Bitcoin Correction Expected After Bear Trap Rally
#beartrap #BearTrapBeware #Write2Earn! #BinanceSquareFamily #Market_Update
Bitcoin recently experienced a pump following a **Bear Trap**, as anticipated in previous analyses. Currently, it is trading within a **resistance zone** between $63,470 and $62,340 #nearing the upper boundary of a descending channel and the **200-SMA** (Daily).
A correction is likely, with a potential drop toward the **support zone** of $61,840 to $61,450. However, there is also a possibility of a **Bull Trap** forming, with a fake breakout of the descending channel. If Bitcoin can break through both the descending channel and the 200-SMA, we might see the price rising toward **$66,000**.
Key Insights :
- Bitcoin faces **resistance** in the $63,470-$62,340 range.
- A **drop** toward the support zone of $61,840-$61,450 is likely.
- Breaking the **descending channel** and 200-SMA could lead to a rally to **$66,000**.
- Bull Trap risk : A fake breakout might occur.
Conclusion :
Bitcoin appears poised for a correction after its recent pump, with a drop to the support zone probable. However, traders should be cautious of a possible Bull Trap or a breakout leading to further gains.
Advice :
Ensure you follow your strategy, use stop losses, and stay updated with market moves. Monitor Bitcoinâs performance closely for signs of either correction or a bullish breakout. Trade safe!
