Seems the past 24 hours has been a slice of humble pie for me. One thing I have learned in trading is if you cant admit you were wrong, you will never be right. I was wrong. Now changed to a yellow line, this was my suguested bottom trend line . It was broken under very light volume for a hand full of candles.
Increased buy support today up from 13 BTC to 100+ btc in the 6000 Sat Range. It's entirely possible that the low volume downwards pressure was stop-loss hunting, which would be expected due to the recent volitility.
If the now slower & more progressive upwards trend continues, I would expect a push up past the weekly pivot , so that next week's pivot prints in the 7400-7600 sat range.This of course could fail, and head to the current weeks S1 to test the recent buy support.
Between points A & B there is a lower Timeframe Inverted H&S formed however it is not strong.
Between Points X & Y there is a large & Strong 'W' being printed, it is possible the left side of this and the Initial push was an effort to sweep out any trading bots before a large push. (A rather known and common practice)
Solid Body Candles up to and above 7182 (Weekly Pivot ) may indicate a strong short term upwards trend for day traders.
24H Volume on Poloniex Only: 15.74 BTC
RSI Levels: (As per trading view data)
1H: 72.18 Up From Yesterday
2H: 66.93 Up From Yesterday
3H: 64.00 Up From Yesterday
4H: 59.57 Up From Yesterday
6H: 61.97 Up From Yesterday
12H: 58. 7 Up From Yesterday
1D: 60.16 Up From Yesterday
3D: 70.97 Up From Yesterday
1W: 60.97 Up From Yesterday
1M: 50.93 Up From Yesterday
As always trade at your own risk. I'm no pro, nor am I a market maker. This is simply me sharing my thoughts with interested parties.
Increased buy support today up from 13 BTC to 100+ btc in the 6000 Sat Range. It's entirely possible that the low volume downwards pressure was stop-loss hunting, which would be expected due to the recent volitility.
If the now slower & more progressive upwards trend continues, I would expect a push up past the weekly pivot , so that next week's pivot prints in the 7400-7600 sat range.This of course could fail, and head to the current weeks S1 to test the recent buy support.
Between points A & B there is a lower Timeframe Inverted H&S formed however it is not strong.
Between Points X & Y there is a large & Strong 'W' being printed, it is possible the left side of this and the Initial push was an effort to sweep out any trading bots before a large push. (A rather known and common practice)
Solid Body Candles up to and above 7182 (Weekly Pivot ) may indicate a strong short term upwards trend for day traders.
24H Volume on Poloniex Only: 15.74 BTC
RSI Levels: (As per trading view data)
1H: 72.18 Up From Yesterday
2H: 66.93 Up From Yesterday
3H: 64.00 Up From Yesterday
4H: 59.57 Up From Yesterday
6H: 61.97 Up From Yesterday
12H: 58. 7 Up From Yesterday
1D: 60.16 Up From Yesterday
3D: 70.97 Up From Yesterday
1W: 60.97 Up From Yesterday
1M: 50.93 Up From Yesterday
As always trade at your own risk. I'm no pro, nor am I a market maker. This is simply me sharing my thoughts with interested parties.
