Bitcoin Dominance | Weak But Strong Top Signal

6 באוג׳ 2024

This signal is both weak and strong... I shall explain!

How are you feeling this Tuesday?
We are still at it, day after day after day.
I hope you find the content useful and helps you to improve your profits, gives you peace of mind, increase calmness and leads you to greater power and financial success.

This candle right here is an inverted hammer:

➖ This inverted hammer hit the highest price since April 2021, more than three years ago, and has the highest volume (bearish) since March 2024.

➖ The signal is "weak" because I am looking at it in isolation.
➖ The signal is "strong" because of all the factors surrounding it.

➖ It is a perfect inverted hammer meeting all the textbook requirements for a reversal. All that would be needed for it to be complete is a confirmation. This happens if we get several sessions closing red.

👉 As long as this index, BTC.D, trades below the wick high of the inverted hammer (57.32%), this signal remains valid and bearish potential is active.

👉 If the index moves and closes daily above 57.32%, this bearish signal and the bearish potential it entails becomes invalid.

Thank you for reading.

Namaste.

BTC.D | 57.03%