Hello, followers and other TradingView users!
Little chart update from me, hopefully, it is helpful and likeable ;)
The Weekly chart
On the weekly chart, we can see that all the higher highs and higher low are on the same place because of the very low price range movement. Last week Bitcoin' price moved in the $180 range (high: $6638, low: $6453). Price action perspective, there was some bullish momentums and bullish patterns but the price just didn't catch that volume what is needed to make the big moves! The best what we can read out from the weekly chart is that we are still above the major down-trendline which should work as a support.
The four-hour chart
Let's watch current price action from the 4h chart. We have three chart patterns plus some bullish candlestick patterns on the important levels.
The chart patterns are - the Triangle, the continuation pattern Falling Wedge, the down channel.
The triangle has pulled from the trendlines, bottom trendline is the major counter trendline which is pulled from August 14 low point and the upper minor trendline is pulled from September 22. Currently, the price sitting exactly between those lines and as You know, the triangle has two breakout opportunities. So, if You want to know short-term direction then wait for a breakout from the triangle but before it happens, we have several price action criteria to break and several earlier confirmations.
First confirmation and the second chart pattern - Falling Wedge. It is a continuation pattern and currently, the short-term trend is upwards and the continuation pattern works better if we see a breakout above the upper blue trendline but looks like this is pretty hard.
Currently, we are very close to making a breakout but the area is very strong. At the moment, the upper blue trendline and the round number $6,500 makes a crossing area which is 'hard to beat area' but we have a bullish indication that this may succeed because of the yesterday's bullish candlestick pattern "Hammer", it would be an important momentum sign but sadly, lately, those "Hammers" doesn't work as they should! Today is definitely an important day and actually, the whole week is important to get to know about the further Bitcoin' direction. We could see some shake offs again, it means quick bounce upwards-quick bounce downwards so, be ready, they can make any moves with the price because of the last week low price range but still, we want to search some confirmations from the price movements.
The third chart pattern is the downwards channel. If You draw this channel from the bottom wicks (supports and use "Parallel Channel" tool in the TV) then those upper resistance wick matches exactly to do the channel!
Bullish confirmations:
1. A candle close again above the round number $6,500
2. A candle close above the continuation pattern Falling Wedge, it will show short-term movement upwards!
3. A candle close above the down channel resistance line
4. A candle close above the triangle upper trendline.
If we manage to get those confirmations then we are heading into the major resistance area which is $6,767. There we could see again the price stop and if we manage to break this also then the major target would be the $7,000.
Bearish confirmations:
1. A daily candle close below the strong support at $6,460
2. Daily candle close below the Falling Wedge chart pattern
3. Daily candle close below the triangle
If You see those breakouts downwards, then You have to be very cautious because then we could go and print the new 2018 lows! First supports at $6,250, $6,125!
If You want to see RIPPLE' and CARDANO' weekly forecast, then visit "CryptoComes" profile in the TradingView and do not hesitate to follow it!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
Little chart update from me, hopefully, it is helpful and likeable ;)
The Weekly chart
The four-hour chart
Let's watch current price action from the 4h chart. We have three chart patterns plus some bullish candlestick patterns on the important levels.
The chart patterns are - the Triangle, the continuation pattern Falling Wedge, the down channel.
The triangle has pulled from the trendlines, bottom trendline is the major counter trendline which is pulled from August 14 low point and the upper minor trendline is pulled from September 22. Currently, the price sitting exactly between those lines and as You know, the triangle has two breakout opportunities. So, if You want to know short-term direction then wait for a breakout from the triangle but before it happens, we have several price action criteria to break and several earlier confirmations.
First confirmation and the second chart pattern - Falling Wedge. It is a continuation pattern and currently, the short-term trend is upwards and the continuation pattern works better if we see a breakout above the upper blue trendline but looks like this is pretty hard.
Currently, we are very close to making a breakout but the area is very strong. At the moment, the upper blue trendline and the round number $6,500 makes a crossing area which is 'hard to beat area' but we have a bullish indication that this may succeed because of the yesterday's bullish candlestick pattern "Hammer", it would be an important momentum sign but sadly, lately, those "Hammers" doesn't work as they should! Today is definitely an important day and actually, the whole week is important to get to know about the further Bitcoin' direction. We could see some shake offs again, it means quick bounce upwards-quick bounce downwards so, be ready, they can make any moves with the price because of the last week low price range but still, we want to search some confirmations from the price movements.
The third chart pattern is the downwards channel. If You draw this channel from the bottom wicks (supports and use "Parallel Channel" tool in the TV) then those upper resistance wick matches exactly to do the channel!
Bullish confirmations:
1. A candle close again above the round number $6,500
2. A candle close above the continuation pattern Falling Wedge, it will show short-term movement upwards!
3. A candle close above the down channel resistance line
4. A candle close above the triangle upper trendline.
If we manage to get those confirmations then we are heading into the major resistance area which is $6,767. There we could see again the price stop and if we manage to break this also then the major target would be the $7,000.
Bearish confirmations:
1. A daily candle close below the strong support at $6,460
2. Daily candle close below the Falling Wedge chart pattern
3. Daily candle close below the triangle
If You see those breakouts downwards, then You have to be very cautious because then we could go and print the new 2018 lows! First supports at $6,250, $6,125!
If You want to see RIPPLE' and CARDANO' weekly forecast, then visit "CryptoComes" profile in the TradingView and do not hesitate to follow it!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
Comment:
Very nice and clean bullish "Railroad track" candlestick pattern from the mentioned right shoulder support area. Let's see if the momentum continues, if yes, then we might see a break above the round number $6,500 and above the blue trendline!
Comment:
Boom, they are here to smash our TA.'s!
VOLUME on the market! Don't panic just wait, this could be the mentioned shake off or bear trap. If they do those moves then they do it on the bull market (slightly grinding upwards)but currently, over the weekend we saw down movement and this is something unusual that massive down candle comes exactly on the grinding direction!
The volume was high but in the 15 min chart, it doesn't show any follow through the direction. Altcoins are on the minus side but not too much so, wait and don't panic but if You start to see another leg down (follow up), then it could be mean something bigger and THEN You can panic :)
VOLUME on the market! Don't panic just wait, this could be the mentioned shake off or bear trap. If they do those moves then they do it on the bull market (slightly grinding upwards)but currently, over the weekend we saw down movement and this is something unusual that massive down candle comes exactly on the grinding direction!
The volume was high but in the 15 min chart, it doesn't show any follow through the direction. Altcoins are on the minus side but not too much so, wait and don't panic but if You start to see another leg down (follow up), then it could be mean something bigger and THEN You can panic :)
Comment:
Looks like we may get another leg down! Now there could be a panic on the market!
Comment:
Currently, the price is still on the triangle and we have a breakout downwards from the Falling wedge. This breakout from the falling wedge is not confirmed yet, because we don't have a candle close below it but we have a candle close below the mentioned strong resistance level at $6,460.
Comment:
The falling continues and now we are on the very crucial area the major down trendline is the gray line!
If we go down from there then bye-bye BTC!
If we go down from there then bye-bye BTC!
Comment:
Current bounce upwards came from the trendlines crossing area.
PRECISELY from the wick to wick:
- The major down trendline since March 5. and the second touch 25. July
- The major counter trendline since August 14. and the second touch October 12.
It pushed the price back inside the triangle and to get full confirmation from 4h candle close then we have to wait for another 2h. Yes, those are long minutes to wait but if we don't catch this Bart move quickly (Bart move is a movement down, a little consolidation and quickly back upwards, like the Bart Simpon haircut :D) then we may fall below this crossing area and that is a very bad sign. We may stay there for a pretty long time and that is not healthy for the whole market! Retail traders can't ever push the price back up if it falls below the crossing area, only ones who can push the price up above the crossing area are the market makers and who knows when they want to see higher prices.
I try to keep You updated, hopefully, it helps You out a little bit to confirm your own research!
PRECISELY from the wick to wick:
- The major down trendline since March 5. and the second touch 25. July
- The major counter trendline since August 14. and the second touch October 12.
It pushed the price back inside the triangle and to get full confirmation from 4h candle close then we have to wait for another 2h. Yes, those are long minutes to wait but if we don't catch this Bart move quickly (Bart move is a movement down, a little consolidation and quickly back upwards, like the Bart Simpon haircut :D) then we may fall below this crossing area and that is a very bad sign. We may stay there for a pretty long time and that is not healthy for the whole market! Retail traders can't ever push the price back up if it falls below the crossing area, only ones who can push the price up above the crossing area are the market makers and who knows when they want to see higher prices.
I try to keep You updated, hopefully, it helps You out a little bit to confirm your own research!
Comment:
From a technical perspective, besides that there is a super-strong crossing area, there is also slight RSI divergence on the 4h chart. I watch those "lagging indicators" only when the situation on the market is hard and I need more tiny confirmations.
What is RSI divergence:
The current situation shows, that the price has a higher low but RSI indicator makes a new lower low compared to the price. So, it could be a small sign that currently, this crossing area starts to hold the price and Bitcoin is 'massively' oversold!
What is RSI divergence:
The current situation shows, that the price has a higher low but RSI indicator makes a new lower low compared to the price. So, it could be a small sign that currently, this crossing area starts to hold the price and Bitcoin is 'massively' oversold!
Comment:
Slowly climbing upwards but to be the bullish 4h Hammer candlestick patter, it has to close at $6390!! Then we have nice rejection from strong arra and bullsi pattern!
Comment:
*From strong area and bullish pattern!
Sorry for typing mistakes, I'm on my phone to update You!
Sorry for typing mistakes, I'm on my phone to update You!
Comment:
My fresh thoughts about BITCOIN & as always, hit the LIKE button ;)
![BITCOIN [BTC/USD] - Is On The Edge!!](https://s3.tradingview.com/f/FqfOOWrg_big.png)
The neckline is the round number $6,500 which works as a resistance.
If we fall lower than the right shoulder support line, then I try to update You again!