Bitcoin Bull Trap: Bears Begin To Dig Claws Into Crypto Trend

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Bitcoin price is on the rebound, but after such a sharp fall and more than 50% retracement, any reversal must be considered a potential bull trap until much higher prices are reclaimed.Further adding credence to the theory of a potential bull trap, a trend strength indicator very clearly shows that bears are in charge, and are ready to bring out the claws if needed to swat crypto prices back into hibernation mode.Only Up Season Is Over: Bears Now Control Bitcoin Trend
After such a strong year for bulls in 2020 and a even more powerful start to 2021, expecting “only up” in crypto isn’t uncommon. That’s exactly why the selloff in May was so severe – few saw it coming.Technicals warned that something violent was coming, but because sentiment was so bullish the bearish signals were ignored. But technicals are rarely wrong so long as a certain set of rules are followed.Source