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Initiate Short.
Entry - 7914.02
TP1 - 6819.04
TP2 - 6179.39
TP3 - 5550.00
SL - 8280.97
The reasons for it to be a Bull Trap are:
-bullish crossover between 20 and 121 MAs was not confirmed by RSI (so that RSI was in overbought zone and producing a bearish signal now)
-Rejected by Descending Channel's resistance
The solid confirmation for it would be the Price crosses 121 MA from above and RSI crosses its 50 horizontal.
Interesting thought: Currently we have a Chinese New Year, so it is a perfect time to start declining the price. Because the market's opinion is this decline is something natural and the price will reverse afterall (even me thinks so). So wait for confirmations to prove it to be a Bull Trap (mentioned them before).
Also do not forget about Halving.
Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable.
Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.
The information given is not a Financial Advise.
Initiate Short.
Entry - 7914.02
TP1 - 6819.04
TP2 - 6179.39
TP3 - 5550.00
SL - 8280.97
The reasons for it to be a Bull Trap are:
-bullish crossover between 20 and 121 MAs was not confirmed by RSI (so that RSI was in overbought zone and producing a bearish signal now)
-Rejected by Descending Channel's resistance
The solid confirmation for it would be the Price crosses 121 MA from above and RSI crosses its 50 horizontal.
Interesting thought: Currently we have a Chinese New Year, so it is a perfect time to start declining the price. Because the market's opinion is this decline is something natural and the price will reverse afterall (even me thinks so). So wait for confirmations to prove it to be a Bull Trap (mentioned them before).
Also do not forget about Halving.
Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable.
Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.
The information given is not a Financial Advise.