BITCOIN Has The Correct Line-up To Break Through The Trendline!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Yesterday was bullish-day and the "Hammer" worked nicely as a bullish pattern . After the bounce upwards the price found a resistance from the trendline which is pulled from the July 24. Several attempts in the lower time frames to break upwards has failed and currently, it has made a healthy little throwback (movement downwards). Healthy, because after impulse wave (yes, this is tiny impulse) there is always a correction before we may start another movement upwards.

As You see, the current correction has founded a support from the golden Fibonacci ratio at 62% and I discovered from a daily chart a very strong area on the chart between the $6,530-$6,550 (marked with the orange 'box'). This area has worked historically as a strong support and as a strong resistance (the March low is also in this zone) and no single candle close inside this orange area, only powerful candles through, up-and-down, this makes this box super strong. So, if the current scenario holds us then there is almost a perfect starting point to go to the higher levels.

On the 4h chart, You can see a little bit closer to what has happened.

The last 4h candle had a pretty wide range and it touched both important areas the Fibo level as a support and the trendline as a resistance. We got a tiny and sloppy bull-ISH sign, the “Hammer”. Just a little bit too long wick on the upside but again, very nice rejection from the Fibo level!

First bullish confirmation is a trendline breakout, if we get at least a four-hour candle close above the trendline then it could mean another leg upwards to the next strong resistance at $6,767.

Let's countdown all the bullish price action criteria:
1. October 3. we got a bullish candlestick pattern "Hammer"
2. Yesterday (Oct. 4) we got a nice impulse upwards
3. Current throwback has found a support from the golden Fibonacci level at 62%
4. Current throwback has found a support from the super-strong area
5. We need a little support from the altcoins, so, we need that they start to follow this move!

So, technically Bitcoin' is ready to break that trendline!

To confirm bearishness then the candle close below the orange area will guide us to the lower levels and the full bearish confirmation is then when we get also a candle close below the $6,460 (blue line).

Hopefully, this breakdown helps You out a little bit to confirm Your own analysis!
If You want to see the altcoins reviews, then visit "CryptoComes" profile in the TradingView and do not hesitate to follow it!

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Have a nice day!
Comment: Another 4h candle close and another rejection from the trendline this time was the fifth since 28. Sept, but it keeps trying!
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Comment: Watch out, the possible "Bull Flag" is on the table ;)
Break above the flag and the trendline will confirm bullishness and the target would be the major resistance at $6767
Break below would guide us to the round number area at $6500!

Comment: Slowly preparing for another attempt to break above the trendline!
Some altcoins are on the green side (slightly but still) to support this move.
The current price is on the 1h chart above the all-important EMA's.

Comment: The last 4h candle was green and with the low volume but currently, this volume is good because we moved closer to the trendline and if the next push comes from the bulls, then they're whole power goes to the breakout attempt!!
One thing what could stop this move is an EMA, the last 4h candle close was below the 200 EMA and it starts to work as a resistance.
So, the bull needs here a strong move because EMA and the trendline make almost a crossing area and as You know crossing areas are hard to beat but let's see!
Currently, enjoy the weekend and all the best!

NB: Sharing & LIKE button is caring! ;)
I'm in the market by the way (some altcoins) so, fingers cross :D

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To The Moon
i agree but there is a surprise..take a look
Ww go up babes :)
Yes, I see EMA200 still resistance. EMA100 was resistance, now support. Liked, thanks
+1 Reply
Thank you!!
+1 Reply
@LUDNL2, You are welcome. I'll try my best ;)
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All the best!
VaidoVeek RandyMcMillan
@RandyMcMillan, thank You for sharing!
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