VaidoVeek
Long

BITCOIN - Searching Some Bullish Price Action to Enter The Trade

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello followers and other TradingView users!
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 trendline 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 bullish price action and what is bullish price action?
Bullish price action is this when we get some confirmations from candlestick 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 Head & Shoulders 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 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!

Summary: at the moment, like I said, I search BUY entries and I search bullish price action before we can make buy!

PLEASE, don't forget to SHARE this, hit the LIKE and the FOLLOW button if you feel this topic deserves it!
That's the best way to support me and help to push this analysis to other users.
Best regards!
Comment: Like You see we have touched the April low now two times and two times we have bounced back above this level which is good! One ALLMOST "Hammer" and one doji candlestick pattern! If we got here a candle close above the $6500 then there is a nice launching platform but let's take this step-by-step. To be continued....

Comment: "Hammer" candlestick pattern after the 4h candle close! The price bounce upwards was supported by the April low support and by Fibonacci 50% levels! So, we have a nice bullish candle but we need a little bit more because there is a resistance $6500 what we have to break! So far nice bullish signs...let's collect a little bit more!
Comment: At the moment we have a double bottom breakout area retest. This area fits also with our Fib levels, let's see what we got for next! No real confirmations to either direction, so, no trade at the moment and if You trade in this area You are gambling imo!

Comment: Please, don't forget to hit the LIKE button!
Thank You for your support!
Comment: A little bit scary price action for the bulls on this level! If we stay here for a while then it could be mean that we drop below this blue resistance area which now becomes support because if the level is good then I except quicker price retracement!
Comment:
Comment: After the post, we manage to push the price away from this support area, which is good! I notice that we have a two continuation pattern almost 2in1 we have this double bottom retest formation and we have also continuation pattern "Falling Wedge", this wedge is maybe a liiiiiittle bit too long but it is pretty solid! Now is there one green box above the April low level $6425. We need a candle close around this green area to confirm some bullish momentum, 20 min. to go for a 1h candle close and if we manage to push it through with those 20. minutes then in 1h chart we could see also a "Morning Star" candlestick pattern!
I keep You updated!
Comment: ...and to confirm bearishness, a 1h candle close below the $6315 confirms that:
*Break below the wedge bottom trendline
*Break below the support/resistance retest area
Comment: Perfect breakout and perfect candle close looks like this!
Close in this area would be mean continuation candle upwards!
Criteria:
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!

Comment: sorry not the "Rising wedge" I meant "Falling Wedge"
Comment: The Two-hour chart gives us a nice bullish "Morning Star" candlestick pattern which will indicate for a next bullish move - a perfect would be when we have closed above the round number $6500.

Comment: "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 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!
Comment: Here are some lower level supports what do You need to watch if we heading down! At the moment I would just enjoy the weekend and I recommend same to You because right now we just playing the loto! The price are here and there some very good setups cracked very easily! My bearish confirmation box - which is nice!
So, have a nice weekend and see You soon!
Comment: *My bearish confirmation box was on the right place - which is nice! :)
I see two different options how this will play out. However, I think O2 is more likely:
Reply
Slowly start packing with ladderbuy from 6k down till 5400. :-)
Reply
table001 big_foot
@big_foot, exactly my idea, they will retest the bottom before 15th.
Reply
bitcoin rip..




Reply
Almost everyone is WRONG
SO MANY CHARTS
SO MANY PROS

ALL WRONG
Reply
@meveme, what idea do you propose?
Reply
meveme TV-Ledge
@TV-Ledge, it was not about ur idea only
I see many charts all over the place
Every one of them is wrong
The market played opposite

That’s all

Don’t take it personally

Happy trade man
Reply
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