VaidoVeek

BITCOIN - Technically a Perfect BUY Setup Around $3,530-$3,635!!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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During this rally upwards, the price has made important higher highs on the price action structure. It has made short-term HH's & HL's and higher timeframe HH's.
We fought heavily with the $4,000 level. Multiple attempts to break higher than $4,100 and lower than $4,000. We got bearish signs from the higher timeframes and the price did a breakout downwards from the triangle and it got a candle close below the $4,000. This move guides the price downwards around $3,760, currently, we can say that this is short-term higher low but I think we might see a bounce downwards from the current level at $3,900.

This area just below the $4,000 is very strong. Like I said before we had several attempts to break lower than $4,000 but the price got rejections from $3,950. Now, when the price is lower than this level then it starts to work as a resistance - just a simple role reversal.
If it finds resistance from the current area (around $3,900-$3,950) then there would be perfect right and left shoulders on the bearish chart pattern called "Head & Shoulders". This pattern will guide us to the major bounce area around the blue area (green circle). The price range for that bounce area would be between $3,530-$3,635.

The bounce area is a well known strong area, statistic wise 20 attempts to break through and only 2 of them were successful. Now I think if we reach into this area we will see a bounce if something strange doesn't happen at the same time.

The bounce area criteria at $3,530-$3,635:
1. The trend is Your friend and the short-term trend is bullish so, we would like to search some bullish setups.
2. The super strong price level starts to work as strong support (blue area)
3. ABC throwback would be perfect endpoint from the top to make another leg upwards.
4. Different FIB levels inside the green circle and yes, the golden ratio 62% retracement level is also on the circle.
5. In my opinion, one of the best Harmonic chart pattern Chypher (which will be easily a continuation pattern) endpoint is on the circle!
6. Different timeframe EMA's should act as support levels.
7. If we got a rejection from the mentioned area and this setup ends with a bullish candlestick pattern, then it would be seventh confirmation!

Currently, we got just an hour ago a little pump upwards with the altcoins support but still, I believe, if You want to get a perfect entry point I would suggest to watch this area!

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*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!

Previous Idea Post:

Comment: So far it goes as I had planned. The left shoulder resistance worked nicely after the short pump and we are heading downwards. The next confirmation comes after the breakout from the H&S pattern neckline, from the price may get a new down momentum and it should go to the mentioned bounce area!

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Comment: Here is my new idea post.
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Comment: As mentioned...
Comment: New idea post, please do not forget to hit the like ;)

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Comment: NEW trading idea:

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one of the best TA ;)
+1 Reply
This was a funny one. Thanks for the laughs. I will wait for the newer idea haha
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i'm still agree :)
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Here is my new idea post.
Do the Christmas present to me and hit the LIKE ;)

Cheers!
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Total Market Cap bouncing off trendline matter much? Curious of others opinion... Here is a link to an image I tried to look back even further than this graph https://i.imgur.com/WnIMGFA.jpg :
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I think this analysis might oversee that a H&S pattern usually extends minimum the height of the head below the neckline. This taking into account, it would go down to ~3.3k.
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is the plan still the same? hope right shoulder will break soon :)
Reply
@Gokic, the plan is still the same!
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