Hi,
The price of Bitcoin has formed a bearish candlestick pattern on the previously mentioned strong resistance area.
Possibly, we might get something from the current price action but to jump into the possible correction, we need to stay patient. We need to wait for a small pullback to the orange area to get a perfect entry.
First of all, I want to count the reversal criteria:
1) Fibonacci retracement 50% and 62%
2) Short-term AB=CD
3) The strong horizontal price zone (the area inside the orange "box")
4) Fibonacci Extension 127%
5) The round number $10,000
6) ...and the cherry on the pie, the bearish candlestick "Bearish Engulfing" on the Daily timeframe.
Now, to be more specific about the trade execution, you need to wait for a little pullback to the orange price zone (9,9k-10k) on the 4H timeframe, or you can go even as low as 1H.
From there, you need to get a solid rejection downwards and this is your alert to the "Sell" trade - wait for a pullback to $9,900-$10,000 and then wait for a rejection from 1H or 4H timeframes.
4H timeframe:
At the moment, let's wait for a pullback to the marked area, I'll try to keep you posted!
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
The price of Bitcoin has formed a bearish candlestick pattern on the previously mentioned strong resistance area.
Possibly, we might get something from the current price action but to jump into the possible correction, we need to stay patient. We need to wait for a small pullback to the orange area to get a perfect entry.
First of all, I want to count the reversal criteria:
1) Fibonacci retracement 50% and 62%
2) Short-term AB=CD
3) The strong horizontal price zone (the area inside the orange "box")
4) Fibonacci Extension 127%
5) The round number $10,000
6) ...and the cherry on the pie, the bearish candlestick "Bearish Engulfing" on the Daily timeframe.
Now, to be more specific about the trade execution, you need to wait for a little pullback to the orange price zone (9,9k-10k) on the 4H timeframe, or you can go even as low as 1H.
From there, you need to get a solid rejection downwards and this is your alert to the "Sell" trade - wait for a pullback to $9,900-$10,000 and then wait for a rejection from 1H or 4H timeframes.
4H timeframe:
At the moment, let's wait for a pullback to the marked area, I'll try to keep you posted!
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
Order cancelled:
Booom...Zero rejection from the marked box and the area is cancelled!
Comment:
Comment:
Fresh BTC analysis:
Regards,
Vaido
Vaido
