Candle Patters plays a pivotal role in TA. However, it is often overlooked. Candle patterns gave us a clear signal before the recent dump occurred and it is now showing us the following:
2-hammer shaped candles on the 4-hour chart shows that the Bears are exhausted and a market reversal is imminent.
As I mentioned yesterday the 7.5k zone is an extremely important zone, especially from a psychological point. The bears were unable to CLOSE below 7.5k.
The 2-hammer shaped candles confirmed to me the trend is starting to reverse thus I entered a long at 7.6k
2-hammer shaped candles on the 4-hour chart shows that the Bears are exhausted and a market reversal is imminent.
As I mentioned yesterday the 7.5k zone is an extremely important zone, especially from a psychological point. The bears were unable to CLOSE below 7.5k.
The 2-hammer shaped candles confirmed to me the trend is starting to reverse thus I entered a long at 7.6k