BITCOIN - Shows Some Signs To Finally Break The $6500!
Hello followers and other TradingView users!
At the moment we are around our very strong resistance which consists:
1. Round number $6500
2. March low $6533
3. April low $6425
4. ...and now is there also a minor trendline since 7. aug.
To confirm a breakout from this area we need at least a 4h candle close above the $6533 which is March low. Why 4h, because we have tried almost a week to break that level down but those attempts were unsuccessful. Yes, we got 1h candle closes above the mentioned area but those were just fakeouts so, that's why we need at least the 4h candle close above this level to confirm the breakout!
Breakout 'supported' with nice chart patterns and EMA's:
1. We have a CYPHER pattern which indicates that the 1.st target would be around $6900
2. We have a "Double bottom" on the trendline since 15.09.2017 with two touches
3. In the 1h chart, we break above the 200EMA
4. We have seen very nice and bullish candlestick patterns on the higher level and the higher timeframes
So, we have a pretty nice overview about this area, those monthly lows are pretty significant to watch!
But why the title is "shows some signs..." not "shows some strenght..."...because the volume is pretty low!
If we don't find that power to push the price through those level then I watch the bearish pa. around the $6200 because there are some important levels to watch!
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!
To get updates - click the FOLLOW button and please, don't forget to LIKE!
Thank You for your support
At the moment we are around our very strong resistance which consists:
1. Round number $6500
2. March low $6533
3. April low $6425
4. ...and now is there also a minor trendline since 7. aug.
To confirm a breakout from this area we need at least a 4h candle close above the $6533 which is March low. Why 4h, because we have tried almost a week to break that level down but those attempts were unsuccessful. Yes, we got 1h candle closes above the mentioned area but those were just fakeouts so, that's why we need at least the 4h candle close above this level to confirm the breakout!
Breakout 'supported' with nice chart patterns and EMA's:
1. We have a CYPHER pattern which indicates that the 1.st target would be around $6900
2. We have a "Double bottom" on the trendline since 15.09.2017 with two touches
3. In the 1h chart, we break above the 200EMA
4. We have seen very nice and bullish candlestick patterns on the higher level and the higher timeframes
So, we have a pretty nice overview about this area, those monthly lows are pretty significant to watch!
But why the title is "shows some signs..." not "shows some strenght..."...because the volume is pretty low!
If we don't find that power to push the price through those level then I watch the bearish pa. around the $6200 because there are some important levels to watch!
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!
To get updates - click the FOLLOW button and please, don't forget to LIKE!
Thank You for your support
Comment:
4h candle close $6498 :)
So, no close above the $6500 and above the $6533!
But this could happen because we are starting to gain some volume finally!
Interesting-interesting....
So, no close above the $6500 and above the $6533!
But this could happen because we are starting to gain some volume finally!
Interesting-interesting....
Comment:
Here are the drawn trendline on the line chart and for some time we traded above the trendline and between the strong resistance.
At the moment the price wants to go back below the trendline but let's see what we got - we had a nice 4h candle close and we need a small pullback to push it through! If this pullback goes too deep then the momentum is gone!
At the moment the price wants to go back below the trendline but let's see what we got - we had a nice 4h candle close and we need a small pullback to push it through! If this pullback goes too deep then the momentum is gone!
Comment:
We have a bearish Engulfing on the 1h chart!
Bounce was from $6550 and closed below the main levels and the volume is also a pretty big! The only things that hold us are EMA200 and the April low $6425.
Bounce was from $6550 and closed below the main levels and the volume is also a pretty big! The only things that hold us are EMA200 and the April low $6425.
Comment:
Just be on alert, EVERYTHING could happen at this price level!!
Comment:
On the hourly chart - another failed attempt to break the $6500-$6533!
If the break happens then definitely this candle is massive! No way that we just smoothly drive through this resistance zone!
...but at the moment looks like the pressure is still down! Now here is the question: do the buyers find the power and press it through after those many failed attempts or they are out of steam!
If the break happens then definitely this candle is massive! No way that we just smoothly drive through this resistance zone!
...but at the moment looks like the pressure is still down! Now here is the question: do the buyers find the power and press it through after those many failed attempts or they are out of steam!
Comment:
They keep trying, they keep trying to break that resistance but failure after failure! But to me, this looks like they succeed soon and we break above those levels, this consistency is just amazing :)
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Thank You!