BITCOIN FIGHTING WITH $6500
Updated
"Level @ $6450-$6500, if we break this then we have bearish confirmation and probably the next support would be $6200-$6300" as we said yesterday, we got our break confirmation and also we got our bounce back up from $6200 support level! At the moment BTC makes some squeeze upwards and right now price fighting whit resistance level $7500! We had there several attempts already but not enough buyers to close one candle above $7500 to confirm bullish price action! In 4h chart we have a hammer and sloppy morning star candlestick patterns to also confirm some bullish momentum! So we watch at the moment closely level @ $7500 and if we want to break this then we need a very strong candle and if this happens then it happens FAST!
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Note
We got our strong candle but in 1h timeframe price bounced quickly back below $6500. Looks like the buyers are there! But we need to close above the $6500 in 1h chart to see more bullish moves! We are close...but, but I hope that buyers' steam will not run out!Note
At the moment we could see slightly higher high and higher low formations on BTC 15 min chart! To form new HH we need firstly break above $6500 and break down also 200EMA to catch next resistance which is around @ $6650And if we break below $6437 we go and retest triangle resistance (becomes a support) line which is around $6340!
Note
Bottom LH is meant to be HL - sorry for that!Note
7th attempt was successful to break $6500 in 1-hour chart and we got our breakout confirmation( 1hour and 4 hour candle close above $6500)! Also price close was above 200EMA (in 1h) which is also one bullish sign. Maybe retest some lower areas and the road is open to the next resistance $6650 Note
If I said, we could probably retest the lower levels, then damn - I did not think 6000 :D This green box is the nearest support level, if this breaks we could go and retest the triangle upper blue line! But after this fight around $6500, I think that buyers' steam runs out! But now definitely we have LL close and let's see what the market offers to us!Note
Fakeout sign - Railroad tracks, not perfect pattern but classic fakeout! Firstly we have to wait to 4h candle close before we make significant decisions!Note
We have a red area - this is a strong support (no candle close in this box) if this hold us we could see some H&S pattern to start forming but right now is a little bit early to say! But looks promising at the moment!Note
Boom...Looks like retail traders wanted to buy this above $6500 and they did it & after that came whales into play to take tight stops out and there we are now! Thats how market works and as I mentioned earlier next resistance is $6650 - we touched this almost by the pip!! More updates and graphics comes tomorrow!Have nice evening/day!!
Note
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