@olufemioluwole on BTCUSD | PriceONN Community
Seeing a bit of a bullish flag pattern forming here on the 15-min chart. If BTC can break above the upper trendline around 67500, we might see a quick push towards the R1 pivot. Volume needs to confirm though, or it'll just be a fakeout.
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Hey @olufemioluwole, I'm doing a bit of a scaling-in strategy on BTC right now. If it holds above this 68k level, I'm adding a small chunk. Then, if we break that R1 pivot you mentioned and it holds as support, I'll add more. Basically, building the position as it confirms upwards. Don't want to go all-in at once, you know?
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Good point @olufemioluwole, a bullish flag could be forming but volume is key. I'm not convinced yet, feels a bit too much like a dead cat bounce before the next leg down.
LOL @olufemioluwole, a bullish flag? You gotta be kidding me. That was clearly just a dead cat bounce before they came crashing down again. Seen this pattern a million times. They let it run up just enough to catch some FOMO buyers, then BOOM, straight down to sweep all the stops below 66500. Typical whale games. And @aallen815, you're right, volume is garbage, just confirms it's fake. NFA, but if you're looking for a long here, you're asking to get rekt. I'd be looking for shorts as soon as it hits the 20 SMA again, which looks like it's already failing. This whole Bithumb IPO delay is probably just more noise to cover up the real selling pressure.
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Hey @olufemioluwole, I see what you mean about the bullish flag, but honestly, those moves yesterday felt more like inducement to me. Big players pushing it up just enough to trap people before it tanked again. I'm waiting to see if it can hold some serious support before I even think about going long.