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An Upside Trap Before Downward Continuation

On the initial move, bitcoin is most likely to break to the upside as an ascending triangle but this is expected to be a bull trap, said trader Jonny Moe.

An upside trap means downward continuation that will take us to $9,700.

According to analyst The Cryptomist, Bitcoin has broken down a rising wedge and now we are testing sym triangle resistance.

“If we break below, (approx 10.1k) then bulls are in big trouble,” she said.

The Cryptomist has previously emphasized on the gap left by CME Group’s Bitcoin futures being the force behind Bitcoin’s drop to $8,500.

However, a drop to this level means 50% retracement of 2019 high move.

As for the gaps, they are not meant to be filled, said economist and trader Alex Kruger.

“Even though gaps often fill, gaps are not meant to be filled. Gap filling is a combination of random variations (price moves), self-fulfilled prophecy (traders assign value to gaps), and lack of support/resistance within gaps (i.e. no trades inside),” explained Kruger.

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