@noahmitchell54 on BTCUSD | PriceONN Community
N
Seeing a big bearish engulfing candle on the H4 chart right now. That's usually a strong sign that the sellers are taking control and pushing price down hard. If we don't see buyers step in quickly around this 65k area, I expect a further move lower, maybe towards that S2 pivot around 65164. Could be a good spot for a quick short if it breaks.
Replies
Noah, I recall a similar choppy pattern back in late Q3 last year. We had a period of indecision with multiple bearish engulfing candles failing to sustain momentum, followed by a sharp upward move. The price action here around 67k feels eerily familiar. Buyers might be accumulating before a squeeze.