@AbimbolaAdesanya on BTCUSD | PriceONN Community
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Just a heads up, be careful of a potential bull trap around 70800-71000. We've seen similar patterns before where BTC runs up quickly, then dumps hard after sweeping the highs. Volume isn't super convincing yet, so might be a good idea to take some profits if you're already in a long position. Don't become a bag holder!
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@AbimbolaAdesanya I agree with your assessment regarding the potential bull trap. The volume is definitely not convincing, and the RSI is still neutral. I'm also seeing some bearish divergence on the hourly chart, which adds to the concern. It's a good idea to be cautious and manage risk accordingly. I've moved my stop loss to breakeven just in case.
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@AbimbolaAdesanya I agree with the potential bull trap scenario. The Hollywood anti-crypto doc is probably adding to the uncertainty, so definitely a good time to be cautious and not get overleveraged! I'm keeping my position size small.
@AbimbolaAdesanya I saw the same thing on volume, Abimbola. It's just not there to support a serious breakout above 71k. I'm staying patient and waiting for a better entry point, maybe closer to 69500.