Long

Updated

Bears are loosing strength

For last 12 days, Bitcoin has been moving in a triangle.
I think chances of having a bull run to at least recent high (9750) are higher than a drop.
When we study volume, clearly sell volume is fading. This is especially obvious in 1 hour time frame. I suspect soon bears will run out of steam.

Resistance levels :
9754
10235
10961 (major resistance)
11718 (major resistance)

Support levels :
9031
8800
8648
8270

I will update this post regularly.

Note

Volume is getting very low
Expect a price action soon
In case we see a drop,
I'm interested to see how
strong will it be compared
to previous drops

Note

Price fighting to go above the triangle.
It will be normal to get a pull back here.
Clearly sell volume is weaker compared
to previous time we reached upper edge of triangle.

Note

Bulls are fighting to to break out of triangle.
If four hour candle closes above upper edge
of triangle, this will be a good sign for bulls.

Note

Seems like bulls are going to fight first resistance level (9754)

Note

Price faced massive sell pressure as it reached resistance.
Since then sell pressure has gone down, so if newly acclaimed
support levels hold, we can expect some side movements for now.
These side movements can build the base for next leg up.
At this point it would be wise to watch market carefully.

Note

Choppy price action between resistance and support.
Volume declining so anything can happen.
In case you're in Dollar / tether, you can buy
Bitcoin if prices reaches 9520 support levels (with stop loss of course).
If you have Bitcoin, I suggest keep it while support levels are holding.
RSI looking bearish

Note

As long as Bitcoin stays in triangle, this can be considered a bull flag.

Note

Broke out of bull flag and 9754 resistance.
Next resistance is 10235. Right now it seems
Bitcoin is building structure for next leg up.
Something I have noticed is bulls are starting to
run out of steam. This is especially clear when
looking at volume. It's to early to take profits,
but soon we might have to think about it!

Note

Bitcoin is in a correction at moment.
9572 is good support and 9275 is major support.
So far correction is looking alright. No signs of
reversal (going bearish) are seen so far.

Owners of Bitcoin : keep it while support is holding
Tether / USD : In case price gets to 9572 support level,
buy with tight stop loss

Note

Bullish triangle and decreasing volume suggest we might
get a bounce up soon. However that bounce might be
temporarily and price might fall more. To me current
price action looks like a normal correction. I don't see any
sign of reversal from bullish to bearish yet.

Note

Bitcoin is sitting on major support level. It`s also .618 fib level.
If we see another drop, next major support will be around
9059 (.786 fib). It`s important to that this level holds.

Something to note is declining sell volume. At this point there
aren't many sellers or buyers in market.

For now I still think we are in a correction wave and don't
see any major sign of reversal from bullish to bearish.

Note

Price is ranging between 9250 support level and 9475 resistance.
Volume is declining. Until price is moving in this range next
movement is not predictable in my opinion.
If you have Bitcoin I suggest to keep it for now.
If you're in tether / dollar, there are alt coins with better looking charts than Bitcoin.

Note

If Bitcoin loses support of around 9150,
There's a chance of drop to next support
region which is around 8660

Note

For the last 14 days, price has been moving between two lines,
right now price is sitting on bottom of the line. Its important to keep this
line as support or we might drop to 8660.

Note

Lower trend line is still holding, as mentioned before if
Bitcoin losses this support it might drop to 8660 support.

Note

Price is still moving around support trend line.
If it can go higher, there's going to be some resistance
at 9570 level. Overall I think we're in a no trade zone.
If you have Bitcoin you can keep it, if you want to buy
Bitcoin, if it gets near support trend line, buy with a
tight stop loss.

Note

Lower support trend line is holding.
If this trend line breaks down we might see a drop to 8660 support level.
If this support holds, a move up to 9570 resistance Is expected.
Bitcoin owners : You can hold while support trend line is holding
tether / USD : You can buy around support trend line with tight stop loss
Triangle I talked about in last update ended in a down move.
Right now price is sitting on support. If this support gets lost
we might see a drop to next support which is 6918.
If you have Golem I suggest to keep a tight stop loss as
current support might get lost.
I don't think buying at this point is very wise.

Note

Last 4 lines of above comment are not for Bitcoin! Sorry. Here's the correct one :

Note

Price action is within an ascending triangle. Volume is also decreasing.
In a few hours we will see bullish or bearish action.
Resistance and support are shown on chart.

Note

reza_tayebi

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.

reza_tayebi