Looking at other exchanges' charts, we didn't break Feb 6th low on Coinbase, Binance, Bitstamp nor Gemini.
This gives actually less credit to the SFP theory we saw on Finex. We could interpret it like sellers panic sold a little more than in other exchanges. But when they realized that major support wasn't broken on other exchanges, they pushed back price up.
I usually don't like using narratives to explain price action but more generally I like comparing different exchanges' charts to add confluence to a setup that I saw on one of them. If not, then the setup is less relevant. The narrative is only here to explain, from my point of view, why it's less relevant. Nothing more !
This gives actually less credit to the SFP theory we saw on Finex. We could interpret it like sellers panic sold a little more than in other exchanges. But when they realized that major support wasn't broken on other exchanges, they pushed back price up.
I usually don't like using narratives to explain price action but more generally I like comparing different exchanges' charts to add confluence to a setup that I saw on one of them. If not, then the setup is less relevant. The narrative is only here to explain, from my point of view, why it's less relevant. Nothing more !
Comment:
It didn't break on Binance actually but the idea remains the same, we can't draw any conclusion because we didn't have a break on a large majority of exchanges
