Bitcoin dumped really hard today. As a lot of people was expecting a break of the $6,000 major support (Bitfinex) and thus opened new shorts as were coming near 6k anticipating a break, bulls defended their support quite well.
We made a 4HR bullish Swing Failure Pattern (broke below, closed above) which could indicate that market makers filled their longs below previous swing low ($6,107.9 on Bitfinex).
We also made a bullish divergence on the 1 hour which adds confluence.
I didn't go long on that because we may more likely have a dead cat bounce here (will update on targets on a future post) and 1HR bull div, from my experience, isn't enough to reverse such a bearish trend.
We made a 4HR bullish Swing Failure Pattern (broke below, closed above) which could indicate that market makers filled their longs below previous swing low ($6,107.9 on Bitfinex).
We also made a bullish divergence on the 1 hour which adds confluence.
I didn't go long on that because we may more likely have a dead cat bounce here (will update on targets on a future post) and 1HR bull div, from my experience, isn't enough to reverse such a bearish trend.
Note
Looks like it was indeed a pretty bad idea to go long at those prices ?
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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.