Bitcoin analysis today (February 16) - Too much! Be careful of price traps! 😤😤😤
Despite another day of increases yesterday, it seems now is not the time to buy and chase #Bitcoin anymore, because there is a possibility of a bullish price trap waiting. We invite Crypto friends to consult today's Bitcoin analysis to discuss more about the market situation.
TODAY'S BITCOIN ANALYSIS D1 Bracket:
#bitcoin continued to increase in price yesterday, the 10th price increase in the last 11 days. This shows good buying pressure for #BItcoin on D1.Yesterday's trading day however created a doji candlestick pattern - a star - showing a balance of supply and demand. With the long upper shadow, bar D1 yesterday showed a blocking selling force from above.
Yesterday's attempt to push the price of #bitcoin up was met with many difficulties. Yesterday's D1 bar was the first D1 bar during the past series of price increases that was completely outside the upper boundary of the Keltner Channel, thus being in a state of being blocked. Overbought - overbought - has become stronger. If the previous D1 bars had prices closing beyond the upper boundary while some part of the price bar touched the upper boundary, then yesterday's D1 bar was completely outside the upper boundary.
The uptrend continues for #Bitcoin D1, but with the D1 bar doji and out of bounds on the Keltner Channel like yesterday, this is not the time to chase #Bitcoin D1 anymore. Besides, with the current overbought state, It is very easy for a false break signal to occur, forming a bull trap - when the price is pushed above and then pulled back down quickly and rebounded back down, trapping buyers. Please pay attention to this behavior.
TODAY'S BITCOIN ANALYSIS H4 FRAME:
#Bitcoin H4 begins to move sideways as recent H4 bars intertwine, including alternating up and down bars. With the recently completed 02 balance push structure, #bitcoin H4 may have a pullback price down. In addition to the current overbought state at D1, #Bitcoin H4 should not be bought to chase if there is a peak - a breakout. The main idea of #Bitcoin H4 right now is to continue waiting for the price to go down during the uptrend to buy. The main buying zone is around 50,000 because that is the confluence between the round number + #PPZ + the lower border of the rising price channel. The deeper buying zone is at the confluence of #PPZ + downward sloping trendline.
TODAY'S BITCOIN ANALYSIS OVERVIEW:
The overbought status of #Bitcoin D1 increased further as yesterday's D1 bar created a doji pattern and was completely out of bounds on the Keltner Channel. With this situation, you need to be careful of rising price traps.
#Bitcoin H4 is stalling in an uptrend. You can wait for the price to drop to buy from the support confluences below.
Thank you for reading today's Bitcoin Analysis article
#Write2Earn #BTC/USD #btctoday #btc
