First and foremost I won't even consider to buy until we break 10.5-10.8K or even the 100 .
BTC has had the 100 as resistance for almost the whole down trend, now this turned to support during our uptrend to the upper part of the down trends channel.
Now the 100 + price action has turned to a smaller (1H) making the price break downwards and confirming the 100 as resistance again, which is a strong signal.
My resistance and support levels have been drawn by price action, higher time frame price action and indicator in some cases.
- 100 resistance again
- is possible and we might have found the bottom of wave 4 but the price needs to break 200 for that as confirmation signal.
- cross 50 and 100.
- Price is respecting the down wards trend we have seen since 20K.
- next support is 9.3K-8.8K after that 8K+/-
- Buy signals would be break 100 + bounce
Shorts become interesting when we break the 9.3K-8.8K level but when such a opportunity presents it self I will post about it.
Enjoy the analysis!
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Showing the importance of the 10.4K level for a early sign of uptrend confirmation!
Flag is more sloppy and bullish than the previous 2 BUT a downwards movement is possible if it makes a double top
I am more bullish on BTC since it broke 10.4K but I urge you to keep a open mind towards a scenario where we go down. Expect the unexpected and don't get caught off guard, this is the essence of trading.
Divergence with volume and nearing resistance. Keeping it short:
Volume needs to increase in order for the price to keep moving up, if it doesn't expect a break downwards.
Divegence played out towards the bearish side ( highlighted the bearish break with a yellow circle)
Besides that the bearish pattern has been completed ( see comments ) and we have formed a bearish flag.
remember what I said:I urge you to keep a open mind towards a scenario where we go down. Expect the unexpected and don't get caught off guard, this is the essence of trading.