onwardbtc

Possible False Bearish Signal

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
On the daily chart , we successfully played our Head & Shoulders pattern (Link: https://www.investopedia.com/terms/h/hea... ) and cashed in Take Profit 2. We moved our Stop Loss to Take Profit 1 so we don’t fall for a possible SFP on the daily/weekly (red arrow) We find support around 10300 and built a green daily candle yesterday. This can still continue down if we got rejected hard in the next hours/days but for now we just failed to break down.

A lot of bearish talk in crypto in the last days and also the CME Gap is again a topic. We can see this failing breaking down and just go up again. We can still form a lower high when we go up from here to the 11600 region before continue down.

Don't get trapped by CT .

We still have the CME gap open from 9655-9800 which everyone is talking about now. We have to be careful here. As we told many times, in this year the gaps can be a false signal. They get filled at some point but often this year we saw a wick just close to it and after that a push to the other direction (green arrow). On the red arrow, we can have something similar now. Don’t fall for the gap. They get filled at some point but this can take days/months.
Link:
On the weekly chart, we wicked down under the previous weekly candle but getting bought back up. A candle close like this in the weekly (in about 5 days) can be a possible SFP (Swing Failure Pattern, Link: https://etraderjournal.com/the-failure-s... ) which is bullish . Especially after the sell off from 21th Septembre more and more people are leaning bearish what a strong red flag is for possible shorts.
Link:
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