Crypto trade of the week – Is Bitcoin setting a bullish trap?

Crypto trade of the week – Is Bitcoin setting a bullish trap?

Bulletproof Traders in-house trading activities presents our current overview on the Bitcoin.

Is Bitcoin setting a bullish trap?

After a successful bullish campaign, targeting the level of $42,000, we have closed out our buy position in order to sit on the sideline for a while and watch closely for further clarification.

The recent cross over above the big resistance level of $44,580 suggests that the Bitcoin is having a big breakout. However, we believe this might end up as a big false breakout, or what we like to call a fakeout. 

Crypto trade of the week - Bitcoin Is Bitcoin setting a bullish trap? Or signs of Bitcoin fatigue?

We suspect that the price of Bitcoin is just setting up some bullish traps before landing back below that big resistance and potentially turning around a bit later for a downside move that could drive the price of Bitcoin back to the levels of $33,000.   

Watch our video.   

* Bulletproof Traders is a members-only Forex trading club. Run by an elite team of traders and market analysts, using science based approach to master the art of trading.

Watch video