BITCOIN [BTC/USD] - Waiting a Bounce Around $3,805-$4,000!
Hey followers and other TradingView users!
Current Bitcoin' price action displays so different signs on the different timeframes. Some days ago we got a bullish candlestick pattern which might indicate that we have found a short-term bottom - we even maid several HL's on the shorter timeframes - but still, we didn't catch that HH which will be the turning point for the current situation.
Yesterday the price made a break below the counter trendlines and as I said we might start for another leg down. So, currently, it has started and we did a several 'break-below' after that (also break below the Inside par candlestick pattern on the daily chart, which will indicate that we see lower prices).
Yesterdays evening we got a candle close on the bearish confirmation area (below the light blue trendline and below the daily strong area) and the momentum guides us to the $4,100. Still, we don't have taken out or touched the round number below us which is $4,000 and I assume we might see a touch IF the price stays on the channel!
The channel downwards is pulled from Lower Highs, copy-paste and dragged into lower lows. It should act as a support and now it depends on the downwards movements. Do we get a bounce from the strong area where is the round number $4,000, two daily strong support levels from 2017 and this channel bottom trendline? Those all together makes a crossing area which should act as a strong support and a possible V shape have to occur on around $3,805-$4,000.
If we fall down almost right away then this area would be much stronger because of the bottom trendline which should match with the round number and strong daily area.
Currently, why I think that we get a bounce back into the gray area is because of the light blue trendline since March 30 and the second touch 24. June. Over the night we made a break below from the trendline and now it should act as a resistance (a classical example about the retest).
If we get a rejection from current trendline then I wait for a bounce from the gray area. It would be perfect when the bounce would be quick and sharp. Touching all the trendlines and support levels and gets a rejection upwards which forming a V shape (also search some bullish candlestick patterns on the mentioned area) a small breath out from the channel upper trendline and another move upwards from $4,100 which forms a bullish inverted Head and Shoulders pattern.
If we find a strong buying power right away and this break below the light blue trendline was just a fake out then bullish confirmation comes from the green area which is above the channel upper trendline. It would be a first sign that the price want's to see finally some higher prices and it is ready to climb but remember, this confirmation comes after the break upwards from upper trendline.
Bearish confirmation comes after the break below the gray area which is currently the strong support area where we should get a rejection.
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really really appreciate it!
Have a nice weekend!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Current Bitcoin' price action displays so different signs on the different timeframes. Some days ago we got a bullish candlestick pattern which might indicate that we have found a short-term bottom - we even maid several HL's on the shorter timeframes - but still, we didn't catch that HH which will be the turning point for the current situation.
Yesterday the price made a break below the counter trendlines and as I said we might start for another leg down. So, currently, it has started and we did a several 'break-below' after that (also break below the Inside par candlestick pattern on the daily chart, which will indicate that we see lower prices).
Yesterdays evening we got a candle close on the bearish confirmation area (below the light blue trendline and below the daily strong area) and the momentum guides us to the $4,100. Still, we don't have taken out or touched the round number below us which is $4,000 and I assume we might see a touch IF the price stays on the channel!
The channel downwards is pulled from Lower Highs, copy-paste and dragged into lower lows. It should act as a support and now it depends on the downwards movements. Do we get a bounce from the strong area where is the round number $4,000, two daily strong support levels from 2017 and this channel bottom trendline? Those all together makes a crossing area which should act as a strong support and a possible V shape have to occur on around $3,805-$4,000.
If we fall down almost right away then this area would be much stronger because of the bottom trendline which should match with the round number and strong daily area.
Currently, why I think that we get a bounce back into the gray area is because of the light blue trendline since March 30 and the second touch 24. June. Over the night we made a break below from the trendline and now it should act as a resistance (a classical example about the retest).
If we get a rejection from current trendline then I wait for a bounce from the gray area. It would be perfect when the bounce would be quick and sharp. Touching all the trendlines and support levels and gets a rejection upwards which forming a V shape (also search some bullish candlestick patterns on the mentioned area) a small breath out from the channel upper trendline and another move upwards from $4,100 which forms a bullish inverted Head and Shoulders pattern.
If we find a strong buying power right away and this break below the light blue trendline was just a fake out then bullish confirmation comes from the green area which is above the channel upper trendline. It would be a first sign that the price want's to see finally some higher prices and it is ready to climb but remember, this confirmation comes after the break upwards from upper trendline.
Bearish confirmation comes after the break below the gray area which is currently the strong support area where we should get a rejection.
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really really appreciate it!
Have a nice weekend!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Bình luận:
Reminder!
Do not forget to watch this green area which is on the main image above the channel upper trendline, at least 1H candle close confirms movement upwards!
Do not forget to watch this green area which is on the main image above the channel upper trendline, at least 1H candle close confirms movement upwards!
We have a break below the channel (Bear Flag) which will indicate that we get a movement downwards - already it has started.
We have also EMA death cross between the short-term EMA's (8 & 21) which will confirm that breakout from the current channel!
Hopefully, we get this drop soon because we don't want to see sideways movement before the drop - IF the price want's to touch $4k - because the sideways movement moves us away from the strong crossing area so, the move has to be sharp and it has to make a move almost right away!
Please support my effort, if You find it is helpful by hitting the Like!
Cheers!