Hello!
"Repetition is the mother of wisdom"
Weekly chart
Bitcoin' has made a breakout from the major down trendline which is a pretty important sign for Bitcoin'. Yesterday, it made very big moves at exchanges where crypto-fiat trading is provided. That happened due to the USDT' crash, but currently, things have settled down and we may do a technical analysis for Bitcoin'.
On the weekly frame, trading is above the major down trendline and the highest high peak was reached. The highest high got confirmed on the one-hour time frame where it made a quick close above the previous level.
Daily chart
Yesterday's candle close was above some important levels: above the round number $6,500, above the curve support and above the major down-trendline. One and the most significant level was unbeatable at $6,767 but the most important sign is that the candle closed above the major down-trendline. It will show that technically, the power is there and buyers manage to hold the price above the trendline.
Speaking of further action then the first blue line above the current price is the key level. If we manage to break through, then we could see a movement to the $7,000 and to $7.400 because currently there are not so much heavy resistances to stop us. Definitely, the road is not as fast and smooth as it was yesterday. Step-by-step, resistance after resistance.
Four-hour chart (the main image)
Yesterday we got pretty quick throwback which is not a good sign but luckily today, we saw positive actions from important price levels. The price fell down to the super-strong crossing area around $6,700. The major down trendline, the curve support and the minor trendline which is pulled from 22. Sept. have met at this point.
The price reacted quickly and after the close it formed a bullish "Hammer", a little consolidation and currently, we fight again with the strong resistance (blue line at $6,767). If this move upwards is a long-lasting then it would be the key point. The retest area (crossing area) was so important because after the breakout the price almost always makes a retest and the climb may continue after that, so as now.
Let's talk about Bitcoin' possible scenarios.
Bullish scenario:
Firstly, the retest has to hold us (which ended with the "Hammer" pattern) and secondly we have to take down the strong area at $6,767. This is the first guideline to the higher prices because lately, this level has played a significant role. It has been multiple times unbeatable resistance point and if it finally breaks we might see a nice move upwards to the next round number $7,000 and from there to the $7,400 higher high point.
Bearish scenario:
1. A candle close below the curve support
2. A candle close below the brown short-term trendline
3. A candle close below the major down-trendline.
Those are the most important supports below the current price and if the price reaches below the aforementioned levels then it would be a bad sign. Those criteria make together a strong crossing area and the crossing areas are always the key levels. At least a four-hour candle close around $6,550 gives us a break below from the crossing area and leaves only the round number $6,500 which has to hold the 'fall train' from falling any further if not then the arrows show the further direction!
If You want to see the Ripple' and Cardano' weekly scenarios, then visit "CryptoComes" profile in the TradingView and do not hesitate to follow it!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
"Repetition is the mother of wisdom"
Weekly chart
On the weekly frame, trading is above the major down trendline and the highest high peak was reached. The highest high got confirmed on the one-hour time frame where it made a quick close above the previous level.
Daily chart
Speaking of further action then the first blue line above the current price is the key level. If we manage to break through, then we could see a movement to the $7,000 and to $7.400 because currently there are not so much heavy resistances to stop us. Definitely, the road is not as fast and smooth as it was yesterday. Step-by-step, resistance after resistance.
Four-hour chart (the main image)
Yesterday we got pretty quick throwback which is not a good sign but luckily today, we saw positive actions from important price levels. The price fell down to the super-strong crossing area around $6,700. The major down trendline, the curve support and the minor trendline which is pulled from 22. Sept. have met at this point.
The price reacted quickly and after the close it formed a bullish "Hammer", a little consolidation and currently, we fight again with the strong resistance (blue line at $6,767). If this move upwards is a long-lasting then it would be the key point. The retest area (crossing area) was so important because after the breakout the price almost always makes a retest and the climb may continue after that, so as now.
Let's talk about Bitcoin' possible scenarios.
Bullish scenario:
Firstly, the retest has to hold us (which ended with the "Hammer" pattern) and secondly we have to take down the strong area at $6,767. This is the first guideline to the higher prices because lately, this level has played a significant role. It has been multiple times unbeatable resistance point and if it finally breaks we might see a nice move upwards to the next round number $7,000 and from there to the $7,400 higher high point.
Bearish scenario:
1. A candle close below the curve support
2. A candle close below the brown short-term trendline
3. A candle close below the major down-trendline.
Those are the most important supports below the current price and if the price reaches below the aforementioned levels then it would be a bad sign. Those criteria make together a strong crossing area and the crossing areas are always the key levels. At least a four-hour candle close around $6,550 gives us a break below from the crossing area and leaves only the round number $6,500 which has to hold the 'fall train' from falling any further if not then the arrows show the further direction!
If You want to see the Ripple' and Cardano' weekly scenarios, then visit "CryptoComes" profile in the TradingView and do not hesitate to follow it!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
Comment:
NEW IDEA POST!
Please leave a comment and hit the LIKE button!
Thank You and hopefully, it is helpful!
Please leave a comment and hit the LIKE button!
Thank You and hopefully, it is helpful!
Also, the short-term down trendline (brown line) has held the price pretty nicely. So, a first bearish confirmation is a close below the curve support and below the trendline. Bullish confirmation is a breakout from $6,767!