BTC bounces back - but for how long?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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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.
Right. Never take anything for granted. You’ll get rekt. Bulls are desperately fighting the bears here. Bears are winning so far in 2018. But they won’t win forever. The bulls had their way for a long time in this market. The bears get a turn. It’s natural. Prices can’t go up forever. Corrections are natural and needed to keep price in check. The patient bulls will see their day. It’s a bad few months. We may see a few more of those. But in the long run, the patient are rewarded. The unemotional win.
+1 Reply
milchek TheGush
@TheGush, That's right. It's a tricky one because people want a "dip" or "correction" to be over so quickly and just want to get straight back to ATH etc, but I don't think it works that way so quickly. In the boxes highlighted, I remember sentiment shifted momentarily the exact same way, "the dip is over! i survived the feb crash!" etc. And then it just dumped on everyone. Of course, this is no indication that the same will happen again, I just wanted to point out that we've had bullish indicators in the past during these sorts of times and it meant nothing for that period overall. We'll see soon enough how it all plays out.
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