These previous 4 lower highs on the 4hour chart are really starting to make things look bearish for BTC.
The continuation of this pattern of decreasing highs suggests price wants to retest 30k and possibly lower.
This range and general chop is just bad place to be trading, at least for myself and many others. Hard to see any trades that are better than 50/50. I still believe we are approaching volatility, its clear price is squeezing, but its taking its time.
MY PREDICTION = I'm leaning probably too enthusiastically to the downside here, 32.5k next 24 hours.
This has been featured in Editors' Picks! Thanks for writing it out. The show notes are awesome.
ich1baN
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You got your bearish hammer confused - that was a bullish hammer. A bullish hammer occurs at the bottom of a selloff where the body closes at the top of the wick and the wick has a long shadow underneath the body. Clear as day.
tommytoan11
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@ich1baN,Appreciate you clarifying, i think in the vlog i was looking at bearish hammer on the 1week? and in that context.. well it didnt fit into any reversal as there wasnt any... at least not yet! Sometimes candles never end up meaning much.
Beardoggy
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You confirmed all my thoughts in the same order , I'm new to ta but how do you feel about sideways and up , the previous high was lower slightly and volumes dropping ?
Pattern manipulation by leveraged whales
Grimcollector
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Hey guys I'm new to this so I need some guidance on USDEUR CHARTS THAT'S MY COMFORT ZONE at the moment. So I've just started my first live account. Any idea on where to start buy or sell guys
@BozzaForexMentor, I'm on OCTAFX so I've just started my first live trading today I'm still new to this.
At the moment I have a open position on GBP/USD
take profit is set at 1.38600 to be safe.
Used to practice on IQ OPTIONS
Grimcollector
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@BozzaForexMentor, not sure about EUR/USD so I opened on GBP/USD for now
TraderFromTheNorth
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Nice! Also check out my TA on Bitcoin on my page. I don't have an opinion one way or another until it breaks out of this zone right here. Usually when I try to analyze inside of a decision area like this, I just get a big headache lol.
works2020
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@TraderFromTheNorth, nice way to trade. If you ever follow William O'Neil he specifically discusses not worrying about entering a position until a breakout is seen by a follow-through day. it helps trying to predict exact tops and bottoms which is really not a good way to invest. However getting in after a follow through day helps make money and save ones sanity :-)