BITCOIN - Deep Down Analysis - DO The Market Makes a Pullback?
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Let's jump straight to the action, wait no, after the LIKE let's jump into the action ;)
As You can see on the Daily chart, we are on the massive continuation pattern called "Falling Wedge". Falling wedge will indicate further direction after the breakout from both sides but the continuation pattern will indicate that the breakout upwards is more reliable. Currently, we can't even say that we might see a breakout upwards but we can hope that the bottom Falling Wedge trendline can be able to hold the current price above it.
Wedge bottom trendline has drawn from March 29. and the upper trendline has drawn from May 5. The projection touches also previous highs and lows from the past but those are sloppy touches but still those lines are very strong and should act nicely as a support and as a resistance.
At the moment we have got a rejection from the Wedge trendline and from the FIB Extension level 161% with the massive volume inside the daily candle. This volume was highest since 6. Feb. 2018 but is this enough to make a little pump upwards. Let's see on the shorter timeframes:
12H chart:
On the 12H timeframe, You can see that we have a reversal indication candlestick pattern on the bottom - "Spinning bottom" (a good indication that it is green). This will be a small sign that we might see a little bounce but as I said on my previous updates, to make bigger assumptions based on candlesticks patterns then we want to see patterns which consist of two or three candles.
If You look left on the chart then there is a strong level at $4,320 (can't believe that we talk so low prices). The support is marked as a black horizontal line and currently, we have got three rejections from the mentioned level.
So, another COULD-BE-A-SIGN for a small bounce to the $5k area but let's look closer.
6H chart:
This chart shows us that we are stuck between the two levels. Yesterday I pointed out a support level $4,470 which should act as a strong area. The price breaks below it and now it works as a resistance. Several attempts to break back above it but those attempts were failed.
If we look this chart then we find something positive from here also - another one candle candlestick pattern called "Hammer". The Hammer got a rejection from FIB extension 161% but sadly - yes sadly - it didn't touch the round number $4,000. If it would have touched the round number then we could have a stronger support and we know that the $4k is touched and we may have a short-term bottom but currently, there are stupid free space between the bounce and round number, this is tiny but still stupid! It would have more powerful.
Now the last chart - 4H:
Nothing new, another "Hammer" from known bounce area but I give You a little bit precise candle close confirmation areas for either direction.
A candle close above the $4,470 and above the round number $4,500 will be a sign that we might see a bounce upwards to the $5,000.
A candle close below the Falling wedge trendline and below the daily strong area at $4,320 will guide us to the next leg downwards. The first target would be the not-touched round number $4,000 and if the candle gets a close below it then...booom $3,000-$3,500. So, watch out for that!
Summary: We collected several bullish indications from different timeframes which will indicate that we might see finally a short-term pullback upwards, the target could be $5k the volume is big because of the battle between the bulls and bears, now we need that tha bulls would win this battle and the first sign will be the 4H candle close above the $4,500 but there is still room to go lower and the down pressure is still pretty high. A candle close below the falling wedge and below the $4,320 will guide us to the unfilled area between the current rejection low point and $4k level. If You see a candle close below the $4k then prepare for the next ride downwards.
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis, trade with cautious!
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really really appreciate it!
Have a nice day!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Let's jump straight to the action, wait no, after the LIKE let's jump into the action ;)
As You can see on the Daily chart, we are on the massive continuation pattern called "Falling Wedge". Falling wedge will indicate further direction after the breakout from both sides but the continuation pattern will indicate that the breakout upwards is more reliable. Currently, we can't even say that we might see a breakout upwards but we can hope that the bottom Falling Wedge trendline can be able to hold the current price above it.
Wedge bottom trendline has drawn from March 29. and the upper trendline has drawn from May 5. The projection touches also previous highs and lows from the past but those are sloppy touches but still those lines are very strong and should act nicely as a support and as a resistance.
At the moment we have got a rejection from the Wedge trendline and from the FIB Extension level 161% with the massive volume inside the daily candle. This volume was highest since 6. Feb. 2018 but is this enough to make a little pump upwards. Let's see on the shorter timeframes:
12H chart:
If You look left on the chart then there is a strong level at $4,320 (can't believe that we talk so low prices). The support is marked as a black horizontal line and currently, we have got three rejections from the mentioned level.
So, another COULD-BE-A-SIGN for a small bounce to the $5k area but let's look closer.
6H chart:
If we look this chart then we find something positive from here also - another one candle candlestick pattern called "Hammer". The Hammer got a rejection from FIB extension 161% but sadly - yes sadly - it didn't touch the round number $4,000. If it would have touched the round number then we could have a stronger support and we know that the $4k is touched and we may have a short-term bottom but currently, there are stupid free space between the bounce and round number, this is tiny but still stupid! It would have more powerful.
Now the last chart - 4H:
A candle close above the $4,470 and above the round number $4,500 will be a sign that we might see a bounce upwards to the $5,000.
A candle close below the Falling wedge trendline and below the daily strong area at $4,320 will guide us to the next leg downwards. The first target would be the not-touched round number $4,000 and if the candle gets a close below it then...booom $3,000-$3,500. So, watch out for that!
Summary: We collected several bullish indications from different timeframes which will indicate that we might see finally a short-term pullback upwards, the target could be $5k the volume is big because of the battle between the bulls and bears, now we need that tha bulls would win this battle and the first sign will be the 4H candle close above the $4,500 but there is still room to go lower and the down pressure is still pretty high. A candle close below the falling wedge and below the $4,320 will guide us to the unfilled area between the current rejection low point and $4k level. If You see a candle close below the $4k then prepare for the next ride downwards.
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis, trade with cautious!
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really really appreciate it!
Have a nice day!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
Slowly gaining some power for the next attempt to break above the trendline, which should guide us to the $4,770 area but remember to watch this red counter trendline. If this breaks and we get a candle close below the round number $4,500 then this is a big statement downwards. The overall trend is down and after the counter trendline break, it should make a move down to the $4,320 area and possibly even lower than that.
NB: Again, watch this red trendline break but currently altcoins are on the green to support the next attempt to break the upper trendline!!
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NB: Again, watch this red trendline break but currently altcoins are on the green to support the next attempt to break the upper trendline!!
Comment:
Danger, danger! We have a break below the counter trendline, $4,500 and $4,470!
Comment:
A quick bounce back above the round number could be pos. sign!
Comment:
We touched the mentioned $4,320 area and now we might see something powerful bullish setup if the curren 4H candle gets a close above the $4,530
1. Perfect retest and bounce from $4,320
2. Close above the $4,470
3. Close above the round number $4,500
4. Close above the trendline
5. And after 5hose breakouts we get a bullsih candlestick pattern called Engulfin (as I mentioned before then we have to see candlestick pattern which at least consists of two candles.
This is powerful setup - You have to wait this - IF the current 4H candle gets a close above the $4,530!
Good luck and good night.
Don’t forget to LIKE if You appreciate my work!
1. Perfect retest and bounce from $4,320
2. Close above the $4,470
3. Close above the round number $4,500
4. Close above the trendline
5. And after 5hose breakouts we get a bullsih candlestick pattern called Engulfin (as I mentioned before then we have to see candlestick pattern which at least consists of two candles.
This is powerful setup - You have to wait this - IF the current 4H candle gets a close above the $4,530!
Good luck and good night.
Don’t forget to LIKE if You appreciate my work!
Comment:
NB: ONLY then when the current 4H candle gets a close above those levels, ONLY THEN!!
Comment:
We have a higher low on the chart!!
BUT we still don't have the higher high, the last lower high was close but still lower than previous LH.
Price structure wise, currently it makes good-looking moves. We got this bullish Engulfing candlestick pattern on the 4H chart and currently on the 1H chart, the round number has worked nicely as a support. The platform to make short pump and to make a higher high is great. The momentum may go away when the price falls down below the trendline and makes new lower low otherwise You should stay with pos. bias.
Here is the bullish Engulfing candlestick pattern on the 4H chart:
A nice break above the mentioned levels which are in the update post above and now the price retest the breakout area which is the round number and technically it is good to go but still reminder: We Don't Have The Higher High!
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BUT we still don't have the higher high, the last lower high was close but still lower than previous LH.
Price structure wise, currently it makes good-looking moves. We got this bullish Engulfing candlestick pattern on the 4H chart and currently on the 1H chart, the round number has worked nicely as a support. The platform to make short pump and to make a higher high is great. The momentum may go away when the price falls down below the trendline and makes new lower low otherwise You should stay with pos. bias.
Here is the bullish Engulfing candlestick pattern on the 4H chart:
Make my day and hit the LIKE button ;)
All the best
Comment:
NB: Watch those blue counter trendlines, if those breaks then it would be first bearish confirmation! One is pulled on the line chart (to clean up those wicks) and the other one is pulled from wicks!
Comment:
Are we going to test the black trendline or is it a start to make a leg downwards?! The counter trendlines are broken and currently, the price sitting on the FIB level 62% which should act as a support but let's see, I don't like this counter trendline breaks at all.
We have collected some good bullish signs but those just don't start to work for us because of the down pressure - not enough buyers yet!
We have collected some good bullish signs but those just don't start to work for us because of the down pressure - not enough buyers yet!
Comment:
Quick update:
We had a break below he counter trendline and as I mentioned we made a black trendline retest and we got a bounce plus currently it has made also new HL!
There is a green area which is very strong! To break above it we need buyers volume but sadly buyers are on the sleep mode!
Some bullish signs on the daily and 4h chart but still nothing remarkable from bulls but still over a long time we have made HL’s.
Bearish confirmation comes when we make a new lower low and we get a close below the black trendlines!
Bullish confirmation is a candle close above the green area and above the round number area $4,500
We had a break below he counter trendline and as I mentioned we made a black trendline retest and we got a bounce plus currently it has made also new HL!
There is a green area which is very strong! To break above it we need buyers volume but sadly buyers are on the sleep mode!
Some bullish signs on the daily and 4h chart but still nothing remarkable from bulls but still over a long time we have made HL’s.
Bearish confirmation comes when we make a new lower low and we get a close below the black trendlines!
Bullish confirmation is a candle close above the green area and above the round number area $4,500
Comment:
NEW POST:
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To get confirmations from short-timeframes (lower than 4H) we have to make new HH which should change the short-term market structure from bearish to bullish, otherwise, it stays still bearish because of the market structure.
To get bigger confirmation we have to get 4H candle close above the $4,500 and from there HH is needed to remain into the bias which indicates that $4,035 was the current bottom.