Markets trade to fuck you. It’s as simple as that.
Don’t believe me? Just take a look at the price action in bitcoin as price moves to test the higher time frame, trend line support level that we’ve all been watching.
Start off with a look at the daily chart for context:
BTC/USD Daily
Touch, touch, touch, touch, with that last one looking pretty damn weak. If you look at the recent price action from a supply and demand point of view, then you can see the buyers just being absorbed with each push up. Getting weaker and fewer in numbers each time.
The arrow is just pointing to the touch that you’re about to look at when zoomed into the intraday chart. The hourly is where the real talking points are, so take a look:
BTC/USD Hourly
The lines are just an intraday look at the ones on the daily, but you can see that trend line is the support level that needs to hold in order to keep the overall bullish trend on track.
Yesterday’s price action saw bitcoin puking as the sellers pushed it to new lows through the trend line at the first arrow.
But you can see pretty clearly that this was a fake designed to soak up the stops sitting just below and the smart money pounced to clean up and take instant advantage. Read: Fuck you.
Arrows two and three then show price retesting the important levels as support once again and giving the smart longs a chance to get in.
Best of probabilities to you.
Peace ✌🏻.
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