BITCOIN - Soon We Will Know The Short-Term Direction!
Hello dear followers and other TradingView users!
In the weekend we moved sideways on the very small price range - between the $8100-$8300!
In the last topic, I gave to You some price levels what You need to watch but at the moment those levels are moved a bit lower and there are two bounce level opportunities where You have to watch what the price do! In those green boxes, we need definitely a strong bullish candlestick pattern to confirm that the bounce may happen!
Bullish scenarios:
*Breakout the strong resistance area around $8300
We have touched this level ten times and ten times we have bounced back from there (upper light yellow box called strong resistance)! So, this level looks like a pretty significant and if we find a power to break it, this will mean that we continue to climb the higher prices!
*Bounce 1 (Upper green box) criteria:
1. Decent support (thinner green line) $7745
2. The smaller Fibonacci retracement level 62%
3. The minor trendline retest
So, in this price level we have three confirmations but definitely, we need also a candlestick pattern confirmation because this level is a pretty risky and between the two major areas!
First Target $8000
*Bounce 2. Lower green box) criteria:
1. Old consolidation box retest and this consolidation box created a very strong resistance which becomes now a support!
2. The bigger Fibonacci retracement level 38%
3. Round number $7500
4. The major trendline retest area
And yes definitely we need also here a nice and clean bullish candlestick pattern to confirm that bounce because the 'ice' is very thin between the bullish bounce area and the bearish confirmation area so, be careful in this price level mistakes are easy to come!
First Target $7750
Bearish scenarios:
* Break and close below the strong support around $8000 (lower light yellow box)
First target $7800
Bearish confirmation (red area):
1. We have broken the round number area $7500
2. We have broken below the main trendline
3. We are back below the minor trendline
4. We have a break below the support areas
*We need at least 1h candle close in this area to confirm this!
First targets would be around $7000
Hopefully, this helps You out a little bit to confirm Your own analysis! Definitely make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment, I like feedback!
In the weekend we moved sideways on the very small price range - between the $8100-$8300!
In the last topic, I gave to You some price levels what You need to watch but at the moment those levels are moved a bit lower and there are two bounce level opportunities where You have to watch what the price do! In those green boxes, we need definitely a strong bullish candlestick pattern to confirm that the bounce may happen!
Bullish scenarios:
*Breakout the strong resistance area around $8300
We have touched this level ten times and ten times we have bounced back from there (upper light yellow box called strong resistance)! So, this level looks like a pretty significant and if we find a power to break it, this will mean that we continue to climb the higher prices!
*Bounce 1 (Upper green box) criteria:
1. Decent support (thinner green line) $7745
2. The smaller Fibonacci retracement level 62%
3. The minor trendline retest
So, in this price level we have three confirmations but definitely, we need also a candlestick pattern confirmation because this level is a pretty risky and between the two major areas!
First Target $8000
*Bounce 2. Lower green box) criteria:
1. Old consolidation box retest and this consolidation box created a very strong resistance which becomes now a support!
2. The bigger Fibonacci retracement level 38%
3. Round number $7500
4. The major trendline retest area
And yes definitely we need also here a nice and clean bullish candlestick pattern to confirm that bounce because the 'ice' is very thin between the bullish bounce area and the bearish confirmation area so, be careful in this price level mistakes are easy to come!
First Target $7750
Bearish scenarios:
* Break and close below the strong support around $8000 (lower light yellow box)
First target $7800
Bearish confirmation (red area):
1. We have broken the round number area $7500
2. We have broken below the main trendline
3. We are back below the minor trendline
4. We have a break below the support areas
*We need at least 1h candle close in this area to confirm this!
First targets would be around $7000
Hopefully, this helps You out a little bit to confirm Your own analysis! Definitely make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment, I like feedback!
Comment:
If we break upwards right away then this move is also supported with a chart pattern called inverted Head & Shoulders! This is a very small confirmation because in the 1h chart the right shoulder was formatted just a quick bounce down and quick bounce up!
Don't forget to LIKE, thank You!
Don't forget to LIKE, thank You!
Comment:
At the moment the pressure is down! We have tried to break $8125 several times but so far those attempts are failed! In the 15min chart all the EMA's gathering together and death cross are coming (EMA 100 and 200 crossovers, yes, the timeframe is too noisy)!
Pressure is down because we don't have any attempts to break upwards all THAT buyers do is - they just holding the price at the moment! Maybe they wait the perfect moment ;)
Pressure is down because we don't have any attempts to break upwards all THAT buyers do is - they just holding the price at the moment! Maybe they wait the perfect moment ;)
Comment:
Like I said the pressure is down and at the moment we make a breakout from a curve support! Be ready if we continue to go lower to the yellow bock area!
Comment:
Hello!
...and we are back in our consolidation box :) After I said that we have a selling pressure, we breakout from this box but that breakout lasted only a few hours! In the 1h chart we got a bounce up from 200EMA, 2h and 3h chart formatted bullish "railroad track" candlestick pattern and 4h chart we got a bullish "hammer" candlestick pattern! So much bullishness, yes?! Maybe yes but this looks like for me that the bulls just trying to hold the price and trying to control the attacks from bears, at the moment they can't do more!
The price slowly decreasing and let's see if we see one try to go upwards from bulls or we see another breakout downwards from this box and I think one more breakout and this would be the last one to show us some direction!
...and we are back in our consolidation box :) After I said that we have a selling pressure, we breakout from this box but that breakout lasted only a few hours! In the 1h chart we got a bounce up from 200EMA, 2h and 3h chart formatted bullish "railroad track" candlestick pattern and 4h chart we got a bullish "hammer" candlestick pattern! So much bullishness, yes?! Maybe yes but this looks like for me that the bulls just trying to hold the price and trying to control the attacks from bears, at the moment they can't do more!
The price slowly decreasing and let's see if we see one try to go upwards from bulls or we see another breakout downwards from this box and I think one more breakout and this would be the last one to show us some direction!
Comment:
Finally, we have some decent chart pattern in this price level - the triangle (drawn from the bodies)
This means that we may get our breakout confirmation bit earlier or this means also another confirmation to our 'confirmations list' if we see the breakout. Let's start collecting bearish or bullish signs!
This means that we may get our breakout confirmation bit earlier or this means also another confirmation to our 'confirmations list' if we see the breakout. Let's start collecting bearish or bullish signs!
Comment:
We got our first little confirmation - 1h candle closes in this light yellow area but at the moment we fight with a round number $8000! One time we tried to break through there but failed! To close the 4h candle we have over 2h to go to confirm also this but I think we get our answer sooner! Let's see, to be continued! :)
Comment:
We got 1h candle close below the round number $8000 but we have there the trendline which works as a support! Definitely, we see some selling pressure and we have 30 min. to 4h candle close to confirm the bearishness. The perfect scenario would be also the 4 h candle close below the round number and after that retest the $8000 or the light yellow area which was before support and now becomes resistance! Let's see and let's hope that whales doesn't 'play the game'!
Comment:
Yeah we got 4h candle close below the round number $8000 and in the last hour we retest those two what I mentioned (round number and yellow box) so, we could see another leg down here also need to push through the trendline! At least we have some confirmed action!
Comment:
At the moment we can say...BOOOOOOM :)
Comment:
And we are here...
"*Bounce 2. Lower green box) criteria:
1. Old consolidation box retest and this consolidation box created a very strong resistance which becomes now a support!
2. The bigger Fibonacci retracement level 38%
3. Round number $7500
4. The major trendline retest area
And yes definitely we need also here a nice and clean bullish candlestick pattern to confirm that bounce because the 'ice' is very thin between the bullish bounce area and the bearish confirmation area so, be careful in this price level mistakes are easy to come!"
Reminder: If we drop we have also red confirmation box for bearishness
"Bearish confirmation (red area):
1. We have broken the round number area $7500
2. We have broken below the main trendline
3. We are back below the minor trendline
4. We have a break below the support areas
*We need at least(!!) 1h candle close in this area to confirm this!"
"*Bounce 2. Lower green box) criteria:
1. Old consolidation box retest and this consolidation box created a very strong resistance which becomes now a support!
2. The bigger Fibonacci retracement level 38%
3. Round number $7500
4. The major trendline retest area
And yes definitely we need also here a nice and clean bullish candlestick pattern to confirm that bounce because the 'ice' is very thin between the bullish bounce area and the bearish confirmation area so, be careful in this price level mistakes are easy to come!"
Reminder: If we drop we have also red confirmation box for bearishness
"Bearish confirmation (red area):
1. We have broken the round number area $7500
2. We have broken below the main trendline
3. We are back below the minor trendline
4. We have a break below the support areas
*We need at least(!!) 1h candle close in this area to confirm this!"
Comment:
We have a trendline touch and last small confirmation from RSI - RSI is on the trendline and RSI is oversold on the strong area!
Usually, I never look RSI but RSI is good ONLY then when it is on a very strong area! Let's see what the price do, 20 min to 1h candle close!
Usually, I never look RSI but RSI is good ONLY then when it is on a very strong area! Let's see what the price do, 20 min to 1h candle close!
Comment:
We got our bounce from trendline and after that bounce, we could see a bullish "Hammer" candlestick pattern!
So, now we have a lot of confirmations to see some bullish action or bullish price movement!
So, now we have a lot of confirmations to see some bullish action or bullish price movement!
Thank You very much!