It is very much possible that Bitcoin is forming a bottom as we speak , we have just had that distribution uptrust after a big move down where everyone thinks its going to reverse and then it comes back into range then everyone panics its going lower.
But really what happens is far more boring , we go back into a range for a breakout later when everyone been rekt both ways.
This bottom pattern appears in many different time frames , the larger the timeframe the bigger the move.
If we do breakdown further , CME gap at 20k is likely to close
But really what happens is far more boring , we go back into a range for a breakout later when everyone been rekt both ways.
This bottom pattern appears in many different time frames , the larger the timeframe the bigger the move.
If we do breakdown further , CME gap at 20k is likely to close
Note
This pattern reminds me alot of the bear trap end of 2020 before starting a run to all time highs , not suggesting that we starting that run but that this move is been done to shake traders out , its the wick on the daily candles that are very interesting.Note
This is the time now when you normally get a move , its a mirror time from the bottom wick to that distribution upthrust Note
Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.