Bitcoin

Bitcoin is experiencing a lot of profit-taking today, as traders capitalize on the ‘Bull Trap’ zone above $100,000. 

Trends
https://www.tradingview.com/x/C9m5vOd9/

5M: Bearish
30M: Neutral
1H: Bullish
4H: Bullish
D: Bullish
W: Bullish

Significant selling pressure has caused Bitcoin to lose its lower timeframe bullish trends. Although the selling today was quite dramatic, there’s not too much concern for alarm technically. Daily and Weekly bullish trends remain intact, with trend support from $92,000 - $94,000. The 4H chart suggests ranging price action, oscillating around the 4H 200 SMA. A higher low above $94,000 would confirm a local bottom and a second push above $100,000 - likely beginning to form a bottom within the next few days.

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