Bitcoin – fake pump is possible!

11.07.2022 3:57 pm

Hello, everyone!

2 days ago I pointed out the critical level for the uptrend cancellation on the 4h timeframe and the the Bitcoin is still in local uptrend, it was unable to break through the 1D key fractal level, but can demonstrate some fake pump in the nearest future.

Let’s take a look at the BTCUSDT chart of the WhiteBit exchange. The Bitcoin price is staying just above the 4h critical level and struggles to break it down. Moreover, the supply zone is also right here and I don’t think that the price will break it down with the first attempt. Also the 4h fractal is almost formed. In case of success this level could be the higher low in my methodology. Thus, the uptrend is still valid.

The idea here is the following: I opened the speculative long again and will close it if the candle closes below the critical level or if the price shows us the weakness during the potential fake pump. It would be logically to see the pump above the upper band of trading range, creating the bull trap before the new low below $17500.

Good luck!

Trade on WhiteBIT! Use this link to register and receive 40% of trading commissions from your invited users!

Invest in crypto easily and safely with

Website Tradingview