Bitcoin dumped really hard today. As a lot of people was expecting a break of the $6,000 major support (Bitfinex) and thus opened new shorts as were coming near 6k anticipating a break, bulls defended their support quite well.
We made a 4HR bullish Swing Failure Pattern (broke below, closed above) which could indicate that market makers filled their longs below previous swing low ($6,107.9 on Bitfinex).
We also made a bullish divergence on the 1 hour which adds confluence.
I didn't go long on that because we may more likely have a dead cat bounce here (will update on targets on a future post) and 1HR bull div, from my experience, isn't enough to reverse such a bearish trend.
We made a 4HR bullish Swing Failure Pattern (broke below, closed above) which could indicate that market makers filled their longs below previous swing low ($6,107.9 on Bitfinex).
We also made a bullish divergence on the 1 hour which adds confluence.
I didn't go long on that because we may more likely have a dead cat bounce here (will update on targets on a future post) and 1HR bull div, from my experience, isn't enough to reverse such a bearish trend.
Comment:
Looks like it was indeed a pretty bad idea to go long at those prices ?