Looks like a reversal structure. Bullish divergence and Bitfinex buy wall.
There could be a quick dump before a rapid move back up. Long the dump once it bottoms. I believe the buy wall will be broken but they will pump the price up once that happens. Right now we are at a critical level, so a fakeout drop beneath could be possible.
Thanks for viewing! This idea will be invalidated if we get a major move down, not just a quick wick.
There could be a quick dump before a rapid move back up. Long the dump once it bottoms. I believe the buy wall will be broken but they will pump the price up once that happens. Right now we are at a critical level, so a fakeout drop beneath could be possible.
Thanks for viewing! This idea will be invalidated if we get a major move down, not just a quick wick.
Note
I will scale in.Trade closed: target reached
Closed for 3% profit.Trade active
I will be shorting this now. Please click on the idea below if interested.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.