When looking at the daily we see 3 dojis all of the same size, this happens very rarely on the daily and weekly, the last time we had this pattern was at 10.4k (tip of the last bull leg) Other times I saw this on the daily for Matic (had huge dump) and also on ETH, at around 310, (ended up dumping to 110 shortly after.
Now when we go onto the lower timeframes, we are being held down by a resistance at 6800, so this support has broken two times now, and neither time it was able to turn into support, this is not a good sign meaning buyers are unable to hold this level.
Now the whole thing that made me skeptical about this whole move upwards was in BTC, triangles with a flat side almost always end up breaking against the flat side, however a daily support zone at 5.7 we wicked into (which I expected there to be big buys as it held us down for a while) and we got a nice wick up, but we didnt continue up and eventually starting forming lowers highs and as it looked like buyers where dying down, we saw a big wick out of nowhere (almost as if someone was trying to keep it up) which was very unnatural and my instinct was telling me this is not good, it reminded me a lot of the moves we were getting at 9.6k and above where wicks would go into demand, then rather than continue up they would come back into the demand which would eventually break (huge dump from 9.4k ensued). I feel like price must now dump back below 5.7 for more buyers to come in, I suggest everyone goes into cash.
Thanks
Now when we go onto the lower timeframes, we are being held down by a resistance at 6800, so this support has broken two times now, and neither time it was able to turn into support, this is not a good sign meaning buyers are unable to hold this level.
Now the whole thing that made me skeptical about this whole move upwards was in BTC, triangles with a flat side almost always end up breaking against the flat side, however a daily support zone at 5.7 we wicked into (which I expected there to be big buys as it held us down for a while) and we got a nice wick up, but we didnt continue up and eventually starting forming lowers highs and as it looked like buyers where dying down, we saw a big wick out of nowhere (almost as if someone was trying to keep it up) which was very unnatural and my instinct was telling me this is not good, it reminded me a lot of the moves we were getting at 9.6k and above where wicks would go into demand, then rather than continue up they would come back into the demand which would eventually break (huge dump from 9.4k ensued). I feel like price must now dump back below 5.7 for more buyers to come in, I suggest everyone goes into cash.
Thanks
Comment:
We broke the support 6450 currently sitting at 6100 as I stated before flat triangles break down in crypto, next support is 5700 here we go.
Comment:
We went up to fill the CME gap and profits were taken, if 6400 hold 6.8 is next. If we break below, 5.7 is next.
Comment:
