You all flipped bearish on that one candle? | CRYPTO MECHANIC on Binance Square

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CRYPTO MECHANIC

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You all flipped bearish on that one candle?

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Key $BTC zone that I think price should hold. Alts were going up for days, and we have to admit that everyone was getting a bit too comfortable expecting much higher prices. I always say bull market pullbacks are sharp enough to quickly liquidate high leverage longs and this is exactly what happened today. I have been discussing a scenario with you where it’s possible that Bitcoin stays range bound for some time while altcoins perform during this period. I still think this is a likely scenario. It’s too early to say this is the end of the bull market we’ll get the answer soon.

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We have seen this before right?

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They wiped out $443m in just 1hr. Not 1hr actually it all happened in like 5 minutes.

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Candle stick patterns are a very basic form of technical Analysis and i call it a scam. Anyone who starts learning technical analysis or anyone who is teaching they start from candlestick patterns. Doji is a buy Inverted hammer/shooting star is a sell it's all a scam. If trading charts was that easy why 90% of the traders lose money? Look at the chart below. imagine the amount of people may have shorted this coin noticing these hammers/shooting stars. The most recent example is Bitcoin's 3 days before candle. A lot traders started shorting BTC based on that one candle. Do not pay much attention to these patterns. Pay attention to market structure only. As long as the structure is bullish you don't have to shift your bias. One candle isn't enough to decide the trend change . Always Wait for the more data. Keep learning.

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What Coin/token you are most Bullish on ?

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