How many bought the dip? I didn't, not to say I haven't tried. As I am a day trader my risk is tightened and entry requires precision. I did put 2 attempts to buy BTC, the last one at 6700 but was stopped out. Now one can see how close this entry was to the precise low.
Never mind. The green transparent box supposed to be the area of buying power consolidation which price has previously squeezed through. Now it acts as resistance.
I decided to stick to a trend for the day trade and expect another leg up to reach 7900-8K.
To confirm my idea here's what I've got: - positive reaction to 0.27 FIB. Which shows that price is rather consolidating just below resistance than is it retracing from it. - Bullish engulfing from the 0.27 FIB on the H1
That's for the technicals. From the bla-bla analysis I am seeing huge piles of Tether being printed and transferred here and there. Mempoopl is also quite busy. These actions usually lead to a spike in price.
Fingers crossed, lets rock!
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Another bullish engulfing spotted on TF240
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Bulls got squeezed by bears and thrown out of the zone making it a badass resistance. I am out BE