If we look at BTC on the daily it tried to move higher throughout the weekend where it is much easier to make moves up/down because of lack of volume, but it couldn’t maintain that higher level. It shows me that it isn’t strong enough, yet, or the mentality in the market just isn’t there. We made a long wick up on the 20th and pulled back after meeting resistance. Yesterday, on the 21th, we made long wick again just this time to the downside but couldn’t hold that lower level either. This tells me that we are in the middle of no mans land and need a clear direction. Of course it could also just be some of the bigger players making some volatility to go in/get out of certain positions.
Yesterday we saw ‘’dark cloud’’ candle which can indicate a reversal in the trend, we need a confirmation today for that to happen and at the moment it looks like it could be confirmed. I am of course expecting this taking my previous posts in mind.
- NOTE that on the weekly we have formed a ‘’hammer’’ candle for the last week which is bullish, it still needs a confirmation in the coming week and I don’t expect that to happen. If the week closes below 10200 USD the ‘’hammer’’ and reversal becomes invalid.
Yesterday we saw ‘’dark cloud’’ candle which can indicate a reversal in the trend, we need a confirmation today for that to happen and at the moment it looks like it could be confirmed. I am of course expecting this taking my previous posts in mind.
- NOTE that on the weekly we have formed a ‘’hammer’’ candle for the last week which is bullish, it still needs a confirmation in the coming week and I don’t expect that to happen. If the week closes below 10200 USD the ‘’hammer’’ and reversal becomes invalid.
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Disclaimer
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.