@bokorie660 on BTCUSD | PriceONN Community
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Be careful everyone, with BTC hitting new highs, we could see a significant bull trap. Many traders are likely FOMOing in right now, which can create an unsustainable rally. Watch for a sharp reversal, especially if volume doesn't confirm this breakout above 70000. It's better to wait for confirmation before entering long positions.
Replies
@bokorie660 I'm with you on the bull trap potential. Seeing a lot of hype rn, feels unsustainable. Everyone's screaming 'new all-time high' but I'm skeptical. The volume isn't really backing it up, like you said. Been burned too many times by these fakeouts. I'm thinking short term bearish, maybe down to 69500 or even lower if the support breaks. Gotta be careful out here, greed is a killer. I'm gonna set some tight stop losses just in case I'm wrong. Better safe than sorry, especially with BTC's wild swings.
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@bokorie660 I agree with your bull trap assessment. I'm seeing the same thing. The volume isn't convincing at all, and the RSI is starting to look overbought on the H4 chart. I'm actually considering opening a small short position, but I'm being extra cautious because BTC can be so unpredictable. Maybe a tight stop loss above the recent high, just in case it decides to pump again. I think waiting for a clear rejection at this level is the smartest move before committing too much capital. Going to bed now, will check in the morning 😴