Hey followers and other TradingView users!
I'm back from my vacation and ready to make BTC analysis for You, hopefully, you find something useful from them, let's start!
On my vacation, BTC price made a really nice rally upwards, "the momentum volume" was higher than from the bottom (~$3,100) on the 4H chart, plus there are some good signs from the EMAs, we haven't been so 'long' above the 200EMA on the 4H timeframe since the beginning of September. Yes, too short time but still, we have made a mid-term record to hold the price above the 200EMA!
Visually and from those prementioned "components", we have made a pretty important movement upwards but when we jump into the wave or we won't jump at all?
I think we should jump into the wave and we should jump in around $3,500 (blue box). The blue box is on the pretty strong price levels. There meet multiple price action criteria and the perfect chart pattern retest:
The mentioned chart pattern is Double Bottom. The double bottom is a bullish chart pattern and we have made also a breakout from the neckline. Now, the pattern is valid and the movement upwards is more favorable but pretty often the price makes neckline retest after the breakout.
A perfect spot to enter into the market is the blue area and the blue area criteria:
1. Bullish chart pattern neckline retest
2. $3,500 is the support level
3. EMA100 should act as a support because it has recently worked nicely as resistance, so we can assume that the role reversal is in the game
4. Perfect Fibonacci retracement 62% matching with the orange line which is the Double Bottom neckline
Several strong price action criteria in one blue box and wait for a bounce from there IF the price reaches into the mentioned area. This is the perfect spot to enter into the market but if the momentum is high then it may go also a bit earlier and the first bullish confirmation may come after the 4H candle has to close above the $3,657.
The bounce upwards from the blue box has to be quick (like a V bottom or something like that) if it stays there for a while or it falls lower than $3,483 then we should see a small fractal situation which happened on the $4,000:
The movements are almost the same and if the rally starts then watch it CLOSELY, do the bounce area holds the price or not. So, you should wait for at least 1H candle close if the price reaches into the blue box, do the price gets a rejection or not!
I will make the updates and trying to keep you posted!
It is nice to be back and please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Have a nice day!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
I'm back from my vacation and ready to make BTC analysis for You, hopefully, you find something useful from them, let's start!
On my vacation, BTC price made a really nice rally upwards, "the momentum volume" was higher than from the bottom (~$3,100) on the 4H chart, plus there are some good signs from the EMAs, we haven't been so 'long' above the 200EMA on the 4H timeframe since the beginning of September. Yes, too short time but still, we have made a mid-term record to hold the price above the 200EMA!
Visually and from those prementioned "components", we have made a pretty important movement upwards but when we jump into the wave or we won't jump at all?
I think we should jump into the wave and we should jump in around $3,500 (blue box). The blue box is on the pretty strong price levels. There meet multiple price action criteria and the perfect chart pattern retest:
A perfect spot to enter into the market is the blue area and the blue area criteria:
1. Bullish chart pattern neckline retest
2. $3,500 is the support level
3. EMA100 should act as a support because it has recently worked nicely as resistance, so we can assume that the role reversal is in the game
4. Perfect Fibonacci retracement 62% matching with the orange line which is the Double Bottom neckline
Several strong price action criteria in one blue box and wait for a bounce from there IF the price reaches into the mentioned area. This is the perfect spot to enter into the market but if the momentum is high then it may go also a bit earlier and the first bullish confirmation may come after the 4H candle has to close above the $3,657.
The bounce upwards from the blue box has to be quick (like a V bottom or something like that) if it stays there for a while or it falls lower than $3,483 then we should see a small fractal situation which happened on the $4,000:
I will make the updates and trying to keep you posted!
It is nice to be back and please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Have a nice day!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
Actually, we might even see a breakout from the bullish continuation chart pattern Falling Wedge.
Last 1H candle was promising and altcoins are promising but what is not is the volume, classic ;)
Just be alerted!
Last 1H candle was promising and altcoins are promising but what is not is the volume, classic ;)
Just be alerted!
Comment:
NEW BTC analysis:
Cheers!
If the price want's to approach again that blue area then it has to be definitely today or tomorrow because as I have noticed the $3,500 becomes more popular and popular. If the area (at the moment rejection area upwards) becomes popular on the other traders or TradingView user then it doesn't work, because then it is so obvious :) but right now I still wait for some signs from the blue box, unfortunately, it's like looking at color drying.