Bitcoin and Pin Bar effect
Updated
Discovered pin bar which pull the price down from 8th January top and another Pin bar just formed on 11th of January which should act as counter price action effect of the last one that pull price down. With this I expect another re-test of the top level.
Let talk about Pin Bar. What is Pin Bar?
Pin Bar, which is short for 'Pinocchio Bar,' is a single candlestick setup that clues price action traders into potential reversals in the market. A pin bar is an elongated wick that 'sticks out' from price action. Traders will usually look for one-sided wicks that are two times the size of the candlesticks body.
What separates a Pin Bar from a Fake Pin Bar?
The difference between a Pin Bar and a Fake Pin Bar is determined by recent price action.
If the long wick sticks out from recent prices, that is a Pin Bar. This is the ‘lie’ that the market may be telling us: That a movement to a previously untested level has brought a new group of buyers (or sellers in the case of a bearish Pin Bar).
If the long wick does not stick out from previous price action; they are not a genuine Pin Bar, but rather ‘Fake Pin Bars.’
Suggested buy zone remain the 50% level of pin bar which fall between 3480$-3525$
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Note:
It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
Set up an entry/exit strategy for every trade, with good risk/reward ratio.
Let talk about Pin Bar. What is Pin Bar?
Pin Bar, which is short for 'Pinocchio Bar,' is a single candlestick setup that clues price action traders into potential reversals in the market. A pin bar is an elongated wick that 'sticks out' from price action. Traders will usually look for one-sided wicks that are two times the size of the candlesticks body.
What separates a Pin Bar from a Fake Pin Bar?
The difference between a Pin Bar and a Fake Pin Bar is determined by recent price action.
If the long wick sticks out from recent prices, that is a Pin Bar. This is the ‘lie’ that the market may be telling us: That a movement to a previously untested level has brought a new group of buyers (or sellers in the case of a bearish Pin Bar).
If the long wick does not stick out from previous price action; they are not a genuine Pin Bar, but rather ‘Fake Pin Bars.’
Suggested buy zone remain the 50% level of pin bar which fall between 3480$-3525$
Join our discussion room for more about our trading ideas.
Please share your thoughts about it and support my post with your LIKES.
Thanks
Note:
It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
Set up an entry/exit strategy for every trade, with good risk/reward ratio.
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We can say price moving in Bullish Rectangle as well with Bullish pole and flag.Trade active
Spotted Diamond pattern on 1hr timeframe, this look bullish as well. Please always apply stop loss because nothing is sure in this market. What look bullish may turn to be dumping play for whales.Trade active
Price attempting over shadow the pin bar and if the candle closes below it will trigger lower level target.Trade active
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Hi guys, if you follow the analysis to lettered yesterday we talk about possible buy zone which is given at 3480$-3525$ but price pierced this level down to test out 3440$ which is really not bad.But my concern is the bounce produced, it seems so low which give me another thought about possible new leg down to confirm Bullish divergence before we rise up finally.
Suggested new entry will be in accumulating form, we are to go with 50$ gap in between our orders from current price at 3485$ down to 3360$. This look like different of 125$.
That is best way to trade this market for now. I expect big bounce within the range.
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Sorry here is the correct chartTrade active
Discovered possible Gartley pattern on bitcoin chart, check it out guys, it goes in other of all our previous analysis.Please do leave your like as you go through the page.
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Trade closed: target reached
Price hit immediate sell targetTrade closed: target reached
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