Hi,
At the moment, the Bitcoin price trades in the middle of the range, inside the chart patterns and we are all waiting for that big move - because the price getting close to the triangle tip.
Currently, I don't see any clear trading opportunities but I have some great opportunities and scenarios for the future price action, after some breakouts and etc.
Let's start from the bullish bias.
At the moment, the Bitcoin price is in the very big Descending Triangle. The upper trendline has worked as resistance (4 times) and if the price makes a breakout upwards, then my bias is bullish and I will start to look at buying opportunities.
The exact scenario would be a trendline breakout and a break above the well-known strong area - $11,000 - which should get confirmed after a Daily candle close above of those criteria. If it occurs then BTC price has made a short-, mid-term higher high. The breakout above the strong area and the new higher high will be pretty good signs for further upwards movements.
On the 4H timeframe, all-important EMA's are pretty equally lined up. A tiny move upwards and we get EMA Golden Crosses between 50 and 10 &200, between 100 and 200.
To give more bullish confirmations - after the close above the triangle upper trendline and close above the strong area 11k, we get also a candle close outside the bullish chart pattern called Inverted Head & Shoulders.
So, a little bullish summary.
Firstly, to get a bullish bias we have to get a Daily candle close above 11k. Then the BTC price...:
1. It has made a break above the descending triangle
2. It has made a break above the super strong resistance level
3. It has made a breakout from the bullish chart pattern called Inverted Head and Shoulders.
4. It has made a new higher high.
If we get a confirmed breakout (Daily candle close) then do not rush, wait for a slight throwback and if this occurs you will get further instructions from me, where and why you should jump into the wave.
Bearish bias.
As said previously, we are on the big Descending Triangle. Purely the triangle means that we have a breakout opportunities for in both directions but descending means that IF the breakout occurs downwards then it is more favorable than breakout upwards. So, the bigger pressure should be downwards. In my opinion, the triangle should start to work already if the price starts to fall lower than 10k. I just cannot see that the price manage to climb higher after it has fallen again below the psychological number 10k. Actually, the triangle starts to play after the breakout is confirmed but my gut feeling says that it doesn't climb higher after another fall below the 10k.
So, the first bigger signs start to kick in after the price is below the 10k, second and the most important sign comes after we have seen Daily candle close below the $9,400. Then it has made confirmed lower low candle close and I will search for some selling opportunities.
Possibly, we could get a selling setup after the Daily candle close below 10k but at the moment, can't call it but I will look at it very closely
The selling pressure is on the Monthly timeframe because of bearish candlestick patterns. The selling pressure is also on the Weekly and the selling pressure is because of the chart pattern. The pressure might drag the price between $6,500-$8,000 BUT it gets almost fully confirmed after the candle close below the Descending Triangle!
SUMMARY: As said, at the moment we should wait for a bit more confirmed price action.
Bullish bias: Firstly, a Daily candle close above the 11k, then we have several breakouts from different patterns and price levels. After that, we should wait for an optimal trade entry through a little throwback and then we are ready to jump to the wave.
Bearish bias: The higher timeframe downwards pressure is pretty high and I'm way more secure to take short positions. To avoid manipulation moves, we should wait for a bit more confirmed price action. The most bigger indications starts to kick in after the price has fallen lower than 10k.
High probability trading setups idea posts come individually after the price has reached to the mentioned/shown areas. As said, at the moment it is middle of the range and trading in the middle of the range is highly risky.
Have a nice week,
Vaido
At the moment, the Bitcoin price trades in the middle of the range, inside the chart patterns and we are all waiting for that big move - because the price getting close to the triangle tip.
Currently, I don't see any clear trading opportunities but I have some great opportunities and scenarios for the future price action, after some breakouts and etc.
Let's start from the bullish bias.
At the moment, the Bitcoin price is in the very big Descending Triangle. The upper trendline has worked as resistance (4 times) and if the price makes a breakout upwards, then my bias is bullish and I will start to look at buying opportunities.
The exact scenario would be a trendline breakout and a break above the well-known strong area - $11,000 - which should get confirmed after a Daily candle close above of those criteria. If it occurs then BTC price has made a short-, mid-term higher high. The breakout above the strong area and the new higher high will be pretty good signs for further upwards movements.
On the 4H timeframe, all-important EMA's are pretty equally lined up. A tiny move upwards and we get EMA Golden Crosses between 50 and 10 &200, between 100 and 200.
To give more bullish confirmations - after the close above the triangle upper trendline and close above the strong area 11k, we get also a candle close outside the bullish chart pattern called Inverted Head & Shoulders.
Firstly, to get a bullish bias we have to get a Daily candle close above 11k. Then the BTC price...:
1. It has made a break above the descending triangle
2. It has made a break above the super strong resistance level
3. It has made a breakout from the bullish chart pattern called Inverted Head and Shoulders.
4. It has made a new higher high.
If we get a confirmed breakout (Daily candle close) then do not rush, wait for a slight throwback and if this occurs you will get further instructions from me, where and why you should jump into the wave.
Bearish bias.
As said previously, we are on the big Descending Triangle. Purely the triangle means that we have a breakout opportunities for in both directions but descending means that IF the breakout occurs downwards then it is more favorable than breakout upwards. So, the bigger pressure should be downwards. In my opinion, the triangle should start to work already if the price starts to fall lower than 10k. I just cannot see that the price manage to climb higher after it has fallen again below the psychological number 10k. Actually, the triangle starts to play after the breakout is confirmed but my gut feeling says that it doesn't climb higher after another fall below the 10k.
So, the first bigger signs start to kick in after the price is below the 10k, second and the most important sign comes after we have seen Daily candle close below the $9,400. Then it has made confirmed lower low candle close and I will search for some selling opportunities.
Possibly, we could get a selling setup after the Daily candle close below 10k but at the moment, can't call it but I will look at it very closely
The selling pressure is on the Monthly timeframe because of bearish candlestick patterns. The selling pressure is also on the Weekly and the selling pressure is because of the chart pattern. The pressure might drag the price between $6,500-$8,000 BUT it gets almost fully confirmed after the candle close below the Descending Triangle!
SUMMARY: As said, at the moment we should wait for a bit more confirmed price action.
Bullish bias: Firstly, a Daily candle close above the 11k, then we have several breakouts from different patterns and price levels. After that, we should wait for an optimal trade entry through a little throwback and then we are ready to jump to the wave.
Bearish bias: The higher timeframe downwards pressure is pretty high and I'm way more secure to take short positions. To avoid manipulation moves, we should wait for a bit more confirmed price action. The most bigger indications starts to kick in after the price has fallen lower than 10k.
High probability trading setups idea posts come individually after the price has reached to the mentioned/shown areas. As said, at the moment it is middle of the range and trading in the middle of the range is highly risky.
Have a nice week,
Vaido
Have a great week!