#Bitcoin #BTCUSDT's attempt to bounce back yesterday has yet to bring the price back to the uptrend above D1. Currently in the short term, price behavior is a bit...smelly, possibly leading to a price trap

#Bitcoin #BTCUSDT's attempt to bounce back yesterday has yet to bring the price back to the uptrend above D1. Currently in the short term, price behavior is a bit...smelly, possibly leading to a price trap

** Pre-trade idea result: Pending buy from below support failed to activate yesterday, as #BTCUSDT hasn't touched this zone before buying.

BITCOIN ANALYSIS #BTCUSDT FRAME D1:

* Price compression continues at D1 of #BTCUSDT, because yesterday's bar D1 still fell inside the pre-existing inside bar pattern. This price compression behavior could lead to an explosion of volatility in the near term, creating a rapid price move. This is what we have seen most recently is the inside bar pattern just below.

* Since there is no specific price action signal yet, the main thing for #BTCUSDT at D1 is to wait for a downward pullback to buy.

BITCOIN ANALYSIS #BTCUSDT FRAME H4:

* #BTCUSDT is still moving sideways at H4, moving inside the trading range - trading range - without a specific trend.

* The point to note is that the current H4 bar (completed at 11:00 am this morning) is starting to break out of the upper boundary of the price range. But the price behavior of this H4 bar is creating a shadow on the long price bar and the close position of the price bar around 1/2 of the range, easily leading to a false break signal - false break - creating a bull trap. - bull trap - thereby pulling #BTCUSDT on H4 downwards.

* The fact that #BTCUSDT at H4 is starting to break out of the upper Keltner Channel can also suggest an overbought condition - overbought - making it harder for the price to bounce back.

* The idea of cautious trading continues to dominate the current period. Can continue to wait to buy #BTCUSDT from the supports below for the weekend period.

OVERVIEW:

* #BTCUSDT is still compressing at D1 with an inside bar pattern

* Price behavior of the nearest H4 bar suggests the possibility of a false breakout for #BTCUSDT in the short term. So the main thing is to wait for the price to drop below to buy, not to chase.