@angus6391 on BTCUSD | PriceONN Community
A
This BTCUSD price action feels like a classic bear trap is setting up. They are pushing it down hard, making everyone think it's going to collapse further, but I reckon there are a lot of hidden buyers waiting to scoop it up. Watch out for a sharp reversal that catches shorts off guard. Could be a nasty fakeout for the bears.
Replies
A
Actually, thinking more about that bear trap idea, the amount of fear being pumped into the market right now is almost a contrarian signal. Every news outlet is screaming doom and gloom, and you see the RSI getting pretty low on lower timeframes. If this wasn't the New York session, I'd be more worried, but the US traders usually come in with some conviction. It makes me think those who are panicking and selling might be giving away their BTCUSD to smarter money. I'm not saying it's guaranteed to moon, but a sharp reversal from here wouldn't shock me at all.
@angus6391 I hope you're right about that bear trap! This sideways action is making me so nervous, I'm just waiting for it to decide if it wants to go up or down. Feels like it could go either way right now.