BITCOIN DANCE BETWEEN THE BULLISH AND BEARISH AREAS
Updated
Hello, my dear followers and the other TV users!
At first, I will try to give You a little bit bigger picture and in the update section, I will continue with the shorter timeframes!
At the moment BTC shows us some bullish signs and some bearish signs and we step between those important levels.
Let's start from bearish signs:
1. We had yesterday two types of "Rising Wedges" and also two types of "Bearish Flags" - we break all those patterns downwards
2. We break back below the minor trendline since 14.05.2018
3. We break down from the major continuation pattern "Rising Wedge"
4. The trend is Your friend and the trend is down at the moment!
Now the bullish signs:
1. We have an uptrend since 24.06 [nice and clean higher highs (HH) and higher lows (HL)]
2. Yesterday's candle closes above the round number which is $6500
3. The bounce comes from $6414 where met decent support/resistance area, Fibonacci retracement 62% and the bounce was supported also with EMA100
4. Also, there was a possibility that this bounce from a new HL
5. At the moment the price is back above the trendline and above the $6500
Summary:
At the moment there are mixed signs! IF the yesterday's candle would be closed below the $6500 then it would be also much easier! But this bounce and possible HL makes me a little bit cautious about shorting - need more criteria (like yesterday)!
But in the other hand, I just don't see the buyers power at the moment to push this price up and the zone where they have to push this through, this level is very strong!
Only long candles can beat this levels and where we get those candles - we get those candles then when we see a very big volume!
Wait for some updates and chart patterns from the lower timeframes!
Let's seek and FIND nice confirmation boxes where we can enter the trade!
Don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!
At first, I will try to give You a little bit bigger picture and in the update section, I will continue with the shorter timeframes!
At the moment BTC shows us some bullish signs and some bearish signs and we step between those important levels.
Let's start from bearish signs:
1. We had yesterday two types of "Rising Wedges" and also two types of "Bearish Flags" - we break all those patterns downwards
2. We break back below the minor trendline since 14.05.2018
3. We break down from the major continuation pattern "Rising Wedge"
4. The trend is Your friend and the trend is down at the moment!
Now the bullish signs:
1. We have an uptrend since 24.06 [nice and clean higher highs (HH) and higher lows (HL)]
2. Yesterday's candle closes above the round number which is $6500
3. The bounce comes from $6414 where met decent support/resistance area, Fibonacci retracement 62% and the bounce was supported also with EMA100
4. Also, there was a possibility that this bounce from a new HL
5. At the moment the price is back above the trendline and above the $6500
Summary:
At the moment there are mixed signs! IF the yesterday's candle would be closed below the $6500 then it would be also much easier! But this bounce and possible HL makes me a little bit cautious about shorting - need more criteria (like yesterday)!
But in the other hand, I just don't see the buyers power at the moment to push this price up and the zone where they have to push this through, this level is very strong!
Only long candles can beat this levels and where we get those candles - we get those candles then when we see a very big volume!
Wait for some updates and chart patterns from the lower timeframes!
Let's seek and FIND nice confirmation boxes where we can enter the trade!
Don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!
Note
In 15 min. timeframe we could see there is forming a triangle pattern!Note
In 15 min. timeframe we could see there is forming a triangle pattern!I drew there also one red box - the bearish confirmation area and those criteria's are:
* Close below the round number $6500
* Close below the Triangle
* Close below the "Fresh trendline"
* Close below the trendline since 14.05 (red line)
At the moment the price bounced from support and in the 15 min.- chart the price is above the EMA's and let's see several hours we have some consistency from buyers so, they are here again, maybe starting to line up slowly ;)
Note
If we zoom in on the 15 min. timeframe then we could see a possible "Bull Flag"At the moment we make a possible breakout, 3 min to go but looks like here we get one bullish confirmation. Bounce was nicely supported by EMA's and nice strong candle breakout! Like I said bulls are here and bulls are lining up ;)
Note
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Thank You all for Your feedback! Means a lot to me!
Note
Here is another bearish chart pattern - continuation pattern "Rising Wedge"Rising wedge and the triangle have a crossing area just a little bit above the current price! So, the red box got another confirmation - break below the red lined Rising Wedge!
Note
"Like I said bulls are here and bulls are lining up ;) "BOOOOMM :D
Note
Just trying to figure it out where are our next resistances if we break through from this $6780 resistance level and from "Rising Wedge" upper trendline!So far all my resistance places are bounced nicely or slowed down the price. So, if we break through from here then our next stronger area would be at $7070 - there is some old support wich becomes a resistance in this area! To confirm the bullish price action to there we have to break this black trendline and this resistance, after that we need retest those and we are ready to climb to this level!
To confirms bearishness we have an amazing "Rising Wedge" we have to break downwards from the bottom trendline. At the moment we are between the marked areas wich have worked nicely so, I will assume that we move little bit sideways and tomorrow we could see some movements either direction!
If todays resistance stays and we move down, then the "Cypher" pattern shows us the target area and the target area would be around the $6000 but like You see on the image (maybe to much noise in the picture) the road to there can't be just drop, there are support after the support!
So, wait some confirmations and never trade when You don't have those!
Note
Yesterday's candle closes give us some information about short-term trend reversal! And this indication is a "Shooting Star" candlestick pattern. The candle is green so that means bulls still won this fight but bears are alerted and they pushed it quickly back down! To be the more convincing sign then this candle has to be red!Yesterday we got exact bounces from Rising Wedge trendlines! So, that means this is a pretty significant pattern and if we see some breakout confirmation we heading down to the lower levels! At the moment we have a possible lower high (LH) on the chart and I made one red confirmation box on the image below - bearish confirmation box consists of (need at least 1h candle close in this area):
1. We have a bearish Shooting Star on the daily timeframe, which supports our bearish biases
2. We have a breakout downwards from "Rising Wedge" chart pattern
3. We have a breakout below the round number area which is $6500
4. We make a lower low
I'm working on a new interesting TA.
Hit that LIKE button, unless You don't appreciate what I do here! ;)
All the best!
Note
We had an hour ago one attempt to break through the "Rising Wedge" bottom trendline but it failed! The price quickly jumped back up and found resistance from many times mentioned magic number $6666. Now, be alerted because bears starting to line up and maybe the next run will succeed!
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