Up trend or trap?
Hello everyone, it's been a while since I've shared my market insights on TradingView, and to be honest, I've been a bit nostalgic for it. I'll ease back into it and begin by sharing my main thoughts on BTC.
Before we begin, I want to emphasize something that comes with experience: The patterns on the charts, no matter how obvious they may be, are not always reliable indicators of market vision or predictions. We all want to know where the market is headed and what to expect, but the truth is, the market is unpredictable. It doesn't always follow logic or cause and effect. Yesterday's events will be reflected on the chart as a candle, but it will be different, the world is constantly changing. Therefore, I focus on the market solely in terms of trends, sentiment, and hype. Figures and harmonic patterns can be drawn, but if there is no tendency towards a particular movement, then analysis is no different from simple drawing. These figures are a waste of time and self-deception, one can easily get lost in illusions and false hopes that have no relation to reality. At this moment, all I'm interested in is trend, let's analyze them.
Analyzing the 4 hour chart, the asset appears to be in a five-month channel, which is a positive sign for a potential bullish trend. However, the volume is raising concerns as it is showing an increase at the stop formation zone, which does not give me a clear indication of the true nature and direction of this movement.
Looking at the weekly chart, we can see an absorption pattern, which is typically considered a strong bullish signal in candlestick analysis. However, similar patterns have occurred in the past without resulting in any significant movements. Therefore, I believe it would be reckless to consider this as a signal to buy. While it is possible to enter a long position, it's more like a gamble as the chances of the market going up or down are equally likely.
The charts do not give me any clear indication of the current market trend. I am more interested in looking at exchange activity, liquidity, trading volumes and community engagement to understand the direction of the market. In order to identify emerging trends, it is important to have a deeper understanding of the current state of the industry.
I will continue to examine the asset more closely in future updates.✌🏻
Before we begin, I want to emphasize something that comes with experience: The patterns on the charts, no matter how obvious they may be, are not always reliable indicators of market vision or predictions. We all want to know where the market is headed and what to expect, but the truth is, the market is unpredictable. It doesn't always follow logic or cause and effect. Yesterday's events will be reflected on the chart as a candle, but it will be different, the world is constantly changing. Therefore, I focus on the market solely in terms of trends, sentiment, and hype. Figures and harmonic patterns can be drawn, but if there is no tendency towards a particular movement, then analysis is no different from simple drawing. These figures are a waste of time and self-deception, one can easily get lost in illusions and false hopes that have no relation to reality. At this moment, all I'm interested in is trend, let's analyze them.
Analyzing the 4 hour chart, the asset appears to be in a five-month channel, which is a positive sign for a potential bullish trend. However, the volume is raising concerns as it is showing an increase at the stop formation zone, which does not give me a clear indication of the true nature and direction of this movement.
Looking at the weekly chart, we can see an absorption pattern, which is typically considered a strong bullish signal in candlestick analysis. However, similar patterns have occurred in the past without resulting in any significant movements. Therefore, I believe it would be reckless to consider this as a signal to buy. While it is possible to enter a long position, it's more like a gamble as the chances of the market going up or down are equally likely.
The charts do not give me any clear indication of the current market trend. I am more interested in looking at exchange activity, liquidity, trading volumes and community engagement to understand the direction of the market. In order to identify emerging trends, it is important to have a deeper understanding of the current state of the industry.
I will continue to examine the asset more closely in future updates.✌🏻
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