Now, over a week lasting down-pressure ended yesterday! We got a nice pullback candle which indicates for a short-term bullishness because we manage to push the price back above the April support and above the round number $6500!
The bounce was supported with which was pulled from daily candle bodies from 15.09.2017 and second touch 29.06.2018!
Like I said yesterday in my last topic that, if we get daily candle close above those levels then today I search some buy entries if we retest the $6500 area.
And at the moment we are here to retest those supports, now, what we need is price action and what is price action?
price action is this when we get some confirmations from patterns, chart patterns or from HH & HL formations etc.
So, at the moment I start to make updates on what I see and hopefully we manage to catch some moves!
Right now the price test the April support level! Here we can see also one sloppy inverted pattern which indicates bullishness!
Also, I put on my chart one green and one red box!
Green box confirms bullishness, we need a 1h or 4h (better is 4h) candle close in this area or above that to confirm bullishness! Nice yesterday's candle above strong levels, retest those strong levels and climb continues!
There is also a red box which indicates bearishness:
If we get a close in this area then it shows us bulls don't have the power to hold and push the price upwards and the selling pressure is still massive. Close below , close below strong levels and I thin even 6k doesn't help to find support if we get close in this area but let's see!
Summary: at the moment, like I said, I search BUY entries and I search price action before we can make buy!
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*Break below the wedge bottom trendline
*Break below the support/resistance retest area
Close in this area would be mean continuation candle upwards!
1. Break above the strong resistance
2. A breakout from continuation pattern "Rising wedge"
3. Bounce supported with double bottom breakout area retest which means continuation
4. Bounce supported with Fibo levels!
If we get a close in this area then it shows us bulls don't have the power to hold and push the price upwards and the selling pressure is still massive. Close below trendline , close below strong levels and I thin even 6k doesn't help to find support if we get close in this area but let's see!"
After some nice bull movements we just don't had that power to push the price above our marked green box! The prive came down pretty quickly and closes red box (which means bearishness) and continues to drop even more! Now we could see some bear flag pattern which indicates that we might drop even more and one close below the $6k could mean disaster!
So, have a nice weekend and see You soon!
I see many charts all over the place
Every one of them is wrong
The market played opposite
Don’t take it personally
Happy trade man