BITCOIN - AGAIN THIS $6500!!
Updated
Over the weekend, BTC was moving sideways around $6500
We had a minor downwards channel with a small breakout late on June 16th. The price has bounced/retested it several times, but we lack enough buyers and sellers for any decisive moves (looks like weekends are similar lately). Over the weekend price has 'drawn' a Triangle pattern. It means soon something will happen – the price is pushed into the tight range and is ready to explode. The bad news is that when we draw our trendline on the body, then we already had a breakout and after initial retest it has gone slightly downwards! (Shadow blue line)
To be bullish today we have to watch yet again the price level @ $6500. In 15 min. chart we have a short-term downwards trendline and round number crossing area + we have to break through from 50 - 100 - 200 EMA's. If buyers can break those reversal criteria's and the price stays above $6500 a bit longer (not quick bounce up and quickly back down) then we have a higher chance for some bullish days! A bullish candle confirmation would be 1h and 4h candle close above triangle trendline and above $6500.
To be continued....
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All the best!
We had a minor downwards channel with a small breakout late on June 16th. The price has bounced/retested it several times, but we lack enough buyers and sellers for any decisive moves (looks like weekends are similar lately). Over the weekend price has 'drawn' a Triangle pattern. It means soon something will happen – the price is pushed into the tight range and is ready to explode. The bad news is that when we draw our trendline on the body, then we already had a breakout and after initial retest it has gone slightly downwards! (Shadow blue line)
To be bullish today we have to watch yet again the price level @ $6500. In 15 min. chart we have a short-term downwards trendline and round number crossing area + we have to break through from 50 - 100 - 200 EMA's. If buyers can break those reversal criteria's and the price stays above $6500 a bit longer (not quick bounce up and quickly back down) then we have a higher chance for some bullish days! A bullish candle confirmation would be 1h and 4h candle close above triangle trendline and above $6500.
To be continued....
Leave a comment and LIKE my technical analysis if You agree with me!
All the best!
Note
Triangle in higher timeframe 1-hour!Like I said before something could happen shortly!
The red boxes are support/resistances areas if we make breakout either direction!
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botje11 has found a nice rounded bottom!I would like to draw this even bit longer with a fakeout box ;)
Almost sync with triangle bottom trendline to bounce from there!
But breakout downwards could realise sellers volume!
Soon we see the volume spike in either direction!
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Probably not the best signs for bullishness at the moment!After we touch $6500 and bounced back bulls still sleep at the moment :)
But let's wait for bottom trendline touch!
I keep You updated!
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1h candle close gives us "HAMMER" candlestick pattern!Red hammer means this, that buyers are there and pushed the price back up but red, not the green colour means that sellers are not dead yet! ;)
This bounce from trendline and from curve support means - w have some momentum confirmations:
*Triangle bottom trendline
*Curve support
*"Hammer" candlestick pattern
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Finally we have some movement in this price level!BTC forms another confirmation to go higher and break the strong level $6500.
At the moment BTC chart did possible double bottom "W" formation on the srong support! There we could see trendline and curve support crossing area, 2h ago candlestick pattern "Hammer" gives us some indication for price reversal and now W formation! Also volume shows us some life signs :)
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Very very simple viewpoint!Candle close (minimum 1-hour candle) below $6400 confirms down movement!
Candle close above $6500 confirms up movement!
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BREAKOUT!! As I said we could see big volume spike and at the moment massive 1h candle. First stop is the last week resistance line what was also our strong area! That volume, that setup, that breakout we don't stay there for a long. Some days we go resistance after another(joke, too big words, let's take setp-by-step like we always do)! ;)Note
Good Morning!As I said yesterday we broke triangle upwards and with a pretty powerful candle! We break two strong resistance points - $6500 & magic number $6666. At the moment BTC price is above $6666 which works as a support, if we break below this level then we could see a healthy correction downwards to retest $6500-$6550 it depends how long price moves sideways. The longer the price moves sideways the higher is healthy correction price level!
At the moment BTC price is between a two strong support and resistance levels - $6666 and $6850. We could move sideways here for a while. If You want to know where is the next resistance then it depends how quickly price starts another rally upwards. If it starts at right away then we could go and touch $7000-$7050 but if we move more sideways then we have the trendline since 05.05.2018 and this could be work as a strong resistance.
This trendline is pretty significant if we want to come out from the downtrend, we just have to break this!
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To be continued...
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At the moment we have a very solid bounce's from the red box support area, support also supported with 200EMA! Right now nice price action to go to another run!
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We have a small breakout from descending triangle, at the moment nothing remarkable!Like I said we could move more sideways but this sideways move rises our healthy correction box to the higher levels!
Let's see what this small bullish breakout can do with the BTC price!
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BREAKOUT EXAMPLE:If You see some breakout from a pattern then wait for a retest!
On the example below, we have 15min. chart but the best for those breakouts is 1-hour+ timeframe charts because in the 15 min charts could be so much noise if You can't read those correct!
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EDUCATION LESSON:"It depends on how long price moves sideways. The longer the price moves sideways the higher is healthy correction price level!"
I meant this that if we drop right away then we have the nice criteria's to bounce back up. Like we see in the image below in this price level meeting a trendline, a curve support & a round number! So this price level is pretty strong!
BUT if we move more sideways like I said then those areas start to move away from each other! In the image below - first support is the curve support if we break downwards from there then this is one bearish confirmation, next stop is trendline, if we break down from there then this is another bearish confirmation and finally, we are there where is round number area, there where we could be had (before sideways movement) a nice bounce setup but after sideways movement we have there two bearish criteria's already and not so strong level anymore!
So hopefully You understand (Sorry for my bad English)!
Summary: If we move sideways then our great bounce point criteria's start to move away from each other and this level is not so strong anymore!
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To be continued...
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Like I said in the morning (GMT+3) we could see sideways movement between two the strong support and resistance. We had one $130+ movement when we saw in 15 min. chart a small breakout from descending triangle and after retest BTC pops up to the yesterdays resistance! Nothin remarkable, at least we had some educational post! ;)See You tomorrow and let's see where todays candle close!
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New TA. is here:
I will continue there!
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