BITCOIN ($BTC): Falling Wedge - Revesal
Updated
Hello, let’s take a look at my favourite 1D BTC’s chart.
Over the past few days, the price has been decreasing, from $8400 to $7500. BTC is back in Falling Wedge pattern, which became strong rival (the top line of this pattern reflect BTC back below 8.0K. During this drop, BTC broke-down EMA200 and TEMA21. 19.8K trend resistance still haven’t been broken.
The recent hours, BTC is trading at the range between $7600 - $7400. In this price range, a few importan resistances are located - MA21, EMA100 and global up-trend resistance, coming from 5.2K. Fo interest, EMAs indicate Golden Cross, usually good bullish signal, but it is too early to consider this signal as reliable.
RSI and Stoch are bearish, bouncing 50 area.
Between $7400 - $6900 area is good supply and demand area. Next support lies at $7000. From bull side, $8200 and $8500 are important resistance areas.
So, what we can expect now? - in next 1-2 days we can expect some sideway price movement, $7300 - $7700 could be the appropriate area.
Over the past few days, the price has been decreasing, from $8400 to $7500. BTC is back in Falling Wedge pattern, which became strong rival (the top line of this pattern reflect BTC back below 8.0K. During this drop, BTC broke-down EMA200 and TEMA21. 19.8K trend resistance still haven’t been broken.
The recent hours, BTC is trading at the range between $7600 - $7400. In this price range, a few importan resistances are located - MA21, EMA100 and global up-trend resistance, coming from 5.2K. Fo interest, EMAs indicate Golden Cross, usually good bullish signal, but it is too early to consider this signal as reliable.
RSI and Stoch are bearish, bouncing 50 area.
Between $7400 - $6900 area is good supply and demand area. Next support lies at $7000. From bull side, $8200 and $8500 are important resistance areas.
So, what we can expect now? - in next 1-2 days we can expect some sideway price movement, $7300 - $7700 could be the appropriate area.
Note
Hi Fellowes, BTC hit $6880 mark today and yesterday. So, It’s time to update my previous successful idea.
12 days before, BTC hit $8500 mark, one month maximum. But since then, the price has fallen steadily and BTC lost more than 20%. Now, BTC is testing support at around $7000.
What we can expect to happen now? My guess is, that we propably can expect drop at $7800 or slightly below. Why this area is so important? Because of Inverse Head and Shoulders pattern, performed from 8.06.2018 till 23.07.2018. H&S’s neckline lies at $6800. A lot of traders are expecting bounce upward from this area. If BTC rebound at this area, it will be good opportunity to buy. If BTC don’t manage it, next downtrend will be confirmed - closer to $6000.
EMA100 and EMA21 are bearish. RSI still decreasing. Stochastic is below 20 level, it could indicates oversold market and possible trend revers.
Support lies at $6800 (H
S’s neckline) and $6500. Resistances are $7080 and $7500. Note
Hi Traders,Let’s take a look at current BTC situation. Most of today’s day was successful for BTC. The price increased more than $300 and $7120 mark, 3 days maximum, was hit. But conclusion of today is different. BTC is trading at $6900, now. I am not surprised, I expected this drop.
As I wrotte yesterday, I prefer, if Head and Shoulders pull-back will be finished and BTC re-test $6800 mark before next move up. If BTC don’t fail, it could be a signal of the bear market finally coming to the end.
RSI is bearish, but hasn’t yet below “30” mark. Stoch remains below “20” mark. EMA trend lines begin to perform “EMA Death Cross”.
Supports are $6800 and $6500. Resistances are $7080 and $7500.
Sum up - I’m still bearish - looking for bounce up from $6800 area.
1D TF:
4H TF:
Note
Let’s take a look at 1D TF BTC’s chart - as we all may have seen, BTC had a very nice breaking-up green candle with significant amount of trading volume and the price has risen from $6150 to $6592, at the press time. I consider $6750 price very important. Several resistances can be seen here - Fib 23.6% Retr, Bottom line of Ichimoku Cloud and Head and Shoulders Neckline.
Note
Last 2 days was very interesting for BTC. Price is jumping up and down. From the previous $6592 the price fell to $6000 and then returned back above $6000. Now, BTC is trading at $6400.Look at 12H TF BTC’s chart. RSI and Stoch indicating a possible trend change. If this happens, profit target will be at least $6800. But, I think that market wants to see $5000 :-) .
Note
Let's take a look at 4H TF BTC’s chart. A few minutes ago - as we all may have seen, BTC had a very nice attempt to breaking-up $6400 resistance. There was some big volume, but isn’t enough to breakthrough this resistance - it’s weekend. It will be interesting to watch what Monday will bring. Something must happen - BTC is moving inside triangle pattern, meanwhile bouncing the top line of bearish channel. Aslo two important trend lines lie near the current price - TEMA21 at $6260 acting as support and EMA21 at $6350 acting as resistance. So, there isn’t much range to move.
For today, it’s important that BTC closes above $6200, likely $6300. If this happen, short-term (days) profit targets could be $6500 / $6700 / $7000. But in mid-term I expect a drop to $6000 and probably even deeper.
As I wrotte, watch what happents tomorrow, when more Volume coming.
Note
“3 Days below $6800”The BTC’s price has been caught in a narrow range betwen $6500 - $6790 over the last few days. Strong resistance at $6792 (last H&S Neckline) still holds BTC below.
Two important Global Trend Lines are a bit ahead of us (see pink lines). Also EMA50 lies there. H
S resistance still defends the price of further growth. RSI is totally flat, Stoch becomes more bearish. Meanwhile, We can see the well-known figure named Rising Wedge with the prospect of going down. Bulls needs new impuls. Now, It seems they are getting tired. Who followed my last TA, now is in trade and have a small profit. Use stop loss - triangle patterns can be break through both directions. If you want to buy some BTC, I recommend you to wait for $6800 breakout, likely $7000.
Note
For further growth it’s necessary to break $7350 - $7450 zone. Personally I still expect a drop to $7000 price zone. Stoch and RSI have crossed at its high levels, which can tell about an overbought market (a bearish sign). Note
Hi Friends,So, back below $7000!
In recent days I was a bit frustrated because the price was still increasing. Despite the fact that I predicted the price drop. Today I am quite satisfied. The supposed $7400 reistance breakout failed and price dropped down, back below $7000.
During this downward rally, the BTC’s price broke a few important supports - Fib 50,0% Retr (also Ichi’s Tenkan Sen is there) and $7083 support. Finally the price was bounced up from Fib 38,2% Retr. Currently, BTC is trading around $6930 and BTC remains in “Bearish Flag” pattern.
What we can expect to happen now?
My guess is, that we propably can expect drop at $6800. Good support is located there, so rebound is expected. $7400 target possible. Major support lies at $6500 - $6400 zone. If this area fails, probably new short-term ATL will be written = back below $6000.
From bull side, resistances are at $7080 / $7200 and major one at $7400. So, trading below $7400 is quitte risky, but with good profit potential :-)
For futher price trend, It’s also important, whether we close above/below $7000.
Good Luck! And Always use stop loss!
Note
Hi Friends,this day was carried in the same spirit as yesterday. The BTC's dump continued and BTC marked $6200 zone, I expected bounce up from $6800 support, but it didn’t happened. Support failed and let the price of BTC drop deeper. As I mentioned, major support lies at around $6500, contrarily $$6500 - $6300. Regarding to VPVR indicator, this is area of High Trade Activity, with HVN lying at $6440. Currently, this support zone works well and it holds BTC above $6400. It won’t be easy to drop BTC below this major suppoert zone, BUT it’s not impossible - be cautious at times of low business activity, like weekends.
Technical indicators like RSI, Stoch and OBV are decreasing and idndicates downward trend continuation. Only MACD hasn’t yet confirmed this. My favourite SMMA and TEMA trend lines are above the price, this also supports the idea of downward trend continuation.
Supports are $6440 (HVN and Wyckoff last “ST” point), $6000 as Wyckoff “SC” point and the last one $5800 as ATL.
Resistances are $6500 (Fib 23,6%), $6800 (last H
S neckline) and $7400 zone regarding to VPVR. Sum up, with significant volume BTC can be pumped/dumped any time. So, the best way is to be ready for both side breakout.
Note
Hi Guys, as we all may have seen, BTC had a huge breaking-down candle with significant amount of trading volume and the price has dropped below $6300.
All indicators are strongly bearish. I expect next drop to $6000 and probably lower.
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