Hey followers and other TradingView users!
If You read and enjoyed my idea, destroy the like button!
Yesterday we got a very nice candle close on above some important areas:
1. The price manages to fight back above the old counter trendline (thin black dotted line), which was previously the key point!
2. The price got a close above the strong resistances - $3,927 and $4,000
3. It got a close above the 200EMA which was recently the strongest resistance.
4. And it made a short-term new higher high
So, a pretty good yesterday's candle close! This is very good that the move happened on Sunday which gave us also a nice bullish weekly candle close above those counted levels! This close will indicate that the momentum may continue in this week. We could see a little throwback (movement downwards), which is great because the market has to breathe but the "breath" could not be so deep.
As You understood then I'm currently with bullish bias because the Sundays candle close destroyed all the strong resistances and if You don't have already entered into the market then there are two options:
1. The first will be on mid-term holders. If this was not a fake move then You can enter into the market almost immediately because I think we might see a bullish month or some bullish weeks. A bullish month is supported by the December monthly candle close which was a reversal indication candlestick pattern called Hammer (a bit sloppy but still..) and the bullish week is supported by the strong candle close which was yesterday but the targets are not so high. The first target would be below the $4,500 (let's say around $4,405) because this area is SO important from market structure perspective. IF the price gets a close (at least 4H candle) above the $4,415 then it makes a new mid-term higher high and if it manages to make this then it would be a pretty big bullish statement! So, I do not want to predict any further than this level - always be less greedy than the others and TP $4,400
2. The second option would be for day traders who search technically good entry areas and currently there is a pretty clean area where You may get a good entry point. This price level depends on a little bit, how 'fast' we start to make a little throwback. If it starts from now then the perfect entry stays around $3,940, criteria:
- Old resistance becomes a support - role reversal
- The old major counter trendline (thin black dotted line) should act as strong support.
- Recently nicely worked resistance 200EMA should act as strong support!
The short-term first target after the throwback would be around $4,240!
If the price moves a little bit sideways then this good entry point criteria may change a little bit, I try to keep You posted!
Also, if the price action starts to show us some bearish signs I will say it on the updates!
Please, don't forget to DESTROY THE LIKE BUTTON :)
Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
If You read and enjoyed my idea, destroy the like button!
Yesterday we got a very nice candle close on above some important areas:
1. The price manages to fight back above the old counter trendline (thin black dotted line), which was previously the key point!
2. The price got a close above the strong resistances - $3,927 and $4,000
3. It got a close above the 200EMA which was recently the strongest resistance.
4. And it made a short-term new higher high
So, a pretty good yesterday's candle close! This is very good that the move happened on Sunday which gave us also a nice bullish weekly candle close above those counted levels! This close will indicate that the momentum may continue in this week. We could see a little throwback (movement downwards), which is great because the market has to breathe but the "breath" could not be so deep.
As You understood then I'm currently with bullish bias because the Sundays candle close destroyed all the strong resistances and if You don't have already entered into the market then there are two options:
1. The first will be on mid-term holders. If this was not a fake move then You can enter into the market almost immediately because I think we might see a bullish month or some bullish weeks. A bullish month is supported by the December monthly candle close which was a reversal indication candlestick pattern called Hammer (a bit sloppy but still..) and the bullish week is supported by the strong candle close which was yesterday but the targets are not so high. The first target would be below the $4,500 (let's say around $4,405) because this area is SO important from market structure perspective. IF the price gets a close (at least 4H candle) above the $4,415 then it makes a new mid-term higher high and if it manages to make this then it would be a pretty big bullish statement! So, I do not want to predict any further than this level - always be less greedy than the others and TP $4,400
2. The second option would be for day traders who search technically good entry areas and currently there is a pretty clean area where You may get a good entry point. This price level depends on a little bit, how 'fast' we start to make a little throwback. If it starts from now then the perfect entry stays around $3,940, criteria:
- Old resistance becomes a support - role reversal
- The old major counter trendline (thin black dotted line) should act as strong support.
- Recently nicely worked resistance 200EMA should act as strong support!
The short-term first target after the throwback would be around $4,240!
If the price moves a little bit sideways then this good entry point criteria may change a little bit, I try to keep You posted!
Also, if the price action starts to show us some bearish signs I will say it on the updates!
Please, don't forget to DESTROY THE LIKE BUTTON :)
Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
Hey!
Over the night we have touched the mentioned strong area (on the major chart the blue area). If You were not online at this time then the next bullish confirmation - strong confirmation - comes after we have made a breakout from the ideal Bull Flag and it will be confirmed if 1H candle (even better when 4H candle) gets a close above the Bull Flag. If we get a close above the Bull Flag then this means we have to break also the round number $4,000. So, the price has to break and close above two price action criteria then we could see a confirmation move upwards.
A little bit about this bounce which occurs a few hours ago:
- The price touched the old resistance levels which now becomes a support level
- It got a rejection from the old major counter trendline
- The price got a rejection from Bull Flag bottom trendline from the top
- After the rejection, the price formed the Hammer candlestick pattern
Those criteria matching each other in one area and now, we want to see a close above the $4k.
First bearish signs would be a candle close below the black dotted trendline but still, we have some strong support areas below the current price.
PLAN: Wait for a candle close above the $4k to enter into the market as a buyer. If You are not in the market then wait for that, other ways do not act before it happens.
Live updates come and if the price starts to show confirmed bearish signs then I make an update!
Destroy the "LIKE" button ;)
Have a nice day!
Cheers!
Over the night we have touched the mentioned strong area (on the major chart the blue area). If You were not online at this time then the next bullish confirmation - strong confirmation - comes after we have made a breakout from the ideal Bull Flag and it will be confirmed if 1H candle (even better when 4H candle) gets a close above the Bull Flag. If we get a close above the Bull Flag then this means we have to break also the round number $4,000. So, the price has to break and close above two price action criteria then we could see a confirmation move upwards.
A little bit about this bounce which occurs a few hours ago:
- The price touched the old resistance levels which now becomes a support level
- It got a rejection from the old major counter trendline
- The price got a rejection from Bull Flag bottom trendline from the top
- After the rejection, the price formed the Hammer candlestick pattern
Those criteria matching each other in one area and now, we want to see a close above the $4k.
First bearish signs would be a candle close below the black dotted trendline but still, we have some strong support areas below the current price.
PLAN: Wait for a candle close above the $4k to enter into the market as a buyer. If You are not in the market then wait for that, other ways do not act before it happens.
Live updates come and if the price starts to show confirmed bearish signs then I make an update!
Destroy the "LIKE" button ;)
Have a nice day!
Cheers!
Comment:
This was a really close attempt to break both levels - round number $4k and breakout from Bull Flag.
The attempt was promising but sadly not with confirmation close. We need another try to break those resistances.
The attempt was promising but sadly not with confirmation close. We need another try to break those resistances.
Comment:
Some altcoins show us very nice profits and this could be a sign that the next attempt would be successful to break those levels!
Comment:
Now we have a breakout confirmation on the 1H timeframe. The close was above the round number $4,000 and above the Bull Flag which will indicate that the new leg may come soon. Perfect would be a retest the Flag upper trendline.
IF it falls lower than the Flag upper trendline and gets a close below of it then we have to be again a bit cautious!
I keep You posted!
IF it falls lower than the Flag upper trendline and gets a close below of it then we have to be again a bit cautious!
I keep You posted!
Comment:
Currently, we have two reversal candlestick pattern on the powerful support area:
1. The Hammer
2. The Doji
For the perfect confirmation, besides 1H candle close above the Bull Flag, would be a 4H candle close above the blue line at $4,005!
1. The Hammer
2. The Doji
For the perfect confirmation, besides 1H candle close above the Bull Flag, would be a 4H candle close above the blue line at $4,005!
Comment:
Altcoins gave us a sign and now we have a clear breakout from the bull flag/short-term counter trendline. The 4H candle confirms it, 'green' altcoins confirms it and we should see the next wave upwards!
Comment:
Here is the new BTC idea post, please do not forget to support my work and KILL the "LIKE" button ;)
Cheers!
Another bullish confirmation should come after a 1H candle close above the Bull Flag, if not, then the mentioned bounce area on the major post stays the same!
Do not forget to destroy the "LIKE" button! ;)
Thank You!