GOOD EVENING STEEMIT,
With market’s weekly candles closing this morning, there’s been a lot of talk on social media about what the candle looks like and whether it’s a bullish close or not.
I’m making a conscious effort to get more involved on Twitter and Instagram again. The trading community is too rich to not immerse myself in once again so if you see me around, come and say hello.
Back to the weekly close, just take a look at the Bitcoin chart below:
BTC/USD Weekly
The talk is that you can obviously see the long wick, but right on the close there was a big battle between bulls and bears. Sure, the red close shows that the bears won in the end... But does it matter?
To me, the answer to that question is no. No, it doesn’t matter. The only thing that matters here is the fact that price held the higher time frame, trend line support level.
The fact that in the end, the candle closed red, means only a few pips. Take a look at the price action within that candle on the daily:
BTC/USD Daily
Look how price retested previous short term resistance as support and held. That’s what matters and it’s bullish.
The price action and levels around that weekly close are bullish and that’s all that matters. Not whether the candle is slightly red or slightly green.
Best of probabilities to you.
Peace ✌🏻.
Please leave a comment with your ideas or just share a chart.
Blogging about markets is all about sharing ideas and making us see all possible angles. I look forward to having you follow along and reading what you throw at me.
Twitter: @forexbrokr
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