Escape the Fate

BTC short term analysis

Hey Tafans, today I'm giving you a follow up T.A. on BTC price action analysis as I discussed in the last blog. Bitcoin has been consolidating for 7 days and hasn't moved much so far. There are no clear signs whether it'll continue to rise or fall,

BTC has respected the Ascending Channel Pattern after showing some weakness and falling almost 3%. What I'm watching right now is the volume, which is a bit bigger than before, but the question is whether this is the right time to push the price even higher, or if this is another bull trap scenario for BTC?.

A bull trap can still occur if we see the price rising quickly. This could happen at a price of $18,000 to $19,000. We now want to see the BTC price rise slowly and close a daily candle in the $17,500 range.

At time of writing, BTC is trading hands for $17,200, suggesting a potential rise of over 5.21% or more should BTC hit the target of $18,000, well just volume is the key, if we see another massive volume for BTC even the $19,000 is possible if we see enough volume, if not we could see BTC fall back below the $15,450 area and that would be bad because just like I said last time the supports are weakened every time they're tested. So if we continue to fall back to the $15,500 area support, it would lead to a further decline in the price of BTC.