BITCOIN-Slightly Bullish Signs Comes From The Higher Timeframes
Hello followers and other TradingView users!
Over the weekend BTC stayed below the strong area (blue line) at $6,767. Eight attempts to break above but all were failed.
Since Sept. 6, BTC' trade between the $6,100-$6,500 and in 21. Sept. it made a breakout upwards. Currently, when we had several unsuccessful attempts to break the strong resistance level at $6,767 we got a very quick bounce downwards, this bounce touched almost the $6,500 area which is the perfect scenario if we want to see a bullish Bitcoin'. The perfect breakout trade = breakout + retest the breakout area and technically it ready to climb higher/lower depends on the breakout!
The bounce was supported with EMA's on the four-hour chart. It touches all the important EMA's (50, 100, 200) and after the bounce upwards it closed on the green, which gives us a bullish candlestick pattern called "Hammer.
To give a week overview and week direction then, there are several bullish signs on the higher timeframe:
* Weekly candle close was pretty bullish, its a "Hammer" or a sloppy "Hammer" candlestick pattern
* Daily is above the 50 EMA, it has a retest and bounce already!
* 4-hour, BTC' trade above the EMA's and 50 and 100 EMA made a golden cross (which is a bullish sign)
* Depends on the viewer but there is also a possible "Bull Flag" (orange area)
So, we might see a bullish Bitcoin' but currently, we have to take down that strong resistance level at $6,767!
To give to You also a bearish view then, if Bitcoin' breaks down below the "Bull Flag" (a candle close below the magic number $6666) and below the minor trendline (black line around this area) then the price might go lower than $6,500 then this could be a bad sign because then we are again in the consolidation area and we don’t know where it gonna break next, several times we have seen a break upwards (luckily) but the next one could be downwards. So, if we move down between the $6,000-$6,500 please be cautious!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis and levels!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice week!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Over the weekend BTC stayed below the strong area (blue line) at $6,767. Eight attempts to break above but all were failed.
Since Sept. 6, BTC' trade between the $6,100-$6,500 and in 21. Sept. it made a breakout upwards. Currently, when we had several unsuccessful attempts to break the strong resistance level at $6,767 we got a very quick bounce downwards, this bounce touched almost the $6,500 area which is the perfect scenario if we want to see a bullish Bitcoin'. The perfect breakout trade = breakout + retest the breakout area and technically it ready to climb higher/lower depends on the breakout!
The bounce was supported with EMA's on the four-hour chart. It touches all the important EMA's (50, 100, 200) and after the bounce upwards it closed on the green, which gives us a bullish candlestick pattern called "Hammer.
To give a week overview and week direction then, there are several bullish signs on the higher timeframe:
* Weekly candle close was pretty bullish, its a "Hammer" or a sloppy "Hammer" candlestick pattern
* Daily is above the 50 EMA, it has a retest and bounce already!
* 4-hour, BTC' trade above the EMA's and 50 and 100 EMA made a golden cross (which is a bullish sign)
* Depends on the viewer but there is also a possible "Bull Flag" (orange area)
So, we might see a bullish Bitcoin' but currently, we have to take down that strong resistance level at $6,767!
To give to You also a bearish view then, if Bitcoin' breaks down below the "Bull Flag" (a candle close below the magic number $6666) and below the minor trendline (black line around this area) then the price might go lower than $6,500 then this could be a bad sign because then we are again in the consolidation area and we don’t know where it gonna break next, several times we have seen a break upwards (luckily) but the next one could be downwards. So, if we move down between the $6,000-$6,500 please be cautious!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis and levels!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice week!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
Sorry my bad, not from "Ascending Triangle", it is "Descending Triangle"!
Comment:
Another 4h candle has closed and we are close to the consolidation box. The last candle itself is a bearish continuation candlestick pattern called "Marubozu" and currently, the short-term trend looks down and we might see another move downwards into the box. Before the box is the 100 and 50 EMA's which works as support levels. Also, we could find the Fibonacci 38% retracement level just above the grey area which starts to work as a support! If the trend and Bitcoin want's to be on the good momentum uptrend then this 38% is a pretty significant level where it should start to go up again.
At the moment, this "Maruboza" candle looks ugly and hopefully those last supports (mentioned above) starts to hold the price if not then we are again back in the risky area where the market makers even don't hide their moves! "Shake off here and shake off there!"
At the moment, this "Maruboza" candle looks ugly and hopefully those last supports (mentioned above) starts to hold the price if not then we are again back in the risky area where the market makers even don't hide their moves! "Shake off here and shake off there!"
Comment:
We are still stuck between the two areas and currently, above the 200 EMA and 50 and 100 approaching the price! It had a retest after BTC drop below the orange area and nothing more (retest and bounce back WILL indicate that we could see a bearish price action)
Just a little guess that we might go lower!
Just a little guess that we might go lower!
Currently, different timeframes EMA's starts to work as a support which will make it difficult to go down but let's see how those EMA's hold us and let's wait for the 4h candle close to confirm some moves!