DrDovetail

Back to back bullish reversal hammers 1st one red new one green.

BITFINEX:BTCUSD   Bitcoin / Đô la
Still waiting for a volume boost for confirmation of a valid trend reversal. We didn't get one today but instead we appear to have gotten yet another bullish reversal hammer (in the magenta circle) a good sign even without volume yet that a bull reversal could be likely. the 200 day exponential moving average is still acting as great resistance. Yesterday that support line was reinforced by the bottom green channel line and today it appears it was reinforced by the bottom bollinger band line. I remain cautiously optimistic not planning to get into the market any further until we see what this next candle does. At the very least a green candle that finishes with a higher high and higher low than todays             candle is a step in the right direction but a green engulfing candle with a big boost in bullish volume would be the sign I'll be looking for. Stay patient and don't fall for bull traps!
Bình luận: today has not gone well today the candle reached right up to the t line (in yellow) which acted as today's resistance and sent it bouncing back downward below the blue 200ema line and the bottom green trendline. It's looking as if the candle may close beneath the green trendline and even more likely it could close under the 200 ema. Unless it somehow gets a big boost in the enxt couple hours and can turn into another hammer it's not a good sign and I wouldn't advise entering long a this point. it's actually likely a ogod time to go short if this is how it pans out.
Bình luận: if it closes in the current state it's in then it is a bearish engulfing candle and a sign that it will likely drop significantly from here. we'll see what happens.
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