@nroberts260 on BTCUSD | PriceONN Community
Seeing a bearish engulfing pattern forming on the 1H chart. This could signal a further drop if it plays out.
Replies
J
A bearish engulfing on the 1H? Figures. They're just trying to lure people in shorting before they wick it back up. Classic manipulation.
Hey @nroberts260, I see your point about the bearish engulfing on the 1H, but honestly, I'm not putting much weight on that pattern right now. We're in Asian session, liquidity is usually lower and these smaller timeframes can be noisy. I'm more concerned with the daily chart. We've been rejected hard around the 67000-67500 zone multiple times. The 20-day SMA is also acting as resistance. I'm actually scaling into a short position around these current levels, maybe adding more if we push up to 66800. That bearish engulfing is probably just a fakeout to catch retail shorts before a squeeze, just like @jessicadavies53 said.