I was anticipating a lower Price for FTM before the winds changed it's direction. And is the bearishness completely over?
Well for now... YES! But let me Explain because it may take a moment and those unfamiliar with Smart Money Concepts, will surely get lost
Previously I was waiting for the price to get below 0.495652 or somewhere around that area. Why? Because that would make an equal low from the 1st of this month of February, 2023. And below a "would be" equal low, sits a lot of liquidity. Liquidity is an area where most traders would have their buy limits, sell stops for one direction or Buy Stops and Sell Limits the other direction. However, What I did NOT take to account was for the amount of Bullish Breakers FTM would create in its 2023 path.
Getting below that price would've had so many retail traders buying that all smart money or Institutionalized traded money (And there's plentuy of institutional Money) that it would've flooded the crypto market so hard that, again, that smart money would've had no chjoice but to sell off as quick ass possible while shorting to save their accounts and their assets. But maybe that was the point Change the direction a little earlier and people stilkl think thjeyu haven't missed the boat. If you want to note that I called for a scalp near the current bottom yesterday around $0.523 (see link: https://www.publish0x.com/technical-analysis-smart-money-concepts/ftm-quick-scalp-now-smart-money-technical-analysis-xzgervo) Then I was just waiting for it to hit another wall and drop. But I wasn't just waiting for any drop in price I was looking for something that would've caused soke Van Damage snd straight to my anticipated price range area in 5-15 min... maybe 30 tops. But it never did a drop like that. Well it did after it had already broken structure pf the 4 hour candle chart (See below)
EDIT: This was the type of hammer drop I was looking for. Shortly After I published this article I could see the price start fropping even lower and thought " It's going to do what I originally thought it was going to do" and it did
As it approaches the current 4 hour breaker after the break of structure (You'll see BoS soetimes on charts) Now is time to take full advantage of going long on what I thought was going to be a scalp, and it's time to capitalize on the mistake.
As previously mentioned there are were a string of Breaker Blocks or Breaker Candles that lead me to this decision. And for those that don;'t know what a breaker is, do me a favor and backtest this on every chart. Look for the Low, High, Lower Low or the High, Low, Higher High formation in every chart. Usually people see this as a sign of reversal, if trending the opposite direction (Bullish for the first formation bearish for the second formation) but it happens so often, I couldn't see that. After the High in the LHLL and after the Low in the HLHH, if Price happens to run through that Low or High candle withihn your specified time frame, price range pof that candle is now support (High) or Resistance (Low) of their formations. In this case we have a lot of LHLL formations Here's a few charts with them drawn out and labeled and its distinctly a smart money move. Why? Because they control the charts, we don't. And only they would stop in what most would consider a goods run and turn it around. (I try to annotate every Breaker with a L H LL Markup Text)
Look at the obvious support i this one, doesn't even go outside the candle price low.
Here's a LTCUSDT example
It's all about the close of the candle. These are the building blocks of smart money. I know some of these patterns don't seem like they would be counted in such a way that would warrant such a reaction. But the truth is it does. And there's nothng that can be done but accept your fate. And long FTM now.
All tjhe best
-= Bodies x Wix
p.s. I still provide educational videos on Rumble Check resources link below