I've been following hourly and 4 hour closes for the last couple of days. There's always some non-organic action happening nearing those as if they are trying to form fake patterns to trap people. This can also be seen in volume action where volume and price increases are usually divergent.
So I'm thinking that the retail is just being cautious and waiting, whales or institutions are trying to get them out of their holes by creating Bullish traps by non-organic price hikes.
They can do this for a while but I don't think that it's enough to create a sustainable rise in BTC as we have a lot of moving averages and resistances that need to be broken above.
So I'm thinking that we will either lose 34500 or make a small U turn and form a head and shoulders pattern, trap some more bulls and come down.
So I'm thinking that the retail is just being cautious and waiting, whales or institutions are trying to get them out of their holes by creating Bullish traps by non-organic price hikes.
They can do this for a while but I don't think that it's enough to create a sustainable rise in BTC as we have a lot of moving averages and resistances that need to be broken above.
So I'm thinking that we will either lose 34500 or make a small U turn and form a head and shoulders pattern, trap some more bulls and come down.
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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.