BTCUSD Low Volume Trendline Test

8 de ago. de 2019

BTCUSD is testing trendline support today. Low volume trendline test usually is Bullish sign. No need for trading today. It is better to wait for the result of this test. If volume is High, but Spread is narrow , that could also be Bullish.

9 de ago. de 2019

Nota

I don't like yesterday's Price action.I was expecting Low volume Trendline Test, but we have something that may look like a Hanging Man Candlesticks Pattern.
The Hanging Man candlestick formation is viewed as a bearish sign. This pattern occurs mainly at the top of uptrends and can act as a warning of a potential reversal downward. It is important to emphasize that the Hanging Man pattern is a warning of potential price change, not a signal, in and of itself, to go short.
The Hanging Man formation is created when the open, high, and close are roughly the same price. Also, there is a long lower shadow, which should be at least twice the length of the real body.
When the high and the open are the same, a bearish Hanging Man candlestick is formed and it is considered a stronger bearish sign than when the high and close are the same,
It is important to repeat, that the Hanging Man formation is not the sign to potentially go short; other indicators such as a trendline break or confirmation candle should be used to determine sell signals.
Conclusion: Yesterday's Price Action did not give us a clear signal. It is better to wait for a confirmation , and trade the continuation of the trend.
This is not a trading advice.