The chart shows a powerful sharp switch in sentiment - which is rare on the 8H time frame. Clearly sentiment has been dented. I see small gamblers jumping in, buying the dip.
Sure - on smaller time frames they may make a few bucks. However, at the moment I think they risk transferring money out of their pockets - on the probabilities shown on this time frame (only).
Price is struggling around 50% or 61.8% fib on this time frame. The remaining big investors could be lurking in a kill zone for a big sell off - I can't be certain.
I don't get a good feeling going long on BTC at this time. I'm happy to miss out - I would have lost nothing! 👍👌 Losing nothing in trading is actually winning!
Disclaimers: This is not advice or encouragement to trade securities. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
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Alternative perspective - shows some hidden danger. Note carefully that for every probability estimate in one direction, there is a residual probability in the opposite direction.
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They were warned! But no - they did not listen. Oh well. 🤦♂️🤷♂️🙄
thanks