Having one slightly green candle after nine red weeks is not any kind of a reversal.

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As much as it’s amazing to finally have some small relief rally and finally be a bit more over the crucial 28k area, this green weekly close does not mean that we are completly out of the bear run or even in the slightest way. But many seem to be celebrating it as a “change of course” anyway, which is highly wrong.

If you still look over the past weeks there is one obvious thing and that’s the downwards trend. This green inverted hammer does not change this trend in any way. Actually in the opposite it gives more room to go down again as pushing for a tenth consecutive week in red is harder than now just the first.

The color of a weekly or daily candle won’t give you any reversal as a reversal does not happen in a moment and can not be indentified anyway until we get out of this range to way higher prices.

submitted by /u/partymsl
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