Whats the mystery of this falling witches hat pattern? 2018.07.30

in bitcoin •  2 months ago

15 minute candles

Starting at around 17:00 UTC we had a sharp sell off which dropped the price $264 on Bitstamp taking the price from $8117 to $7853. The drop quickly reversed and bounced slightly higher than where we started. It is also positive to note the increase in volume as the price climbed. A good bullish momentum evidenced in this move but what prompted this sell off?

2018.07.30.2305.15min.PNG

1 hour candles

The best explanation I have found for this pattern was the breaking of the support of the ichimoku cloud on the 1 hour chart. We can clearly see that the dump starts at the same candle that broke the cloud.

2018.07.30.2305.1hr.PNG

Disclaimer:
This information is to record and preserve on chain my observations of this technical analysis system, I do not advise making trades with real money from this information. You may lose your shirt or other spurious items of clothing with a possibility of starvation and death if you trade on this information.

Practice accounts can be created for free at Testnet.Bitmex

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Usually we see the witches hate right before the Broom! get ready to fly!

You got a 6.07% upvote from @postpromoter courtesy of @k3t3r!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

Congratulations @k3t3r! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of posts published

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Do you like SteemitBoard's project? Then Vote for its witness and get one more award!

Quick recovery for BTC, but alts seem to be bleeding from it when taking a look at the Alt-to-Satoshi price. Hope BTC stay stable now for a bit and then pushes higher with the alts following like last years bull run.

Posted using Partiko Android