Bitcoin Shoots To $10,450, But Is It Another Bull Trap?

Bitcoin Shoots To $10,450, But Is It Another Bull Trap?

Yet again the king of crypto has bounced back over $10,000, adding 6.5% on the day. The move signals a continuation of the consolidation for bitcoin price but analysts are aware that it could be a big bull trap.

Bitcoin Price Tops Out at $10,450

It has been traders in the US session that have driven momentum for bitcoin over the past day. Monday started out flat in Asia with very little action on any crypto asset. Bitcoin lulled around $9,750 which was marginally higher than its weekend levels.

A few hours ago BTC surged to a weekly high of $10,450 according to This is the current resistance level with the next at $10,800. A slight cooling off has dropped bitcoin prices back to 00 at the time of writing. Further consolidation could continue here before a push higher.

BTC prices 1-hour chart

A golden cross is about to form on the hourly time frame which is a bullish trend indicator when a faster 50-hour moving average crosses above the slower 200 hour MA. It will take some time though for this lagging indicator to repeat the pattern on longer time frames.

Following a five-month volume dip yesterday, it has surged back to $17 billion today as the bulls keep the momentum going. There are mounting concerns that this could be another bull trap as there is still a strong possibility that the correction has not fully played out. Some crypto analysts have suggested that a move to $11k could be followed by another huge dump in this scenario.

Looking at a much longer-term picture, analyst dave the wave has mapped the Gaussian which is now bullish on the weekly view but still bearish on the daily time frame.

Economist Alex Kr?ger meanwhile commented on the choppy markets and how difficult trading them can be.

$BTC has been whipping bulls & bears around for two months already. The 2-month return stands at -4%.Trading ranges is not supposed to be easy.

Until there is a sustained move out of the current channel the chop will continue and no new players will enter the crypto arena. It appears to be the same money entering and leaving markets as speculators and day traders seek short term profits.

Maybe the impending Bakkt launch will drive prices higher and enable crypto markets to lift out of the consolidation. BTC and its brethren need a major fundamental boost to encourage new money to enter markets.

How long will bitcoin price continue consolidating? Add your thoughts below.

Images via Shutterstock, BTC/USD Charts by TradingView, Twitter: @D4rkEnergYYY, @davthewave

The post Bitcoin Shoots To $10,450, But Is It Another Bull Trap? appeared first on

03.09.2019 / 03:10 12
Bitcoin Closes on $11k as Two Technical Indicators Conflict Bitcoin Closes on $11k as Two Technical
Bitcoin has been in a steady uptrend since the weekend. The short term picture looks promising but a conflicting technical signal indicator on a
Bitcoin Closes Highest Weekly Candle in Over a Year Bitcoin Closes Highest Weekly Candle in
The weekend has been largely bearish for bitcoin price as it dumped 6% after a long period of consolidation. The move dropped BTC back to support,
Analyst: Bitcoin Price Movement Is Slow; Time To Accumulate Analyst: Bitcoin Price Movement Is
Another day rolls by on crypto markets and the momentum is still elusive. Bitcoin and its brethren have crept up marginally in price but most are
Bitcoin Price Analysis  $8.5K Now in Sight to End Bear Market Bitcoin Price Analysis $8.5K Now in
Bitcoin price broke out of a bottom consolidation overnight, jumping 11%, reclaiming the $8k handle ahead of the weekly close. We take a look at the
Crypto Markets Near Weekly Lows Following Weekend Volatility Crypto Markets Near Weekly Lows
This past weekend was particularly volatile for the crypto markets, which surged on Saturday before fully retracing on Sunday. The resulting losses
Bitcoin Price Intraday Analysis: BTC/USD between Breakout and Bull Trap Bitcoin Price Intraday Analysis:
The Bitcoin-to-Dollar exchange rate on Monday surged 2 percent against the US Dollar from 6590-fiat to 6729-fiat on bottom formation sentiment and
Comments (0)
Add a comment
Comment on