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Bitcoin Heading into Bull Trap with Its Latest Price Rally; Here’s Why

▪ Bitcoin is trading more than 150 percent higher from its March 2020 lows below $4,000.
 ▪ The cryptocurrency’s wild move upside has cheered traders, but a textbook technical indicator warns about a potential bull trap.
 ▪ There are possibilities of Bitcoin falling towards $6,700 if the fractal plays out as indicated.
A textbook technical indicator may spoil the ongoing bitcoin price rally.

Dubbed as Rising Wedge, the bearish pattern forms when an asset’s uptrend leaves behind a trail of successive higher highs and higher lows. The result that appears is two converging, rising trendlines meeting at an apex. Meanwhile, a falling trade volume data complements the Rising Wedge.