Yes, with upward price action, BTC has now confirmed the Dragonfly Doji candle printed on June 8th on a daily candle chart (orange circle). BTC also printed a DD on a 5D chart which is EVEN MORE significant than the daily signal.
We can be pretty confident that the reversal is set in motion and that the bear trap has been laid - we are at overextended short levels - c. record 2021 and 2020 highs. Shorts are 55% higher than on May 19th, when BTC's price was falling.
Bears' ego has gotten to them and they have set themselves up for a massive bear trap that Market Makers are quite aware of. Considering the strength of a DD candle on higher TFs like Daily and 5D candles, we should see some major upward PA in the coming days and the next couple to few 5D candles.
This is important b/c it will also propel BTC's price high enough to avoid the 50 / 200 SMA death cross which at current prices would occur sometime around June 19th.
Furthermore on technicals - BTC still has positive momentum from the bullish cross on Daily MACDs and the bullish crosses on 1H EMAs (20, 34, 55).
We can be pretty confident that the reversal is set in motion and that the bear trap has been laid - we are at overextended short levels - c. record 2021 and 2020 highs. Shorts are 55% higher than on May 19th, when BTC's price was falling.
Bears' ego has gotten to them and they have set themselves up for a massive bear trap that Market Makers are quite aware of. Considering the strength of a DD candle on higher TFs like Daily and 5D candles, we should see some major upward PA in the coming days and the next couple to few 5D candles.
This is important b/c it will also propel BTC's price high enough to avoid the 50 / 200 SMA death cross which at current prices would occur sometime around June 19th.
Furthermore on technicals - BTC still has positive momentum from the bullish cross on Daily MACDs and the bullish crosses on 1H EMAs (20, 34, 55).
