BITCOIN - Like a Warm Knife Through The Butter!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hey followers and other TradingView users!

If You read and enjoyed my idea, kill the "LIKE" button or if You are new here, then press the "FOLLOW" button and get instant updates!

As I mentioned in my previous analysis (previous analysis is below the post): we get a bearish confirmation after we have seen a 4H or Daily candle close below the major counter trendline . It has happened! The price falls below the strong areas like a warm knife through the butter and firstly it got a 1H candle close below the counter and now we have 4H candle confirmation. The prementioned strong areas and now the price is below of them:
- Both bigger EMA's 100&200
- Previous resistance level around $3,900 which had to act as a support level
- The counter trendline which had to act as a support.

Luckily I manage to notice this fall pretty early from the 15 min. chart where I made an "ALERT" post and after that, the price smashed those levels.

Currently, the 4H candle made a stop (definitely can't say that it has found support) at the $3,800 level which is around the previous short-term higher low (HL). There is also the Fibonacci perfect retracement level 62% and the several times tested trendline which was resistance and now it becomes support.

After the Bart move, it is very difficult to say where the price may find a support level . The current level WOULD be the spot but I don't like this counter trendline break . I try to follow the rule that the trend is my friend and currently it breaks below one of the really important price action criterion.
Why I'm suspicious is the mixed signs. The recent rallies and the higher low close from the FIB level will say that it will found a support area around the current price levels but as I said before the counter trendline collapse make me worried. So, if there are so much mixed signs and You don't know what to do then do not trade. I will wait for further price action and maybe I get another confirmation after the Daily candle close. If it also gets a close below the counter then it would be more certain that I would like to search sell setups.

Also, if we start to fall lower than the previous 4H candle low this would be also a confirmation that the price doesn't get a bounce soon enough. This is also common that after the Bart move the price often moves sideways before it makes a next decisional move, an accumulation phase.

SUMMARY: there are so much mixed signs that I will recommend do not trade at the moment but I would like to point out some important support levels and if You see rejection from them then You would be prepared:
1. Previous higher low (HL) support level around $3,740
2. The next higher low support bounce from the counter trendline at $3,650
3. The major strong support area $3,550-$3,600. If the price falls lower than this then we might go to pretty low levels!
About rejection, I try to keep You posted if I see a reversal candlestick pattern or some important volume increase some levels!

Please, don't forget to DESTROY THE LIKE BUTTON :)
Thank You for your support, I really appreciate it!


*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!

Previous Analysis:
Comment: Still haven't seen any bigger reaction. On the 15 min timeframe we have tested the 62% FIB level several times and got rejected but this is just too small. On the 1H and 4H chart we have also RSI divergence.
Altcoins slowly dying which will indicate that today we don't see any bigger moves, only downwards maybe!
Do not forget to support me and destroy the "LIKE" button!
Thank You!
Comment: We got our first 15 min. candle close below the FIB level at $3,776 and the last 15 min. candle retested the strong area and got a close also below the FIB level. So, basically, this could mean that the pressure has not gone anywhere and this could be a start of the next leg down.
I update You in after the next hourly candle close!
Still, the "LIKE" button is alive, KILL IT!!
Comment: On the 1H timeframe, we got the sixth rejection from the perfect FIB level. Is this a strong level OR is this preparation for the next move. Can't get any information, I just can say that if this level break - $3,775 - on the 1H chart then there is a high probability for the next leg. To escape from this the buyers has to push the price above the $3,800 AT LEAST!

Still, the "LIKE" button is alive, KILL IT!!

Comment: We got a 1H candle close below the $3775 but this candle was more than $150 long :)
Currently, we are on the super-important support level. The magic area at $3,600. It has more than 20 touches either direction (worked as support and as resistance) and only 3 breaks through. So this small bounce from there was expected BUT if we get a close below of it then we go test the last years bottom.
Today we smashed the counter trendline and also some other strong support levels and I think from here it's a perfect level to retest those and get a small pump upwards. Bias is definitely down but I think we go and retest some higher levels, the counter trendline retest would be too much to ask but $3,740-$3,800 is doable!
I saw that the "Like" button blinked an eye, so it is still alive KILL IT! :D

Comment: New BTC trading post, to support me hit the "LIKE" button and hit it HARD!! ;)

Comment: New BTC analysis!
Do not forget to DESTROY the "LIKE" button :D

Have a great weekend!
what outcome will be 1 or 2?
Nice setup

In my opinion next target is 3449
VaidoVeek CryptoC77
@Rowhales, thank You for sharing!
New BTC trading post, to support me hit the "LIKE" button and hit it HARD!! ;)

@VaidoVeek - I'm also looking at the same timeframe. How do you feel about that bear pennant forming. It's measure out to retest the dec low again.

VaidoVeek WolfpackCrypto
@bitcoinbobby, thank You for sharing. I think this is too tiny to make any bigger assumptions based only pennant breakout!
All the best!
Thanks a ton for your work! I agree with a lot of your analysis.

I've built a Wyckoff Accumulation schematic for Bitcoin. This is based on the notion that $3.1k is a temporary bottom and we will only be doing spring tests to garner extra demand for a push up over the next few months in a larger accumulation range:
VaidoVeek Cryptosomniac
@Cryptosomniac, thank You and thank You for sharing!
+2 Reply
VaidoVeek wicksell
@wicksell, thank You for sharing! I expect the same bounce from the current price to the $3,800!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out