Bitcoin price analysis: bulls hit the trap this time

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bitcoin price

Bitcoin price has a huge bearish influence in the past week. Bulls at one stroke lost half of their success, and their storm has passed.

Our idea with the fact that the breakdown of $8,000 is a trap, turned out to be correct. Price per week decreased by $1,300.

This is how it looks on the daily chart. Again the turn occurred near the point, about which many spoke. But now the big players are not acting the same way as last year, clearly working out the turning points. Now they give hope for a breakdown, driving more traders into a trap and only then begin a strong turn. So it was earlier with a breakdown of $6,000 down and with a recent breakdown of $8,000 up.

The intraday 4-hour chart says that the decline is not over yet. Most likely, the price will now tend to the level of $6,600, on which the upside-down head and shoulders were formed, and only more serious purchases can follow there (the graph is marked with a yellow horizontal line).

For the bulls, an ideal weekly candle will be a fall in the area of $6,600 and a subsequent rebound to the area of $7,100, then you get a reversal movement with a bullish body and you can continue climbing to $8,400. If the reversal candle does not work this week, then there are all chances to test $6,000 again.

Ethereum

Ethereum, unfortunately, struck a multi-month day support. Now its purpose can be testing of support in the region of $365- $350, and only from there can be strengthened purchases.