Hi and welcome to my ichimoku analysis of our beloved Bitcoin! Actually the lines that I draw yesterday in my daily chart was the most optimistic vision of the price for today. If you have followed my updates, you´ll see that I interpreted the downtrend before it happened. I´m giving very detailed updates with exact support and resistances, and so far it has been followed to the T.
With all this said, let´s get to what matter, today. I´m seeing reversed patterns everywhere in most of the charts, that´s is clear bear sign. The market has shown big resistance at 8815 in the 15 min chart as you can see here:
Not breaking a resistance in a small chart like the 15 min is another sign of weakness by the bulls, so I also predicted more drops from the point where the price is in this chart.
We kissed the main trendline in a very shy mood, but that is not meaning that we will touch it again, in fact I´m positive that we will. I´m not expecting a hard penetration of the trendline for next test, but if the bulls don´t show more power, the third test could be the one that will make it.
We are 2 hours from seeing what the market will decide. If in the 1 hour chart (the candle that will be formed in a couple of hours), the price retrace and don´t make it up, that will be another big reversed pattern, which will bring more drops, the touch of the trendline and the possible breakout. A breakout at that level will be terrible for Bitcoin, be alert.
I´ll give updates often, have a safe trading!
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With all this said, let´s get to what matter, today. I´m seeing reversed patterns everywhere in most of the charts, that´s is clear bear sign. The market has shown big resistance at 8815 in the 15 min chart as you can see here:
Not breaking a resistance in a small chart like the 15 min is another sign of weakness by the bulls, so I also predicted more drops from the point where the price is in this chart.
We kissed the main trendline in a very shy mood, but that is not meaning that we will touch it again, in fact I´m positive that we will. I´m not expecting a hard penetration of the trendline for next test, but if the bulls don´t show more power, the third test could be the one that will make it.
We are 2 hours from seeing what the market will decide. If in the 1 hour chart (the candle that will be formed in a couple of hours), the price retrace and don´t make it up, that will be another big reversed pattern, which will bring more drops, the touch of the trendline and the possible breakout. A breakout at that level will be terrible for Bitcoin, be alert.
I´ll give updates often, have a safe trading!
|||If you consider this analysis useful, please thumbs up and follow me :)||||
Note
Bulls are flirting with the price, if they manage to break the resistance that I marked in black, will bring some fresh pump.Note
If any scalper want to make fast cash, better entry after breaking the resistance of the 15 min chart. The line that I marked before is from the 5 min chart and is not that powerful.Note
I made a calculation mistake when I first published the idea. The 1 hour candle was almost finishg. Actually while making the post the price went down a bit as I expected, and the next candle started to grow.I´m focused now in the candle what will get form in 1 hour and 10 minutes, that one will be quite decisive.
I´m amazed about how bears are defending the territory at the 8020 resistance in the 15 min chart. They tried several time without success, and every time they try the resistance becomes more powerful. If they manage to break it, expect a big bounce up.
Note
So we are now in the famous 1 hour candle and no volume at all. The price broke the 15 min resistance at 8816, and just went up to 8850, I was expecting a nice move from there. Definitely the market is reacting weird once we have crossed the main trendline, we should have way more volume and violent moves.On the other hand, I just redraw carefully the main trend line, and this is what I got, a weak breakout and the price flirting through the line. All this confirm my bear position until we make a new high around 9300.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.