Need more clarity on Bitcoin? Weekly, Daily & Intraday Structure
Hope this is helpful!
If you ever feel lost, always take a step back and look at the bigger picture for a technical structure.
I'm not here to tell you what is going to happen but these levels might help you find your way.
Weekly:
- We found support on 200 week moving average late 2018
- Support also had confluence with 200% of light red pitchfork which provided resistance back in 2016 three times (including one false break) before a clean break and acceleration in early 2017
- Resistance clear with confluence of 200% red pitchfork , MEDIAN line of blue pitchfork , red/maroon 0.786 fib retracement and $6000 psychological level which has been tested numerous times during the bull run and the breakdown (watch for strong reaction)
- Looking for a weekly close above this level (with acceleration in following weeks) to confirm a bullish picture
- On a clean break higher look towards confluence of black 0.618 fib (approx $7700), 300% of red pitchfork and 25% of blue pitchfork
- If we have a strong breakdown or exhaustion lower look confluence support at 0.786 fib (approx $4400) and -25% line of blue pitchfork
- Below that we have confluence of yearly open and 100% of red pitchfork
Daily:
- Can clearly see market movement around both 200% of light red pitchfork and -25% of blue pitchfork
- Resistance and support levels same as on weekly chart but we can clearly see the market movement around these levels
- Additional downside support comes with 200 day moving average (pink line)
Intraday:
- For the day traders the green pitchfork tells the story
- While the median line has a false break initially, once the resistance was broken it has stayed above the 100% line
- We are currently ranging between 100% and 175% lines of this pitchfork
- To confirm momentum we would need to stay above the 100% level or risk a larger correction
- On a break higher levels are the same as weekly/daily level so I am looking for a test of the 200% line of green pitchfork and if we can accelerate towards 300% of this structure
- On a correction I am looking at finding support on the 25% line or median line which has confluence with black 0.786 fib next week as well as the December high (approx $4400)
If you do find this helpful let me know and I will share some more charts!
If you ever feel lost, always take a step back and look at the bigger picture for a technical structure.
I'm not here to tell you what is going to happen but these levels might help you find your way.
Weekly:
- We found support on 200 week moving average late 2018
- Support also had confluence with 200% of light red pitchfork which provided resistance back in 2016 three times (including one false break) before a clean break and acceleration in early 2017
- Resistance clear with confluence of 200% red pitchfork , MEDIAN line of blue pitchfork , red/maroon 0.786 fib retracement and $6000 psychological level which has been tested numerous times during the bull run and the breakdown (watch for strong reaction)
- Looking for a weekly close above this level (with acceleration in following weeks) to confirm a bullish picture
- On a clean break higher look towards confluence of black 0.618 fib (approx $7700), 300% of red pitchfork and 25% of blue pitchfork
- If we have a strong breakdown or exhaustion lower look confluence support at 0.786 fib (approx $4400) and -25% line of blue pitchfork
- Below that we have confluence of yearly open and 100% of red pitchfork
Daily:
- Can clearly see market movement around both 200% of light red pitchfork and -25% of blue pitchfork
- Resistance and support levels same as on weekly chart but we can clearly see the market movement around these levels
- Additional downside support comes with 200 day moving average (pink line)
Intraday:
- For the day traders the green pitchfork tells the story
- While the median line has a false break initially, once the resistance was broken it has stayed above the 100% line
- We are currently ranging between 100% and 175% lines of this pitchfork
- To confirm momentum we would need to stay above the 100% level or risk a larger correction
- On a break higher levels are the same as weekly/daily level so I am looking for a test of the 200% line of green pitchfork and if we can accelerate towards 300% of this structure
- On a correction I am looking at finding support on the 25% line or median line which has confluence with black 0.786 fib next week as well as the December high (approx $4400)
If you do find this helpful let me know and I will share some more charts!
Comment:
We touched the Blue median line earlier today... let's see the reaction from here to gauge a direction. for a conclusive break we would want a weekly close above this level (approx $6200).