Retest of Resistance and Manipulation
At the time of post, BTC just broke above Resistance at 20.2k and can we see it go to higher prices of around 21.3k and 22.1k?
Is there a manipulation here? I would say very likely since it is the public holiday in US (Independence Day) and the volume verifies this in the 4H timeframe. There is no significant volume spike during the breakout thus it is very likely a fakeout.
Another scenario that happened was when we broke down as circled in green just for the price to push higher up to the top of the channel.
I will be shorting once the price drop back down the resistance with confirmation. Stop above high and TP should be bottom of channel.
Is there a manipulation here? I would say very likely since it is the public holiday in US (Independence Day) and the volume verifies this in the 4H timeframe. There is no significant volume spike during the breakout thus it is very likely a fakeout.
Another scenario that happened was when we broke down as circled in green just for the price to push higher up to the top of the channel.
I will be shorting once the price drop back down the resistance with confirmation. Stop above high and TP should be bottom of channel.
Trade closed: target reached:
well target immediately reached. will probably explain how to trade fakeouts and identify manipulation in further detail next time.