BTC Sneaks Back Into the Previous 4H Bull Flag!
Hello dear crypto friends, hope you're doing well guys! ;)
After the false break at 10,8 BTC saw a huge sell off. One of our Slack group members asked if it was manipulation. I'm gonna give you the same answer here: Any move in this market, any big decision, is made by institutionals, by bigger pockets. They'll give the direction, and retail traders will follow. In that sense everything is a 'manipulation' ;) => Our job is always to follow the whales, in order to make our profit as small fish! ;)
The sell off didn't come immediately: We could see the failing follow-through of the bulls with a very nice Doji & Evening Star reversal: If you got triggered into a position at 10,820 as I was, you had plenty of time, even an Hourly higher Low, to let yourself stop out at almost break-even.
What is the stage now?
BTC sneaked back into the Equilibrium range of the previous Bull Flag, but the burden of proof is on the bulls: They have to hold the bottom at 10,4k in order to see continuation.
On the Daily chart, we have the psychology of an inverse H&S through the U-turn, even though the right shoulder is clearly one floor above the potential left shoulder:
=> All in all, it is about seeing a clear break above 10,8 for the bulls to basically come to the important highs on the Weekly *MAJOR* Bull Flag that we had analyzed on Friday:
If we can end the Weekly candle with the current price action, the bulls will have the chance to further tighten & eventually break the Bull Flag with the target of All Time Highs. The bear break case will come at 9,5.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
After the false break at 10,8 BTC saw a huge sell off. One of our Slack group members asked if it was manipulation. I'm gonna give you the same answer here: Any move in this market, any big decision, is made by institutionals, by bigger pockets. They'll give the direction, and retail traders will follow. In that sense everything is a 'manipulation' ;) => Our job is always to follow the whales, in order to make our profit as small fish! ;)
The sell off didn't come immediately: We could see the failing follow-through of the bulls with a very nice Doji & Evening Star reversal: If you got triggered into a position at 10,820 as I was, you had plenty of time, even an Hourly higher Low, to let yourself stop out at almost break-even.
What is the stage now?
BTC sneaked back into the Equilibrium range of the previous Bull Flag, but the burden of proof is on the bulls: They have to hold the bottom at 10,4k in order to see continuation.
On the Daily chart, we have the psychology of an inverse H&S through the U-turn, even though the right shoulder is clearly one floor above the potential left shoulder:
=> All in all, it is about seeing a clear break above 10,8 for the bulls to basically come to the important highs on the Weekly *MAJOR* Bull Flag that we had analyzed on Friday:
If we can end the Weekly candle with the current price action, the bulls will have the chance to further tighten & eventually break the Bull Flag with the target of All Time Highs. The bear break case will come at 9,5.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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