Bitcoin Struggles to Break through Strong Ressistance Area.
Hey, I am back with another Idea, this time looking again at Bitcoin, as the leader indicator for all cryptocurrencies.
Looking at 1 hour chart, you can see here some ressistance levels (red), support level(green), uptrends and one key ressistance area.
Uptrends, or rising support level, in this scenario represent a wave/s that are pushing the price higher in waves, looking somehow like an unperfect channel, in uptrend and trying to break ressistances in their way.
When they struggle to break ressistance at known level, they are likely to find support at this uptrend support level, when an uptrend line gets broken and gets close below this level with no support response, its most likely to see a uptrend break, which leads to flash drop in price.
These brokes are represented with a letter "B".
In a way, you can say this will be the 13th attempt for Bitcoin to break this 6550-6500 ressistance area after 8500 got denied, if Bitcoin keep this up testing tempo without any major down movements, below 6200 or so, daily MACD will change.
If Bitcoin gets hard denied at this known ressistance area, we may see again retrace to 5800 with the whole cycle change getting extended again.
But lets look at current situation.
Currently is Bitcoin following newest uptrend, testing and breaking ressistances, riding on ema, if everything goes well, Bitcoin should follow this uptrend path to the very end (6550) and there Bitcoin should see another major movement, not a run, just a long candle. (but even a run is possible)
If it gets denied, hopefully to stay still bullish Bitcoin would need to find support at higher level than 6300 or at 6300, yes it can still drop lower but the whole process of breaking 6500 area will just overextend.
If I have forgot anything important, ask me about it down below.
And as always, I will try to keep this as much updated as possible :).
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, you can also find there Trading patterns, my trades enters and my targets, advices, or you can ask me for a TA on demand without any fee! Invitational link is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer. If you like this Technical Analysis let me know in the comments, Likes are always aprreciated, Thanks !
If I see something worth to share on the chart, I will surely do an Update.
Looking at 1 hour chart, you can see here some ressistance levels (red), support level(green), uptrends and one key ressistance area.
Uptrends, or rising support level, in this scenario represent a wave/s that are pushing the price higher in waves, looking somehow like an unperfect channel, in uptrend and trying to break ressistances in their way.
When they struggle to break ressistance at known level, they are likely to find support at this uptrend support level, when an uptrend line gets broken and gets close below this level with no support response, its most likely to see a uptrend break, which leads to flash drop in price.
These brokes are represented with a letter "B".
In a way, you can say this will be the 13th attempt for Bitcoin to break this 6550-6500 ressistance area after 8500 got denied, if Bitcoin keep this up testing tempo without any major down movements, below 6200 or so, daily MACD will change.
If Bitcoin gets hard denied at this known ressistance area, we may see again retrace to 5800 with the whole cycle change getting extended again.
But lets look at current situation.
Currently is Bitcoin following newest uptrend, testing and breaking ressistances, riding on ema, if everything goes well, Bitcoin should follow this uptrend path to the very end (6550) and there Bitcoin should see another major movement, not a run, just a long candle. (but even a run is possible)
If it gets denied, hopefully to stay still bullish Bitcoin would need to find support at higher level than 6300 or at 6300, yes it can still drop lower but the whole process of breaking 6500 area will just overextend.
If I have forgot anything important, ask me about it down below.
And as always, I will try to keep this as much updated as possible :).
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, you can also find there Trading patterns, my trades enters and my targets, advices, or you can ask me for a TA on demand without any fee! Invitational link is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer. If you like this Technical Analysis let me know in the comments, Likes are always aprreciated, Thanks !
If I see something worth to share on the chart, I will surely do an Update.
Comment:
Daily MACD on point, oversold and with steep uptrend and possible trend change.
Comment:
Most likely path in Bitcoin current uptrend channel.
Comment:
15 min macd and rsi suggest a bit of a drop, very likely to test uptrend.
Comment:
good demand can be seen on last 2 candles.
Comment:
There it is!
Comment:
So the last uptrend have tested the 6500 ressistance area few times as predicted, but even this time has failed and we ve seen some stronger move to 6230, from where bitcoin again found even steeper uptrend and its again about to test ressitance, testing ressistance this often shows pretty good demand even after denial.