BTC just bounce but is this bull trap?

[BitMaxz]

I need some professional advice and am asking for possibilities with the current price action.

Currently, I spotted this one below; it looks like a trap. It might break the current price at $117k and hit $118k, then it would drop instantly. As you can see, it looks like a retracement after the breakout, and it consolidates in that zone. This is still undecided, and it is possible they are planning something with the current price.



Be careful of those who favor buying in a daily time frame. There's no signal yet for oversold, and we know every time there's a breakout, they always go back or retrace to that zone for a retest. If it fails and is rejected, then it would drop, but look at the recent pump with a big candlestick due to recent news. It looks manipulated by the news to form a pattern but not decided yet until this coming next day.

In the short term it breaks the previous downtrend structure, but it still not bullish for me, my gut tells me it will drop later.

[Hatchy]

Today's move was as a result of Fed Chair Powell Speech. It hit the us dollar so hard which resulted to the sudden pump in price of major assets including bitcoin and gold as well.

I can't be certain, but technically speaking, bitcoin just reacted wildly from a key level on the higher time frame. This move might just be a temporary liquidity grab, but currently bitcoin seems to have continued it's bullish trend.

[Bitcoin_Arena]

Honestly, I didn't see todays pump happening/coming based on the way things looked like on the chart yesterday. Maybe, like @Hatchy said, the speech triggered the markets to move in a different direction. ETH hit as new all-time high and SOL touched 200. In all the madness, BTC wasn't as volatile as the other altcoins, which probably suggests that more money is flowing into the likes of ETH and I think the rally might continue for a while.

Earlier on I was also thinking of a bull trap but at this moment in time, I am undecided 

I might have to wait it out and till next week.

[Zaguru12]

Be careful of those who favor buying in a daily time frame. There's no signal yet for oversold, and we know every time there's a breakout, they always go back or retrace to that zone for a retest. If it fails and is rejected, then it would drop, but look at the recent pump with a big candlestick due to recent news. It looks manipulated by the news to form a pattern but not decided yet until this coming next day.

In the short term it breaks the previous downtrend structure, but it still not bullish for me, my gut tells me it will drop later.

Seriously I haven’t looked at the momentum driving this current pump or compare the buy and sell volume to actually see if the market is actually in the control of the buyers, but just like I said on the other thread that the market will do a double bottom and move up and this was exactly what happened I think the price will head for that green trend line which is slightly above $118k. Should the price touches there then we we might see a retracement back to the current price level now and the market will head for the $120k price depending on the control of the buyers or it will range there for a while. This is corresponding with the fact that the chart looks to be  ending for 80 price on RSI chart and then retrace back to test the current 63 price point before moving further.

All this seriously are heavily dependent on the fundamentals in the next few days

[Fivestar4everMVP]

I need some professional advice and am asking for possibilities with the current price action.

Currently, I spotted this one below; it looks like a trap. It might break the current price at $117k and hit $118k, then it would drop instantly. As you can see, it looks like a retracement after the breakout, and it consolidates in that zone. This is still undecided, and it is possible they are planning something with the current price.



Be careful of those who favor buying in a daily time frame. There's no signal yet for oversold, and we know every time there's a breakout, they always go back or retrace to that zone for a retest. If it fails and is rejected, then it would drop, but look at the recent pump with a big candlestick due to recent news. It looks manipulated by the news to form a pattern but not decided yet until this coming next day.

In the short term it breaks the previous downtrend structure, but it still not bullish for me, my gut tells me it will drop later.

Which ever way the price of Bitcoin decides to face, whether down or up, isn't much of a problem to me, if it's going up, it will definitely drag most Altcoins with it and the market will be more of green than red.
But if the price is going down, it will also (like it has always did) drag the Altcoin market down as well creating some sell offs or even a major sell off, but what ever chooses to happen isn't really my concern, especially if the price decides to crash again after the breakout from $111k to the current price of $116k.

I am still buying/investing in crypto and I don't have any intention of selling anytime soon, so the price decides to fall, it's a good buying opportunity for me and for those who have my kind of ambition as well.
But if the price decides to go up from where it is currently, then its also to our advantage as we get to make some profit.

[michellee]

The situation after the hit $124k was not good and drove the price down to $112k. I am not sure if that is a trap but it could be right because that makes some traders worry about the situation before. But gladly, now the price is back to $116k but the market still at the weekend.

Hopefully, the price can still retain its price and in the next week give a good movement. Those who trade need to be careful because the situation still difficult to predict. We can hope that the situation will be back to normal and the price will increase more.

But I am okay with this situation. I still buy Bitcoin following my plan. I am sure everything will be back normal.

[LogitechMouse]

I need some professional advice and am asking for possibilities with the current price action.

Currently, I spotted this one below; it looks like a trap. It might break the current price at $117k and hit $118k, then it would drop instantly. As you can see, it looks like a retracement after the breakout, and it consolidates in that zone. This is still undecided, and it is possible they are planning something with the current price.
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In the short term it breaks the previous downtrend structure, but it still not bullish for me, my gut tells me it will drop later.

It created an imbalance in Fair Value Gap therefore, I believe that in the upcoming days or weeks, that will be filled and it will depend if that FVG will be respected thus, we see a bounce after going to that FVG area, or it will become an IFVG, and we will go down to it's price support of around $112,000 yet again.

Surprisingly, we are seeing a bearish sentiment until we hear Powell's speech a few hours ago which made the sentiment reverse from being bearish to now bullish almost immediately. Based on history, the month of September during the bull run years tend to be a bearish year, but we might see a different one just because of the FED cutting interest rates. We don't know, but for me, I already sold some of my assets into USDT just incase we see a decline in the following days yet again then I'm ready to buy them at a discounted price.

My gut also tells me that it will drop soon. I even saw a Twitter post saying that Bitcoin will go down to as low as $100,000 next month.

[JeffBrad12]

I don't think it's a bulltrap but the sudden rise was caused by Powell dropping a hint about interest rate cut in september. It's justified rally and I don't think it will suddenly dump unless there's bad news appearing. So far looks bullish, I'm expecting new ATH in the future and I don't think the bullrun has ended though. However I can be wrong. The market is confusing right now.

[cryptoaddictchie]

Btc was outsmarted by ethereum today with the ETH surpassing ATH this could means a change of bullish for coin leaderboards. Will BTC holders pivot now to ethereum and potentially on altcoins or the bitcoin continue its dominance?

With Powell Cut rates the people instabuy the potential bullish scenario. Im looking forward for some retracement though.

[TravelMug]

Btc was outsmarted by ethereum today with the ETH surpassing ATH this could means a change of bullish for coin leaderboards. Will BTC holders pivot now to ethereum and potentially on altcoins or the bitcoin continue its dominance?

Is it? I look at cmc and ETH all time high is still $4,891.70. Although the highest price that the ETH got in the last 24 hours is $4,884.23. So there could be some discrepancy as it's almost touch a new all time high.

With Powell Cut rates the people instabuy the potential bullish scenario. Im looking forward for some retracement though.

Yeah, that statement from Powell really fuel some growth and bring back the bullish momentum again. We hit $117,377.40, but now the price is mid $115k'ish. But still that is a good comeback to us and so I expect that at the end of the month we might go back to at least $120k.

[BitMaxz]

Btc was outsmarted by ethereum today with the ETH surpassing ATH this could means a change of bullish for coin leaderboards. Will BTC holders pivot now to ethereum and potentially on altcoins or the bitcoin continue its dominance?

With Powell Cut rates the people instabuy the potential bullish scenario. Im looking forward for some retracement though.

Well, the news still not confirmed that they will cut rates in incoming september since any time they can cancel it just like the same as what Trump cancel the tariff.
So, we do not sure they are going to apply cut rates in september.

About etherium I don't think it can place BTC position on rankings. Look at ETH marketcap it still far to take the BTC spot.

[cryptoaddictchie]

Is it? I look at cmc and ETH all time high is still $4,891.70. Although the highest price that the ETH got in the last 24 hours is $4,884.23. So there could be some discrepancy as it's almost touch a new all time high.

I dont know maybe on some exchanges theres a tick which it surpass the record of the previous ATH like on Binance the highest was $4887 close to ATH, but since I saw on X theres some post that it break the ATH means some cex got that record.

Well, the news still not confirmed that they will cut rates in incoming september since any time they can cancel it just like the same as what Trump cancel the tariff.

Yeah I get it but they hinted it so most likely it is. Its gonna be a clown show if this will not be done after that teaser.

[Ruttoshi]

From the look at the chart, it shows that the price will still pump above $117k before there will be a price correction to $114k but I don't think that it will go below that price and if it does, we should see it at $112 as support price.

I believe that the market is still bullish and we will see little dips because there is good news from Powell and that has given investors hope to invest more into bitcoin that was why you see the high buys which pumped the price. However, investors sentiment controls the market.

[_act_]

The price of bitcoin increased recently because of a fundamental analytic reason which was as a result of the United States Fed Chair speech about rate cut or so, but if we use the 1 day candles sticks, bitcoin is showing a sign that it may drop back. People that invested recently are not for investment reason but for trading. I think they will remove their money and bitcoin may fall. Let us see if the bulls will defend this or not but I do not think bitcoin will increase for now.

[mirakal]

The market is always a trap for traders who cannot analyze it carefully.

I'm not an expert in trading, but this is my opinion. We should be careful of a sudden pump. Drops seem to happen instantly. The best thing to do is to observe until it stabilizes before a buying decision is made. We've been seeing this trend many times, but we can't expect the same trend. That is why careful actions matter a lot. Rushing never helps but is rather some kind of disastrous move.

[masulum]

While BTC's direction remains unclear, the 100K-112K support area remains a viable entry point. However, if the 100K support level is breached, we may see a deeper Bitcoin correction. For now, although lower than yesterday's close, we're still not even halfway through the day, and a correction to 112K is still considered a reasonable correction.

[Leahized]

Currently, I spotted this one below; it looks like a trap. It might break the current price at $117k and hit $118k, then it would drop instantly. As you can see, it looks like a retracement after the breakout, and it consolidates in that zone. This is still undecided, and it is possible they are planning something with the current price.

Yes, it is usually enough to trap the image you are doing exactly.  I was thinking that Bitcoin would drop more but suddenly I saw Bitcoin pump more again. Although it was not ready for it. I have been a little foolish, because yesterday I sold several bitcoins. However, this is what happened for Powell's speech. But I'm in some disbelief now. Because the price has risen and the price will fall again very quickly. And from how long today has decreased nearly two thousand dollars and may get more in the future .

[Iranus]

Which ever way the price of Bitcoin decides to face, whether down or up, isn't much of a problem to me, if it's going up, it will definitely drag most Altcoins with it and the market will be more of green than red.
But if the price is going down, it will also (like it has always did) drag the Altcoin market down as well creating some sell offs or even a major sell off, but what ever chooses to happen isn't really my concern, especially if the price decides to crash again after the breakout from $111k to the current price of $116k.

That's only true as bitcoin dominance remains high and altcoin season hasn't arrived yet. But as bitcoin dominance is waning and declining, along with signs of money flowing into ETH, altcoins. If bitcoin price falls, altcoin prices will also fall, but not as severely as before.
Like when bitcoin hit ATH this month at $124k, ETH still hasn't crossed $4,5k, but now bitcoin is trading at $115k ETH has a new ATH and is trading above $4,7k.
Personally I don't think there will be another altcoin dump, and even if there is, they will recover much better than bitcoin.

I am still buying/investing in crypto and I don't have any intention of selling anytime soon, so the price decides to fall, it's a good buying opportunity for me and for those who have my kind of ambition as well.
But if the price decides to go up from where it is currently, then its also to our advantage as we get to make some profit.

As long as the bull season is not over, any market correction is always an opportunity.

[goldkingcoiner]

Today's move was as a result of Fed Chair Powell Speech. It hit the us dollar so hard which resulted to the sudden pump in price of major assets including bitcoin and gold as well.

I can't be certain, but technically speaking, bitcoin just reacted wildly from a key level on the higher time frame. This move might just be a temporary liquidity grab, but currently bitcoin seems to have continued it's bullish trend.

Exactly.

Powell said that maybe there will be a fed rate cut in September. The keyword is "maybe". Everyone got excited about that and therefore we now have this pump, which is 100% speculative. If there is no fed rate cut, then we will probably see a giant red candle, which was just as big as the green candle, maybe even bigger.

This is why I said there is no need to get too excited about the news.

We do not trade on maybes.

[Lida93]

I need some professional advice and am asking for possibilities with the current price action.

Currently, I spotted this one below; it looks like a trap. It might break the current price at $117k and hit $118k, then it would drop instantly. As you can see, it looks like a retracement after the breakout, and it consolidates in that zone. This is still undecided, and it is possible they are planning something with the current price.



Be careful of those who favor buying in a daily time frame. There's no signal yet for oversold, and we know every time there's a breakout, they always go back or retrace to that zone for a retest. If it fails and is rejected, then it would drop, but look at the recent pump with a big candlestick due to recent news. It looks manipulated by the news to form a pattern but not decided yet until this coming next day.

In the short term it breaks the previous downtrend structure, but it still not bullish for me, my gut tells me it will drop later.

They? Sounds like bitcoin now being controlled by some group of Devs.

Well, this isn't a professional advise though you can take it from the point of an opinion from someone who's still bullish on bitcoin for the few months left of this year.  It doesn't seem likely that bitcoin might drop sharply at the $17/18k price you're having in mind although there is a strong resistance at that level all things being equal we could see a breakthrough into the wedge. And if this happens a new ATH will be what's next. But if your analysis happens to be right eventually, take the opportunity of the dip to stack more.