Upthrust (trap) or Breakup?
BTC broke up the resistance level and as mentioned before, made a local top. (see the link below):
the main question is: is this a real breakup or this is a trap (upthrust)? To answer this question, wait for the pullback to the resistance/support level.
All momentum indicators are now in the overbought zone (in daily timeframes). This means that there is probably a local bottom ahead. This is the potential pullback that is ahead. But where this local bottom is placed is decisive.
If Bitcoin (local bottom) remains above the support/resistance level, this is a confirmed breakup. If it returns again into the range area, it is probably an upthrust and there is a possibility of breakdown on the other side.
the main question is: is this a real breakup or this is a trap (upthrust)? To answer this question, wait for the pullback to the resistance/support level.
All momentum indicators are now in the overbought zone (in daily timeframes). This means that there is probably a local bottom ahead. This is the potential pullback that is ahead. But where this local bottom is placed is decisive.
If Bitcoin (local bottom) remains above the support/resistance level, this is a confirmed breakup. If it returns again into the range area, it is probably an upthrust and there is a possibility of breakdown on the other side.
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