BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
BITMEX:XBTUSD just being iconic and printing a Bart Simpson pattern on the 4H timeframe.

To a large extend these moves are due to a lack of liquidity in the market as big bag holder aka whales are a domination force in terms of short term price action. With their large amounts of coins which they market buy or sell these moves are essential in understanding the current state of the market cycle: If price shows weakness and starts breaking support to the downside there most certainly should be a bearish bias associated. If on the other hand any form of weakness gets bought up (like we see here) it is a valid assumption to derive ones bullish bias from this conclusion.

Sorry for my retarded drawing .. couldn't find the "insert image" function in tradingview.

Cheers!

Comments

Good drawing though
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I agree with you the buy up from the dip is bullish.
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