I have linked the chart with more info.
I am neutral right now, the candle I highlighted is called a spinning top. Which is an indicator of neutrality. One hour into the 4 hour period.
I posted the linked chart before this sell off. However ,as you can see on my chart now we did not get solid red down periods, we got sell periods filled with yellowish green. Meaning when it happened the MACD was above the signal line.
check @HPotter indicator strategy for an explanation on why that would indicate a weak sell off even though volume was up.
We still could see a high low situation play out but we must be patient.
I am still neutral and waiting to see how this four hour candle that started at 19:00 plays out.
I am neutral right now, the candle I highlighted is called a spinning top. Which is an indicator of neutrality. One hour into the 4 hour period.
I posted the linked chart before this sell off. However ,as you can see on my chart now we did not get solid red down periods, we got sell periods filled with yellowish green. Meaning when it happened the MACD was above the signal line.
check @HPotter indicator strategy for an explanation on why that would indicate a weak sell off even though volume was up.
We still could see a high low situation play out but we must be patient.
I am still neutral and waiting to see how this four hour candle that started at 19:00 plays out.
Comment:
now that some time has passed and btc did not show any strength it is safe to say that being cautious and patient was the right play. We really needed time to pass to see how things played out because BTC was at a breaking point and it appears it has broken down.
Comment:
This is why it is so important in trading and in general to measure twice and cut once. Timing and execution are pivotal in success while trading.
Comment:
If you look at his published idea and press play you will see how a neutral candle pattern turned very bearish quite fast.
