đš BTC/USDT Bull Trap Confirmed! đš
Bitcoin has just hit $62,835, but don't be fooled! The signs of a bull trap are clear. đ»đ«
After climbing towards the $65,000 resistance, the market showed weakening momentum, setting up the perfect bull trap. Here's how we identified it:
1. Volume Divergence: Price rose, but volume declinedâa classic signal that buyers are losing strength.
2. Overbought Conditions: The RSI was nearing 71, indicating BTC was heavily overbought. Buyers beware!
3. MACD & Moving Averages: Overextension near the 25 and 99 MAs suggested a temporary high. A bearish MACD crossover is looming, showing weak buyer confidence.
4. Previous Resistance Reached: The psychological barrier at $65,000 remains unbroken, signaling a false breakout.
Remember, in crypto, appearances can be deceiving. This price surge was nothing but a bull trap to lure buyers before the bears strike back. Always analyze the market and stay cautious before opening positions.
đ Stay alert, stay informed!
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