Well this is nice to wake up to today!

Bitcoin breaking out of it's sideways trading pattern to the upside.

Last night it looked like the wheels were about to fall off and the price was going to revisit the lows from last week.

And then this happened:

(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)

Not only did the price not break to the downside, but now it is breaking out to the upside.

For those not familiar, that is what traders call a bear trap.

It takes out stop losses and gets bears to jump in short, only to reverse course and have the price shoot back to the upside squeezing those shorts in the process.

There is a lot of bullish news out there regarding bitcoin and crypto currently relating to the war etc, so it will be interesting to see where this thing goes...