The price broke the downtrend line and we got confirmation for the trend reversal. MACD gives bullish signal. DMI becomes bullish but for confirmation the power of bulls we should wait when ADX line moves upward. Now there are 2 things which are against the upward movement. The volume is low and RSI is at the overbought zone and it gives bearish signal.
We must be careful with any trades. Even the market is at the possible bottom, the price can drop lower. The current levels can be used for opening long positions but if the price breaks 6500.00 support, 6000.00 and 5000.00 levels will be good for adding more volume to the long positions. It’s just a variant how to invest properly and have opportunity to get good profit. If you want to know when we can consider that the market moves in the bullish trend , we have to wait when the price breaks the previous swing high. Now we have the new swing low which is higher than the previous one, and when the price moves above 7500.00 level, the new swing higher high will be formed and the uptrend will be confirmed.
Opening long positions don’t forget about stop orders which should be placed below the support levels and swing lows. Profit targets should be at round numbers like 8000.00, 9000.00 and 10000.00 levels. As the market is at the possible bottom, the buy trades can be opened for long term with targets at 12000.00, 15000.00 and 20000.00 levels.
Comment: The price dropped again after the short term upward movement. We should be ready to see a new falling to 6500.00 support. And again this support level will play the key role. If the price bounce, we'll see a new upward movement to 7000.00 - 7500.00 levels. If the price breaks 6500.00, the market will move to 6000.00 support. We should keep an eye for the price action at the important levels and trade based on the exact market conditions.
Comment: The uptrend was confirmed.
Now we should wait for the confirmation from the daily time frame.
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Hello @DLavrov, look my chart idea;
There was a dip before the pump.. and the pump was high, all in 1h candle. Is that a normal market behavior? that look like a whale manipulation to me.. If that is the case, will TA remain valid?
Hulksbits etiennez0r
@etiennez0r, it's called a short squeeze. People move price by buying and selling. Don't get too hung up on the manipulation thing. Everyone claims it without knowing what they really mean by it, simply that things don't look how they believe it should.

In this case: ATH short positions open - low volume on BTC trading - professional operators see an opportunity to drive price up in order to sell at a good profit by triggering short sellers stop losses. So they drive price up by buying up orders from say $6900 - $7100, which is easy with low volume - stop losses trigger which market buys BTC - price goes up - triggers more stop losses and liquidations - price goes up..... and so on and so forth. Professional operators start selling at a substantial profit and probably open some shorts at around $8k.
+1 Reply
etiennez0r Hulksbits
@Hulksbits, thanks for your insights, sounds reasonable, the only thing i would change is the word professional by annoying whale hahahah, i hate them since i found them joking in twitter about it
Hulksbits etiennez0r
@etiennez0r, Annoying alright, I had a few BTC short then! I say professional operator as it's unlikely the actual whale is doing the trading. The big guys would have a team of paid operators working a plan together. I thought this might happen when we hit 40k shorts on Bitfinex but had my greedy goggles on!
Schould we not wait Daily close as confirmaion ?
What time New York closes the daily please ?
I don't think it will hold. This was just for killing shorts.
+4 Reply
Temporary pump to wreck shorters without stop losses.

+1 Reply
Nice work!
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