BY LICIA LESLIE
January 12, 2024
Hi Shoppers,
The price action in Bitcoin (Ticker: BTCUSD) has formed a candle formation that the Japanese call High Wave candles for the last three days.
These are created by a small real body which is the colored part of the candle created by the difference between the open and the closing prices.
The upper and lower shadows, which are the lines created by the high and low of the day, are very long.
These candles are a sign of mass confusion.
Neither the bulls nor the bears are in control of the market and it is swinging all over the place.
BTCUSD looks like it is going to pull back to $45,000 before it continues this rally.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain
The harami candle tells us not so fast with that rally.
We may not be going higher.
It negates the direction of the previous day’s large body candle, in this case higher.
My support and resistance levels are the highs and lows of the most recent consolidation of SPY, $467.50 and $477.40.
Today will be interesting.
Thanks for Reading … See You Next Tuesday,