BITCOIN Fake Breakout Indicators

It's basically beginning to be predictable at this point. We see a pullback, some consolidation, there's a slide, and immediately a huge bullish looking bar pushing prices up with a huge volume spike as if to say "hey, bulls are back baby!!".

Realistically, we all know what's going on. If you've studied charts and candles at all, you've seen something like this:

This is becoming so common now. It's not even symbolic, and when I see it, I immediately think fake out before anything else.

On the hourly chart, this is what the move looks like:

Moves just don't happen like we saw. If this chart looked different and the market dynamics had been different, there could be a small case for this being bullish. However, we're soooooo bearish, and this bar was exactly the opposite for me of what it should have been.

Typically, if there's bulls waiting to bounce, they will get it right off a big move to the downside and we'll see a bounce. We don't see it on times like this where there's pullback, consolidation, and a small move down.

Red flags people!! We're still heading down. Test of $3,000 support coming soon. We still might see a bounce since there hasn't been a big bounce in a while. RSI for the weekly is still down and in the low 29's.

Cheers!!