As You see, the current correction has founded a support from the golden Fibonacci ratio at 62% and I discovered from a 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 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 confirmation is a breakout, if we get at least a four-hour candle close above the then it could mean another leg upwards to the next strong resistance at $6,767.
Let's countdown all the price action criteria:
1. October 3. we got a 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 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!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
Please leave a LIKE to support me, I really appreciate it and of course, if You appreciate it what I do here! ;)
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!
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.
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
Hit the LIKE button if You appreciate that work!