upside move (In Uptrend)

We have noticed two kinds of traps -

- Body Fakeout : This is what we saw in the downtrend, a Fakeout with Candle Body close out of the range followed by a range reclaim & continuation.

- Wick Fakeout : This is what we have seen so far since the $15,500 bottom. Price breaks down below the range on LTF & trades below the Important Weekly support zones for some time, but quickly reclaims it right before the weekly candle close.

Currently Price is still inside a range, we have already seen a wick fakeout till $38,500.

Nobody can guarantee if we have bottomed out or we are going to see more wicks or a proper body fakeout later but..

-> Fakeouts in Uptrend are for buying
-> Fakeouts in Downtrend are for selling

For better results, wait for Range reclaim or look for some LTF strength in the direction of main trend to confirm your bias.

- Bookmark this Post so you don't get trapped 😉
- Like & Share Appreciated 🤝

#Write2Earn #BTC $BTC