This is the first bullish sign to appear on the bitcoin weekly chart this year. After 8 weeks trending down we see a pinbar this week with a long tail which tells us of a rejection of the low at 6,000 on Tuesday. Now this bar still has half a day before it completes but it's unlikely to change much (but it could).
Who wants to attempt to catch a falling knife? Answer: All the cashed up bulls who have been watching this market since Xmas and decided to sell their shares last week because the temperature looks right for entering crypto waters.
Make no mistake this market is trending down until it breaks out of the descending channel (around $11,000) but the price right now at $8,250 may be reason enough for the bulls to buy here and to place limit orders to buy lower around $7,000. Buying low and selling high is the name of the game. I wish I'd bought at $6,000 mainly because at no time would my position be in loss (but that is pretty rare).
There was another pinbar recently but that was an inside bar (Overshadowed by the previous bar) and on a shorter timeframe those two bars could be interpreeted as a triangle which is often a continuation sign (down).
Disclaimer: This is not to be interpreted as investment advice as you are responsible for your investment decisions.
Who wants to attempt to catch a falling knife? Answer: All the cashed up bulls who have been watching this market since Xmas and decided to sell their shares last week because the temperature looks right for entering crypto waters.
Make no mistake this market is trending down until it breaks out of the descending channel (around $11,000) but the price right now at $8,250 may be reason enough for the bulls to buy here and to place limit orders to buy lower around $7,000. Buying low and selling high is the name of the game. I wish I'd bought at $6,000 mainly because at no time would my position be in loss (but that is pretty rare).
There was another pinbar recently but that was an inside bar (Overshadowed by the previous bar) and on a shorter timeframe those two bars could be interpreeted as a triangle which is often a continuation sign (down).
Disclaimer: This is not to be interpreted as investment advice as you are responsible for your investment decisions.
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recent price action on 15min chart:
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Bar completed and new bar for start of the week is heading up.