BITCOIN Has a Break Below All The Important Support Levels
The market is full of panic, again! Bitcoin' moved downwards $370 within two hours and altcoins are obviously in the deep red to confirm that move: averagely -8% to -10%. The volume was pretty high, last time when we show that kind of volume were on September 5, then BTC' dropped down from $7,400 to $6,300.
The BTC' price made a very strong downwards breakouts from patterns and from price levels:
* Break below the curve support
* Breakout from the “Triangle”
* Break below the round number at $6,500 which has held us nicely through the time but currently, like a warm knife through the butter.
* Break below from strong support area at $6,460, same story as $6,500
* Break below from the major counter-trendline
* The price structure has made a new lower low (LL on the chart)
So, all the important levels are cracked and the four-hour candle close confirms that move.
Currently, the price almost touched the next strong support area at $6,250 and this 'almost' is a bad sign because, at the moment, the bounce came from almost nowhere, what we need is a good and clear support level. So despite a small bounce upwards, I think we see another leg downwards at least to the $6,000 and if this is not a bear trap then probably even lower than that. The only thing that will save us from catastrophe is when it IS a bear trap and the bulls (bullish market makers not us/retail traders) manage to push the price back up today or tomorrow.
My recommendation is to stay away from the market because this is definitely a risk to invest somewhere because of the down pressure is so high and even if it is a bear trap than almost nobody can forecast it.
Let the things settle down, be cautious and look at this action from the side!
If You want to see the Ripple' and Ethereum' react, 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!
The BTC' price made a very strong downwards breakouts from patterns and from price levels:
* Break below the curve support
* Breakout from the “Triangle”
* Break below the round number at $6,500 which has held us nicely through the time but currently, like a warm knife through the butter.
* Break below from strong support area at $6,460, same story as $6,500
* Break below from the major counter-trendline
* The price structure has made a new lower low (LL on the chart)
So, all the important levels are cracked and the four-hour candle close confirms that move.
Currently, the price almost touched the next strong support area at $6,250 and this 'almost' is a bad sign because, at the moment, the bounce came from almost nowhere, what we need is a good and clear support level. So despite a small bounce upwards, I think we see another leg downwards at least to the $6,000 and if this is not a bear trap then probably even lower than that. The only thing that will save us from catastrophe is when it IS a bear trap and the bulls (bullish market makers not us/retail traders) manage to push the price back up today or tomorrow.
My recommendation is to stay away from the market because this is definitely a risk to invest somewhere because of the down pressure is so high and even if it is a bear trap than almost nobody can forecast it.
Let the things settle down, be cautious and look at this action from the side!
If You want to see the Ripple' and Ethereum' react, 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!
Comment:
Off topic - RIPPLE has a possible bounce opportunity, short term!
Comment:
After yesterday's downwards movement the market has been silent. There were some movements downwards in the night but nothing remarkable, and now, the prices are the same as it was in yesterday's evening.
Currently, BTC has found a support area from $6,250. It has several attempts to go through this but only 15-minute candles are closed below the mentioned level. Higher and important time frames are all rejected upwards from $6,250. So, the chart has collected some data and the support is confirmed.
The last four-hour candle was very bullish and we can even say that this is a bullish candlestick pattern called "Engulfing". The Engulfing consists of two candles and the last bullish candle 'eat' previous low candle completely, those candlestick patterns are usually very good when they are on the strong support or resistance area, currently, it is a confirmed support area and let's see how it plays out.
Like I said yesterday, to see a bullish BTC, a Bart movement - Bart move is quick move downwards, a little consolidation and a quick move upwards - or to confirm a bear trap then we have to see an upwards movement today, if it postpone to the weekend then it is a low percentage that we might see some movement because as you know the weekends are with very low volume days.
At the moment the price has formed a bullish Engulfing and the platform to go higher is solid but if we get a one-hour or a four-hour candle close below the $6,235-$6,250 then it is a bearish confirmation and we could see another 'leg' downwards.
Mentioned RIPPLE makes perfect movements for us, nice! :)
The last four-hour candle was very bullish and we can even say that this is a bullish candlestick pattern called "Engulfing". The Engulfing consists of two candles and the last bullish candle 'eat' previous low candle completely, those candlestick patterns are usually very good when they are on the strong support or resistance area, currently, it is a confirmed support area and let's see how it plays out.
Like I said yesterday, to see a bullish BTC, a Bart movement - Bart move is quick move downwards, a little consolidation and a quick move upwards - or to confirm a bear trap then we have to see an upwards movement today, if it postpone to the weekend then it is a low percentage that we might see some movement because as you know the weekends are with very low volume days.
At the moment the price has formed a bullish Engulfing and the platform to go higher is solid but if we get a one-hour or a four-hour candle close below the $6,235-$6,250 then it is a bearish confirmation and we could see another 'leg' downwards.
Mentioned RIPPLE makes perfect movements for us, nice! :)
Comment:
On the market! The update is coming!
Currently, the price has stopped around $6300, nothing remarkable and we need more data from the current level!