EXPLANATION OF DIRECTION BASED ON PREVIOUS CHART!!
Hello all,
This chart is connected with the previous one, so if you wanna have a better
view of this analysis, please have in mind the previous chart too.
Bitcoin is bullish. This is my opinion and as I said in previous posts, I will
remain bullish until bitcoin is above the crucial area of 8625.
But for the short term, I need to say I am bearish, for the following reasons:
As you can see we are on daily time frame...
First of all I need to mention the Bollinger bands Width indicator...
This indicator is very useful for big time frames like daily ,weekly and monthly.
This indicator has one very important and specific support number, which if we
reach it, is a signal that bitcoin soon will make a huge movement.
This number is the 0.10 points. Once this indicator goes below this area,
we need any moment to expect a huge movement. Historically, bitcoin created
huge movements once this indicator shows 0.07 and 0.03. This indicator does not
mention direction, just it mentions upcoming big movement.
On previous analysis we saw that we are inside SYMMETRICAL TRIANGLE and this
triangle is near to breaks up or down. The direction depends too much from the waves
inside this triangle. Here I need to say that this triangle , its waves are bullish so the
possibilities of breaking upside is 60% and downside 40%.
But...if we turn our chart on daily time frame, we have three big bearish signals.
The one is a bearish divergence pairing with volume. (BEARISH SIGNAL 1)
If we see the volume we can easily understand that for this upside movement from
10380 to 10850, market does not agree as the volume is dead. Automatically we speak for
fake upside movement. (BEARISH SIGNAL 2)
Also we can see that bitcoin moves in a rising channel with bearish waves. (BEARISH SIGNAL 3)
The VPVR indicator shows that too much money are waiting around 9100 - 9300 area (SINGAL (2) THA MARKET DOES NOT AGREE WITH THIS UPSIDE DIRECTION)
Based on all the above and because volume is very important indicator for crypto market,
and assuming and the previous TA, I will say that I will choose the bearish direction in SHORT TERM,
and....
RESUME :
I EXPECT SYMMETRICAL TRIANGLE TO BREAKS DOWNSIDE WITH TARGETS BY SERIE :
10500
10350
10100
9850
9550
9300
Here I need to mentioned that based on rising channel we have, I will not surprise if we see bitcoin to
11000-11150 before the real retracement.
In any case, I will remain bearish with final target at least 9300 before to review again the market.
The above scenario, it will get deleted from my mind ONLY IF BITCOIN PASS 11500 area.
Please share your comments / ideas.
Support our ideas if you agree with us.
Thank you in advance.
This chart is connected with the previous one, so if you wanna have a better
view of this analysis, please have in mind the previous chart too.
Bitcoin is bullish. This is my opinion and as I said in previous posts, I will
remain bullish until bitcoin is above the crucial area of 8625.
But for the short term, I need to say I am bearish, for the following reasons:
As you can see we are on daily time frame...
First of all I need to mention the Bollinger bands Width indicator...
This indicator is very useful for big time frames like daily ,weekly and monthly.
This indicator has one very important and specific support number, which if we
reach it, is a signal that bitcoin soon will make a huge movement.
This number is the 0.10 points. Once this indicator goes below this area,
we need any moment to expect a huge movement. Historically, bitcoin created
huge movements once this indicator shows 0.07 and 0.03. This indicator does not
mention direction, just it mentions upcoming big movement.
On previous analysis we saw that we are inside SYMMETRICAL TRIANGLE and this
triangle is near to breaks up or down. The direction depends too much from the waves
inside this triangle. Here I need to say that this triangle , its waves are bullish so the
possibilities of breaking upside is 60% and downside 40%.
But...if we turn our chart on daily time frame, we have three big bearish signals.
The one is a bearish divergence pairing with volume. (BEARISH SIGNAL 1)
If we see the volume we can easily understand that for this upside movement from
10380 to 10850, market does not agree as the volume is dead. Automatically we speak for
fake upside movement. (BEARISH SIGNAL 2)
Also we can see that bitcoin moves in a rising channel with bearish waves. (BEARISH SIGNAL 3)
The VPVR indicator shows that too much money are waiting around 9100 - 9300 area (SINGAL (2) THA MARKET DOES NOT AGREE WITH THIS UPSIDE DIRECTION)
Based on all the above and because volume is very important indicator for crypto market,
and assuming and the previous TA, I will say that I will choose the bearish direction in SHORT TERM,
and....
RESUME :
I EXPECT SYMMETRICAL TRIANGLE TO BREAKS DOWNSIDE WITH TARGETS BY SERIE :
10500
10350
10100
9850
9550
9300
Here I need to mentioned that based on rising channel we have, I will not surprise if we see bitcoin to
11000-11150 before the real retracement.
In any case, I will remain bearish with final target at least 9300 before to review again the market.
The above scenario, it will get deleted from my mind ONLY IF BITCOIN PASS 11500 area.
Please share your comments / ideas.
Support our ideas if you agree with us.
Thank you in advance.
Trade closed: stop reached