A Tale Of Two Rejection Areas
BTC formed a bullish rejection pattern across 4 day candles, shown by the green box. If you imagine a single candle starting at the start of the green box, then it would have a very long tail rejecting the downside test.
It then formed a bearish rejection pattern shown by the red box.
It's now consolidating and I'm expecting it to form a bullish pennant shape with support around the 8800 region philakone had mentioned a while back.
I think the rejection of the bearish thrust is much stronger than the more recent rejection of the bullish thrust.
I definitely have a bullish bias intraday on cryptos and also am accumulating them for the longer term.
These large outside candle patterns have been one of the most consistent market turning points for me when identifying when to start scaling into longer term positions.
It then formed a bearish rejection pattern shown by the red box.
It's now consolidating and I'm expecting it to form a bullish pennant shape with support around the 8800 region philakone had mentioned a while back.
I think the rejection of the bearish thrust is much stronger than the more recent rejection of the bullish thrust.
I definitely have a bullish bias intraday on cryptos and also am accumulating them for the longer term.
These large outside candle patterns have been one of the most consistent market turning points for me when identifying when to start scaling into longer term positions.
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