Don't buy the dip if you are trading.
My overall bias for Bitcoin is bullish, and I invest in Bitcoin.
Yesterday, the price sharply dropped below 100k, retested the previous week low and previous month mid level, and sharply recovered and closed above 101k. The volatile intraday price movement formed a massive daily hammer candle (a candle with a long bottom wick).
It is the sort of area people enter to buy the dip. I think it is a great entry for hodlers but not for traders.
I like to trade with strong momentum. I use two time frames to find an entry area. But just looking at the daily chart, I don't sense any urgency for the price to shoot up. MACD lines are in the bull zone, so I interpret it as the current price movement is corrective, rather than trend. However, MACD lines are about to cross to the downside. It is not confirmed but it is not giving a strong bullish signal. Also, the daily stochastic lines are entering to the bear zone, so the correction is far from over.
I am paying a attention to the price action of Bitcoin. The strong hammer candle is a good first signal for the potential trend reversal, but I need more confluences for the bull scenario.
Yesterday, the price sharply dropped below 100k, retested the previous week low and previous month mid level, and sharply recovered and closed above 101k. The volatile intraday price movement formed a massive daily hammer candle (a candle with a long bottom wick).
It is the sort of area people enter to buy the dip. I think it is a great entry for hodlers but not for traders.
I like to trade with strong momentum. I use two time frames to find an entry area. But just looking at the daily chart, I don't sense any urgency for the price to shoot up. MACD lines are in the bull zone, so I interpret it as the current price movement is corrective, rather than trend. However, MACD lines are about to cross to the downside. It is not confirmed but it is not giving a strong bullish signal. Also, the daily stochastic lines are entering to the bear zone, so the correction is far from over.
I am paying a attention to the price action of Bitcoin. The strong hammer candle is a good first signal for the potential trend reversal, but I need more confluences for the bull scenario.
Feragatname
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