Bitcoin Daily Pin Bar, but Just an Intraday Restest of Previous Short Term Support as Resistance?
Just a quick Bitcoin chart art update before I head out to Italy 🇮🇹 (or somewhere like that), this beautiful Sydney evening.
From things looking like capitulation, after this daily close, things are actually looking quite good.
BTC/USD Daily
How quickly things can change in this game that we play, huh!
But never one to get to our carried away from a single candle, keep in mind that we are still below that bearish trend line once again. Yes, this means bear market 🐻 territory.
So with that in mind, drill into an intraday chart and have a look at the short term levels.
BTC/USD Hourly
That just looks a retest of previous short term support as resistance to me. A real danger zone.
If sellers come in hard here, that daily pin bar isn’t going to mean jack shit.
Best of probabilities to you.
Peace ✌🏻.
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I will use your chart - What I think - about price of BTC - NOW and in the next several weeks.
Can I ?
It is true - that on daily chart - we have some small buying power that create on Japanese candlestick bullish pinbar - but it does not show more strength to push price higher than ... broken support.
So - I think this could be - some kind of tactical retreat of bulls - to cover long positions.
Many of analytics - focus about this small pinbar. - but please tell me WHY - not mention that price twice was not able to break resistance ? this is much more important and bigger sign of weak market.
We know all that TV is one big lie - when you see huge company CEO - selling bullshit in investing channels - it means - watch out about your pocket.
Why - we have a new news - about "BTC is cheap - time to buy" or new BTC indicators - say that BTC - is low... and similar?
I will remain skeptical - with a rather declining direction.
If we tested the resistance twice - and the reaction is - downside - it's time to test the support - AND - if we break it - we'll be on the straight road to around 5000 USD.
Thanks for sharing your thoughts mate.
Looks like the short term bearish trend is back in control as the previous short term support turned to resistance and held.
Exactly.
I do not see any change in approach to cryptocurrencies - by regulators. (fundamental approach, and fuel for growth).
The street is afraid, because BTC is not growing ...
Professionals - they buy BTC but at the same time - they play short on contracts and this is how they have a hedged position.
And so ... they buy a huge amount of BTC with each hole - devoted without a fight.
It's a bit like taking a lollipop from a child.
I'm still looking for more downside but hey, we may get a bounce of sorts first. I really wanted the first significant bounce to be around 7500, and I guess that is still in play. We will see next week as always. I'm just not ready to load the boat yet :).
Still all about this bearish trend line for me. Just flirting with both sides of it. Neither the bulls or bears in control yet.
Yeah, I guess it's what ever works for us as individuals, as I don't do trend lines :).
kindly follow back and upvote my posts please....
Nope. Try harder.
BTC will go up. Thanks for sharing
Will it?
Hoping so my friend