BTC bounces back - but for how long?
I see some people are looking at the recent daily close hammer pattern as a bullish sign, but I'm not so sure just yet, this exact pattern played out on the way down to 6k and other traders were caught out here.
See the boxes highlighted in yellow.
Usually, a hammer pattern like this is interpreted as a reversal, and that may be the case if we see a breakthrough 9.3k today, but I'm not so sure we're completely safe, as we've now dipped back below that long term down trend line again.
* This is not financial advice or trading advice. This is analysis and personal opinion used for educational purposes and discussion.
See the boxes highlighted in yellow.
Usually, a hammer pattern like this is interpreted as a reversal, and that may be the case if we see a breakthrough 9.3k today, but I'm not so sure we're completely safe, as we've now dipped back below that long term down trend line again.
* This is not financial advice or trading advice. This is analysis and personal opinion used for educational purposes and discussion.
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