I am still due to the divergence on the higher timeframe, and I really don't see the overall trend changing after yesterday's pump. So... that makes it a bull trap imo since neither 123 nor appears to have completed and there are alot more rooms to go down. Also, once $8.7k breaks (which is very likely) there is pretty much no support all the way to $6.5k so... the impulse wave 12345 down for the bear market scenario is still valid. BTC needs to clear above $10800 to be considered . But we are going to see to pullback now from the pump and see where this leads us exactly, similar to the Jan 20th pump.
- If you are looking for a long, you might want to wait for it to break above $10800, then wait for a pullback to be supported before making an entry.
- If you are looking for a short, a break of $10100 / reject from $10300 could serve as confirmation. If $9500 breaks, you can consider keeping the short open for a swing.
From a bull perspective, this looks like a promising moon once we break above $10,800. Currently, price is sitting at the major downtrend line, peaking above and trying to confirm a support.
If I feel a reversal is in place, I might create a new idea for long. But you should know me from the chat room. I'm still carrying a $2.5k BTC price tag.