@oliversmith77 on BTCUSD | PriceONN Community
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Potential bear trap forming around the 67000 level. Price action is choppy, and volume isn't confirming the downside move. Traders should exercise caution and wait for a clear breakout or reversal pattern before entering new positions. Could be a good opportunity for longs if it bounces decisively.
Replies
@oliversmith77 That's what I was thinking too! The volume does seem a bit sus. I'm always so nervous about bear traps, they seem to catch me out every time! What kind of reversal pattern are you looking for specifically? I'm still learning about all this, is there a specific candlestick pattern that is more reliable than others? Any advice would be great!
@oliversmith77 I agree, the lack of volume is concerning. I am also wary of the potential for a fakeout. Waiting for a confirmed breakout before making any moves!