Good day traders, I am publishing my chart to show my view regarding the 'flash crash' which many traders believe was manipulated on the 07 Sept '21.
As you can see, the chart has an uptrend channel on the RHS.
I have highlighted the bottom of this channel with a red line which is extended and I have also indicated the touches for you to easily identify for future reference.
What is interesting to note is that the price action remains in this channel, when the price action reached the top of this channel it was shorted, however it happened so quickly that now many traders believe that it was manipulated.
When the price action touched the bottom of the channel the bulls opened long positions, there is also a confluence (fib, MA, support, uptrend channel) in that area which prevented a reversal, however it was the channel which was respected mostly.
Personally I do not think that this was manipulation as BTC can be very volatile, and now that the channel is clear as you can see, the reasoning behind this is that it was simply a correction.
Many bulls are like deer caught in the headlights of a truck, and this has created much hesitancy with the bull market currently.
I believe that there were many traders eyeing these key area's along with me, remembering one of the general rules in an uptrend is to buy the dip.
Please use dd, and thank you for reading to the end.
As you can see, the chart has an uptrend channel on the RHS.
I have highlighted the bottom of this channel with a red line which is extended and I have also indicated the touches for you to easily identify for future reference.
What is interesting to note is that the price action remains in this channel, when the price action reached the top of this channel it was shorted, however it happened so quickly that now many traders believe that it was manipulated.
When the price action touched the bottom of the channel the bulls opened long positions, there is also a confluence (fib, MA, support, uptrend channel) in that area which prevented a reversal, however it was the channel which was respected mostly.
Personally I do not think that this was manipulation as BTC can be very volatile, and now that the channel is clear as you can see, the reasoning behind this is that it was simply a correction.
Many bulls are like deer caught in the headlights of a truck, and this has created much hesitancy with the bull market currently.
I believe that there were many traders eyeing these key area's along with me, remembering one of the general rules in an uptrend is to buy the dip.
Please use dd, and thank you for reading to the end.
