$BTC Don’t rush to bottom-fish. This rebound may be a bull trap.
Here, Bitcoin will most likely have a small rebound—on a four-hour timeframe. It’s estimated to peak in about one or two days. Over these past few days, the daily chart has also adjusted to a near-complete extent. But pay attention—after the daily adjustment is over, a major selloff at the daily timeframe level may follow.
So this rebound is very likely a bull trap. Don’t be fooled into getting trapped buying.
In terms of strategy:
You can watch the rebound, but don’t chase it with heavy positions. If you already hold some, reduce your position when the rebound reaches the resistance level. If you want to bottom-fish, wait—until the daily adjustment truly finishes before making a move.
Here, Bitcoin will most likely have a small rebound—on a four-hour timeframe. It’s estimated to peak in about one or two days. Over these past few days, the daily chart has also adjusted to a near-complete extent. But pay attention—after the daily adjustment is over, a major selloff at the daily timeframe level may follow.
So this rebound is very likely a bull trap. Don’t be fooled into getting trapped buying.
In terms of strategy:
You can watch the rebound, but don’t chase it with heavy positions. If you already hold some, reduce your position when the rebound reaches the resistance level. If you want to bottom-fish, wait—until the daily adjustment truly finishes before making a move.