I am buying this level. So, what we have here is a massive hammer candle, at the bottom of the lower Bollinger Band (Orange Line). Along with this we have a confirmed breakout from the bullish divergence based on the RSI (Yellow Lines). Nice pump after a lot of fear in the space, followed by a dump equally as big. Why are we okay with this and still buying this level? Because we get a rejection back to a level that we are establishing as support (as previously described) and we are attempting to capitalize on an "Invalidated Candle." A candle with a large move in any direction but does not have the volume to accurately support it. Market Makers are playing with us.
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.
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.