I see some people are looking at the recent daily close hammer pattern as a bullish sign, but I'm not so sure just yet, this exact pattern played out on the way down to $6k and other traders were caught out here.
See the boxes highlighted in yellow.
Usually, a hammer pattern like this is interpreted as a reversal, and that may be the case if we see a breakthrough 9.3k today, but I'm not so sure we're completely safe, as we've now dipped back below that long term down trend line again.
* This is not financial advice or trading advice. This is analysis and personal opinion used for educational purposes and discussion.
See the boxes highlighted in yellow.
Usually, a hammer pattern like this is interpreted as a reversal, and that may be the case if we see a breakthrough 9.3k today, but I'm not so sure we're completely safe, as we've now dipped back below that long term down trend line again.
* This is not financial advice or trading advice. This is analysis and personal opinion used for educational purposes and discussion.