Hello My Friends!
If we look at price action in terms of price action. We can clearly see these are 2 pinbars plugged in.
If we rush we will quickly conclude, the next few weeks the price of bitcoin will plummet.
However, when we look closely, we see 2 pinbars plugging above the support zone, not at the resistance zone. The bears tried to push below the support zone but failed both times.
The volume in these 2 weeks is not large, not strong enough to break this big barrier.
The RSI is not 100% reliable. However, it is also an important tool for us to have more data to make judgments. Here I also see a closed bullish divergence.
Conclusion, Personally, I think this is a bear trap and this pinbar pair is a reversal candlestick pair.
The greater the opportunity, the higher the risk. Risk management is important. Buying at the support zone, and placing a careful stop loss will keep us safe in the worst case scenario.
Let's be patient and observe the direction of the market!
Best Regards,
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