Like You see on the 1h timeframe, today BTC' got a "panic" candle. It got a throwback from the Fibonacci 38% retracement level around $6600 and in the 4h chart, the 100EMA started to work as a resistance.
After the drop, the price bounced upwards from the two counter trendlines: one and older is pulled from Sept. 08 and the main/current counter trendline is pulled from Sept. 11. Also in this area, we have two Fibonacci levels 38% and 50% also from there we bounced quickly back above those levels (50% was close).
Currently, we are in the danger zone where is several historically worked price levels:
* April low
* Strong support/resistance level at $6460
* Round number $6500
* March low
The candle was ugly but it didn't fall after the close and slowly starts to climb higher and currently we trade between the April low and the strong area at $6460 (blue line). On the 1h chart, we start to fight with the 200EMA and in the 4h chart with 50EMA. It's positive to see that the smaller EMA's are made a golden gross in the 1h chart (50, 100) and it could support a move upwards!
Before the drop, Bitcoin' made a correction in the market structure, it made an HH (higher high). So it would indicate that we want to go higher than $6600 which is currently the main resistance (green area) but firstly, we have to take down the strong resistances after another and if we can do this then my main target would be at $6700-$6800, there I want to search some selling opportunities and the criteria are:
1. The Fibonacci retracement 50% (pulled from 05. Sept. to 08. Sept)
2. The Fibonacci extension 141%-161% (pulled from today's high to low)
3. Strong resistance area $6767-$6800
4. Possible higher high ending point
If Bitcoin' falls again then the critical zone would be a close below the red area (previous support) and close below the counter trendlines, this will guide us to the lower levels and remember, we had bearish last week candlestick pattern a massive "Engulfing" and if we start to drop then the candlestick pattern starts to 'work' and it confirms the movement downwards!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis and levels!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice weekend!
After the drop, the price bounced upwards from the two counter trendlines: one and older is pulled from Sept. 08 and the main/current counter trendline is pulled from Sept. 11. Also in this area, we have two Fibonacci levels 38% and 50% also from there we bounced quickly back above those levels (50% was close).
Currently, we are in the danger zone where is several historically worked price levels:
* April low
* Strong support/resistance level at $6460
* Round number $6500
* March low
The candle was ugly but it didn't fall after the close and slowly starts to climb higher and currently we trade between the April low and the strong area at $6460 (blue line). On the 1h chart, we start to fight with the 200EMA and in the 4h chart with 50EMA. It's positive to see that the smaller EMA's are made a golden gross in the 1h chart (50, 100) and it could support a move upwards!
Before the drop, Bitcoin' made a correction in the market structure, it made an HH (higher high). So it would indicate that we want to go higher than $6600 which is currently the main resistance (green area) but firstly, we have to take down the strong resistances after another and if we can do this then my main target would be at $6700-$6800, there I want to search some selling opportunities and the criteria are:
1. The Fibonacci retracement 50% (pulled from 05. Sept. to 08. Sept)
2. The Fibonacci extension 141%-161% (pulled from today's high to low)
3. Strong resistance area $6767-$6800
4. Possible higher high ending point
If Bitcoin' falls again then the critical zone would be a close below the red area (previous support) and close below the counter trendlines, this will guide us to the lower levels and remember, we had bearish last week candlestick pattern a massive "Engulfing" and if we start to drop then the candlestick pattern starts to 'work' and it confirms the movement downwards!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis and levels!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice weekend!
Comment:
Watch out!! We have an important moment on the 15 min. chart - possible Head&Shoulders pattern which could indicate bearishness. If we can take down the round number $6500 and break above that then it would be failed but currently this pattern is on the “table”.
