Is the Crypto market in bullish mode or is it a trap?


  • A soft climb may signal a trap along the way.
  • The market moves along the edges and everything can change in a flash.
  • XRP leaves signs of weakness that demand a close watch.

 

The question of the day is whether the rise and conquest of $4,000 by Bitcoin yesterday announces a new bullish leg or whether it is just a bullish trap. So, for now, it prefers the trap more than the upbeat party.

This setup can change quickly because the current technical situation moves along the boundaries between radically opposed scenarios. Moreover, between these two scenarios, there is an intermediate one, the current frontier scenario that is tendentially bullish.

 

ETH/BTC 240 Minute Chart

 

The trading battlefield is the ETH/BTC pair, and the thin red line located on the bottom side of the parallel bullish line marked as A in the bottom chart. The price may continue to rise against this line, giving the impression that the market is bullish, but in the background, the scenario is fragile and…



Read full story