BITCOIN Technical Analysis - It Is on The Crossing Area!
Over some days BTC price has moved into the area where I expected it to fall.
As I said in my previous analysis (below this post) I will expect a bounce upwards from here but the manipulation move on the weekend and a pretty sharp throwback (movement downwards) after upwards move from $3,950 to $4,150, makes me a bit cautious but still, the crossing area is very strong:
1. Resistance becomes support
2. Black trendline should work as a support level
3. There are some FIBO retracement levels
4. There are different timeframes EMA 100 and 200
5. Major counter trendline (blue line) should act as a support
With this upwards rally - which started from 8. February - the price has made some important higher highs on the higher timeframes. This is a really great sign plus we are still above all of the important down trendlines. This black trendline on the crossing area is the major one, if the price falls lower than this then it could be a first sign that we might see a little bit bigger correction than we expected. Actually, we can't forget also that blue trendline which is currently the major counter trendline. We have seen some pretty good trade opportunities after the counter trendline breakouts, watch those closely!
As you see, I made a red box below the trendlines and below the support levels. A 4H candle close inside the red box will be a confirmation for the next move downwards - close is around $3,690. The next move should be a tiny move because there are also some support levels below the box but still be cautious after you have seen a candle close inside the mentioned area. Everything is still healthy if the price stays above the previous higher low level (previous higher lowe level is around $3,550, light blue line). If it breaks then the next move upwards would be a bit slower and definitely a bit harder to climb again above the important trendlines because of the market structure has changed from bullish into slight bearish but currently, the latest trend is up and if the price reaches into this area then I can assume that we can see a bounce from there as well, definitely I make updates if this happens.
Altcoins looks pretty solid but actually, today could be the key day. If the price holds it above the trendline and it stays above or on the crossing area then there would be a bit bigger chances to go higher tomorrow, let's see, hopefully buyers accumulate ;)
Overall, a pretty decent area where it should bounce up but every time there is something problematical and now it is the sharp move down from $4,150. Usually, after the sharp move downwards the price makes another impulse down. Currently, as said be cautious if the price falls lower the trendlines and be even more cautious if the price makes a new short-term lower low below the $3,550.
Precent wise more likely is another tiny leg down below the trendlines and if we watch it from the short-term perspective then THIS is not the best scenario because to go higher from $3,600 we need again a pretty high volume and do we get that high volume aroun the $3,600 I can't predict!
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Have a nice day!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Previous analysis:
As I said in my previous analysis (below this post) I will expect a bounce upwards from here but the manipulation move on the weekend and a pretty sharp throwback (movement downwards) after upwards move from $3,950 to $4,150, makes me a bit cautious but still, the crossing area is very strong:
1. Resistance becomes support
2. Black trendline should work as a support level
3. There are some FIBO retracement levels
4. There are different timeframes EMA 100 and 200
5. Major counter trendline (blue line) should act as a support
With this upwards rally - which started from 8. February - the price has made some important higher highs on the higher timeframes. This is a really great sign plus we are still above all of the important down trendlines. This black trendline on the crossing area is the major one, if the price falls lower than this then it could be a first sign that we might see a little bit bigger correction than we expected. Actually, we can't forget also that blue trendline which is currently the major counter trendline. We have seen some pretty good trade opportunities after the counter trendline breakouts, watch those closely!
As you see, I made a red box below the trendlines and below the support levels. A 4H candle close inside the red box will be a confirmation for the next move downwards - close is around $3,690. The next move should be a tiny move because there are also some support levels below the box but still be cautious after you have seen a candle close inside the mentioned area. Everything is still healthy if the price stays above the previous higher low level (previous higher lowe level is around $3,550, light blue line). If it breaks then the next move upwards would be a bit slower and definitely a bit harder to climb again above the important trendlines because of the market structure has changed from bullish into slight bearish but currently, the latest trend is up and if the price reaches into this area then I can assume that we can see a bounce from there as well, definitely I make updates if this happens.
Altcoins looks pretty solid but actually, today could be the key day. If the price holds it above the trendline and it stays above or on the crossing area then there would be a bit bigger chances to go higher tomorrow, let's see, hopefully buyers accumulate ;)
Overall, a pretty decent area where it should bounce up but every time there is something problematical and now it is the sharp move down from $4,150. Usually, after the sharp move downwards the price makes another impulse down. Currently, as said be cautious if the price falls lower the trendlines and be even more cautious if the price makes a new short-term lower low below the $3,550.
Precent wise more likely is another tiny leg down below the trendlines and if we watch it from the short-term perspective then THIS is not the best scenario because to go higher from $3,600 we need again a pretty high volume and do we get that high volume aroun the $3,600 I can't predict!
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Have a nice day!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Previous analysis:
Comment:
New BTC analysis, You have to look at this trendline:
Also, take a second and support my idea by hitting the LIKE!
Thank You!
Thank You!
Altcoins make also some decent recovers and everything looks great at the moment!
Actally, everything is great which stays above the trendlines ;)
Thank You!!