Bitcoin Price Analysis: BTC/USD wedge pattern breakout or bull trap?

Bitcoin price recovery from the lows at $9,500 stalls short of $10,300.
The bullish scenario for Bitcoin is fading in the short term while long term analysis suggests a bull trap is in the offing.

Spot rate: $10,130

Relative change: -56

Percentage change: -0.56%

Trend: Bullish

Volatility: High

BTC/USD daily chart

Bitcoin's incredible performance in the last couple of months follows an impressive breakout from a long-term falling wedge pattern that started its formation since the June 2019 highs around $13,884. The recovery has stepped above $10,500 in February, further confirming that Bitcoin's bullish phase ahead of the May 2020 halving event. However, the formation of a short term rising wedge pattern paints a picture of a bull trap that could get many traders and investors pants down. On the brighter side, the effects of the wedge pattern could be averted by pulling BTC above $11,000 and towards $12,000 in the near term.

BTC/USD 2-hour chart

The short term technical scenario is bearish for Bitcoin especially with upward movements have been restricted under $10,200. The RSI has started its retreat from the overbought and continues downward motion could attract more sellers to join the party. Support is expected at $10,100 while the 100 SMA at $10,057 is expected to anchor the price if losses aim at $10,000.

BTC/USD

Overview
Today last price	10119.42
Today Daily Change	-67.63
Today Daily Change %	-0.66
Today daily open	10187.05

Trends
Daily SMA20	9800.71
Daily SMA50	8875.66
Daily SMA100	8202.14
Daily SMA200	8887.59

Levels
Previous Daily High	10285.3
Previous Daily Low	9610.33
Previous Weekly High	10511.86
Previous Weekly Low	9707.96
Previous Monthly High	9568.13
Previous Monthly Low	6856.63
Daily Fibonacci 38.2%	10027.46
Daily Fibonacci 61.8%	9868.17
Daily Pivot Point S1	9769.82
Daily Pivot Point S2	9352.6
Daily Pivot Point S3	9094.86
Daily Pivot Point R1	10444.79
Daily Pivot Point R2	10702.52
Daily Pivot Point R3	11119.75

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