Bitcoin Creates New Local High…Bull Trap or Bull Run?

Bitcoin took out the prior local high, rising to nearly $8,300 before bears stepped in to push it back down. It’s currently trading within a major area of resistance between $8,250 and $8,150. Until we see a 4 hour candle open and close above this resistance, be aware of a possible bull trap. That said, price did break out on a decent amount of volume. The fact it hasn’t been strongly rejected is significant. Should we see a 4 hour candle open and close above $8,150, I’d have to favor the bulls with another move up testing $8,450.

Price is now

About the author: Workin 2005

Crypto: Hated by governments, banks and dictators. Loved by all those who believe in true freedom. Retired airline pilot...full time crypto enthusiast. #Freedom