Bitcoin Creates New Local High…Bull Trap or Bull Run?

Bitcoin took out the prior local high, rising to nearly $8,300 before bears stepped in to push it back down. It’s currently trading within a major area of resistance between $8,250 and $8,150. Until we see a 4 hour candle open and close above this resistance, be aware of a possible bull trap. That said, price did break out on a decent amount of volume. The fact it hasn’t been strongly rejected is significant. Should we see a 4 hour candle open and close above $8,150, I’d have to favor the bulls with another move up testing $8,450.

Screen Shot 2019-06-12 at 11.46.13 AM.png

Price is now above the 21 day EMA. If today’s candle closes above it, that would signal a bullish shift in momentum…at least short term.

Screen Shot 2019-06-12 at 11.46.31 AM.png

If you’ve been watching my video’s, you know we’ve been discussing the gap on the CME chart between $7,200 and $7,450. This is likely to get filled at some point, even if bitcoin does rise in the short term.

Screen Shot 2019-06-12 at 11.49.46 AM.png

In today’s video I’ll discuss where price may be heading next, key areas to watch, traps to avoid and so much more. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM ( or Steemit in order to watch.

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.


If you found this post informative, please:


Open a free account on Binance here:

Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here:

Feature Image By: Saul Gravy

Related posts

Buy Low, Sell High – or just Buy High

Bit Brain

OnePageX – Easiest Exchange for over 140+ Cryptocurrencies!


BITCOIN – 23 Apr


Get involved!


No comments yet
Skip to toolbar