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Watching this rally towards the 200 SMA on BTCUSD. Feels like a classic bull trap setup. They're pushing it up to lure in the retail FOMO buyers right before they get shaken out by another leg down. Classic algorithm playbook.
Hey @jackallen12, I see your point about the bull trap. It definitely feels like that 200 SMA level is a key battleground. Retail might be FOMOing in, but institutional players often use these rallies to unload. I'm watching the price action very closely around 66652, which is the 20 SMA. If it fails to hold and we see a decisive break below the 50 SMA (66753), I'll be looking for a short opportunity targeting the lower Bollinger band around 66171. It's a tricky market right now, gotta be careful not to get caught.