CryptoFactor

Strong Bullish Pin Bar hard to ignore?

BITFINEX:BTCUSD   Bitcoin / Dollar
Price has shown a huge bullish pin bar on the 4H Chart. Because it has also bounced of a strong DAILY resistance line it would normally be a great opportunity to open a short term bullish trade. However the noise to the left is concerning me as price will struggle to fight through. Also I would need to see price close above the top of the pin bar to validate an short term long trade.

Current prediction Neutral, we sit and wait for a clear signal.
Price has failed to break above the high of the pin bar. There is no definitive short term trend at the moment. We need to sit and wait for more clearer signals.
Reply
Looking into the 5min chart most of the volume came in on the lows of that absorption bar, so big players came in at the bottom to push prices higher. When ever volume comes in at the bottom of a candle it is most likely going to push prices higher to the next level to test 640, then come back down to form the right shoulder of a H&S bottom. That is one possible scenario. Hope that helps!
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