BTCS Inc (BTCS)

[TechnicalTitan]

you gotta say what timeframe you are looking at ? daily, intraday...? if you are talking about the daily one then yea it is a hammer or inverted hanging man showing the bears intraday pushed the close down towards the open, day ended with the bears...but here is the deal, in completely liquid market like FOREX or stocks this would indicate a possible open down, gap or sideways next day (i.e. doji, spinning top or indifference candlestick formation) but we are not in a liquid, but rather a highly illiquid market. Even if this is a more higher volume OTC stock with respectable chart formations and smooth volume relatively, as of late, it's still illiquid. Therefore, the hammer formation on the daily timeframe can be caused by manipulation combined with intraday profit takers. You'd want to check the L2s and all that to see, but if there were a lot of MMs doing their thing towards the end that would be my guess. That's why I use technical analysis on OTC stocks only to ascertain levels (key trend line, Fibonacci, and S&R levels primarily) and stochastic resets, OB/OS areas, etc.). This market can be easily manipulated, with a candlestick pattern showing up that could mean something entirely different, if it were a morningstar formation or something involving 2-3 or more candles I would see it as reliable, but towards the end with a single candle like that I still don't see bears having a chance to push us below .13, that's our level the 38.2% fib rally retracment, we broke it they are threatened.., theirs is the .16 61.8% fib level - We're at war, let's break their level before they do ours!