We've encountered this situation before â after a sharp downward move, we're now seeing an upward shift, but it appears to be a classic bull trap. The 24-hour volume is hitting record highs, luring traders in, only for the price to potentially drop hard afterward. This pattern affects everyone, from small traders to retail and wholesale investors, trapping them in market manipulation.
Todayâs trading volume has crossed $40 billion, but remember, two months ago, BTC soared to $72k only to plummet to $49k, wiping out many traders. The same scenario could unfold tomorrow, with volume dropping below $30 billion, leaving many caught off guard.
As Iâve mentioned before, we donât have all the data or insight into every factor driving these shifts. After a bullish move, whale activity, changes in interest rates, unemployment data, and other economic indicators all contribute to sudden market swings.
The key during such uncertain times is to pause trading, observe the trends, and do thorough research. Be sure to analyze the charts and patterns carefully before jumping back into the market with a sound strategy.
BTC has completed two significant "W" patterns â one large and one small. I've pinpointed the areas where traps have previously occurred, including one at $49k and another at $68k (where we are today). Prices may continue rising, but without knowing when whales will exit, there's a real risk of a sharp drop ahead. BTC could see prices between $40k-$45k before the upcoming election.
Check out the images for more insights on these traps. If you find this useful, please like, share, and follow for more updates and analysis. Thanks for reading!
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