Bitcoin's Yesterday Moves had Confirmed Head and Shoulders!
Hey, I am back with yet another Bitcoin Idea.
I am really glad you liked mine last Bitcoin idea and Constant updates, I will try to keep this constant updates even on this chart.
Last time looking at Bitcoin moves were just as I expected, follown uptrend and broke out from ascending triangle pattern follown by an bull flag!
I wasnt really sure if Bitcoin will form Head and Shoulders as I thought Bitcoin doesnt have enough time for that, but Bitcoin's Yesterday Moves had Confirmed Inversed Head and Shoulders!
The Inverse Head and Shoulders are prediction of trend change of current downtrend from 10k, so Bitcoin may finnaly grow and stay bullish for longer period of time, or we may see soon a Bullrun.
In order for the Breakout happen, Bitcoin needs to pass this ressistance area around 6750- 6840, and close whole candle at least on 4h timeframe to be sure( doesnt counting shadow) above this level and then it may break free!
If you would like to profit from this Idea, and you dont know targets, I have pointed two, which are the two known ressistance levels, so sell slightly below them.
I think thats about it.. but I have still some time to look at Indicators, so lets see what they Indicate!
EMA shows that even if Bitcoin will be testing ressistance for a longer period of time, Bitcoin will still remain strong.
RSI shows great demand, whenever Bitcoin was oversold, strong bounce happened starting from the Head. Its great to see Bitcoin in these higher demand levels above 60, buyers are showing up in power.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, you can also find there Trading patterns, advices, or ask me for a TA on demand without any fee! Invitational link is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
I am really glad you liked mine last Bitcoin idea and Constant updates, I will try to keep this constant updates even on this chart.
Last time looking at Bitcoin moves were just as I expected, follown uptrend and broke out from ascending triangle pattern follown by an bull flag!
I wasnt really sure if Bitcoin will form Head and Shoulders as I thought Bitcoin doesnt have enough time for that, but Bitcoin's Yesterday Moves had Confirmed Inversed Head and Shoulders!
The Inverse Head and Shoulders are prediction of trend change of current downtrend from 10k, so Bitcoin may finnaly grow and stay bullish for longer period of time, or we may see soon a Bullrun.
In order for the Breakout happen, Bitcoin needs to pass this ressistance area around 6750- 6840, and close whole candle at least on 4h timeframe to be sure( doesnt counting shadow) above this level and then it may break free!
If you would like to profit from this Idea, and you dont know targets, I have pointed two, which are the two known ressistance levels, so sell slightly below them.
I think thats about it.. but I have still some time to look at Indicators, so lets see what they Indicate!
EMA shows that even if Bitcoin will be testing ressistance for a longer period of time, Bitcoin will still remain strong.
RSI shows great demand, whenever Bitcoin was oversold, strong bounce happened starting from the Head. Its great to see Bitcoin in these higher demand levels above 60, buyers are showing up in power.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, you can also find there Trading patterns, advices, or ask me for a TA on demand without any fee! Invitational link is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
Comment:
Here is a look on shorter timeframe, 15 min you can see here 2 bull flags then a testing of ressistance, which got denied, but its a good sign when Bitcoin can keep slightly below ressistance and after getting denied still be able to hold level just slightly below the ressistance. So in another try for breaking the ressistance 6759 got denied, and after such denial its likely Bitcoin will see some further decline, but not this time. Bitcoin has found support at 6670 and bounced from this level and immediately tried to break ressistance again, which is a really strong move, got denied but once again found support and may try to test ressistance again. If Bitcoin can keep this tempo, it will surely shortly break the 6750 level.
Comment:
15 Min RSI with explanatory notes
Comment:
30 min needs to break 60 level in order for 1h to stay above 60 bullish level
Comment:
Also here is the hourly bullish RSI with strong demand.
Comment:
Notice where the selling wave starts and even trough this 4 selling waves, Bitcoin still manages to increase in price! Buyers should be in dominance in about hour and half if another fifth wave doesnt occur, but its unlikely imo.
Comment:
6670 - 6750 current trading range.
Comment:
at this testing tempo it wont take long time before the ressistance gets broken.
Comment:
Very important moment on 30 min macd
Comment:
Daily MACD is showing us that in longer period of time, week or two, we may see buyers in constant dominance over sellers.
Comment:
so far hourly MACD looks like it has tested 60 level succesfuly.
Comment:
Sorry for no updates, currently at gym, when I arrive home I will hit you with few updates!
Comment:
Also if there is something unclear in mine updates that you dont understand, let me know down in comments and I would gladly explain what you would like to know!
Trade closed: target reached:
First target reached!
Comment:
I quote what I have said in my other Bitcoi Idea
"One strong support level , and one ressitance key level, that if Bitcoin 9.29% can broke, Bitcoin 9.29% can broke free and see the same pump as we have seen dump from 7700 right to 6618. " So Bitcoin has broken free from the ressistance at 6750 - 6840!
Comment:
If Bitcoin can keep his price in the trading range zone during the macd selling wave, another leg up may come, its a bit unlikely, bit if that would happen, It would show us that Bitcoin is damn strong.
Comment:
In another words, Bitcoin just need to cool off because the RSI is just way to high for another long green candle.
Comment:
Or it may even form a bull flag, only time will tell.
Comment:
I have never seen anything like this on Bitcoin daily RSI, RSI tested 40 level and bounced right above 60 ignoring the 60 level, thats crazy strong!
Comment:
And this MACD? Also even when Bullrun to 20k happened, the second histogram stick never was this high before! Even though its not closed yet, it shouldnt fall much, more likely to grow some more still!
Comment:
And how about a Rounding bottom? RSI keeps finding support 60 high demand level, macd is waiting for an impulse. Two flags in a rounding bottom, very good looking setup, lets hope Bitcoin will succesfuly break the ressistance with this formation.
Comment:
Massively strong demand can be seen today.
Comment:
Demand seen today is stronger that this crazy candle by an 8 Average gains.
Comment:
Update with explanatory notes on chart
Comment:
Hmh, 15 min MACD looks ready after 3 stronger selling waves
Comment:
Looking at 4H RSI this doesnt mean Bitcoin have to fall for sure, but it just signals that there isnt much room to go higher and even if 15 min looks ready, I think Bitcoin still need some time to cool off before any next strong moves.
Comment:
With some really overbought levels on higher timeframes, Bitcoin is oddly acting pretty strong..
Comment:
Even weekly MACD looks pretty ready!
Comment:
Bitcoin has found the same ressistance as before bull run to 20k, what do you think, will we see an denied breakout with a pullback with a bounce or Bitcoin will smash trough the ressistance at first try? Last Update for this TA, expect today another one!
Comment:
Ok, lets consider this one as last one, 15 min and 30 min MACD looks good and 1h looks ready to pop, considering 15 and 30 are looking good it should go great!
Trade closed: target reached:
Forgot to say, second target reached :)
