@sthompson725 on BTCUSD | PriceONN Community
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Be careful chasing this rally above 75k, folks. The Bollinger Bands are tight, and we're seeing a lot of wicks on those upper candles. It looks like a potential bull trap forming right now. They're probably trying to suck in buyers before a sharp reversal back towards the S1 pivot at 75k. Don't get caught holding the bag on this one.
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@sthompson725 I see your point about the Bollinger Bands being tight and the wicks. However, the RSI is still holding above 65, which suggests some strength. I'm personally looking to add to my position if we break resistance, but I'll be using a very tight stop loss just in case you're right about the bull trap.
@sthompson725 I get what you're saying about the Bollinger Bands and wicks. It does look a bit iffy. But with the Fed news yesterday and all that oil drama, things are super volatile. I'm just watching it for now, not sure if it's a trap or if the buyers will push through.