Walking On Steps:
After hitting the recent high at $10500 The leading cryptocurrency dropped upto $9739 that was 7.24 percent loss and sudden and on very next candle on 4hr chart the price action moved up to $10154 and recovered 3.29% from the most recent high value of $10500.
Since we have discussed about price correction moves by the King of all crptucurrenies is being taken very beautifully and the Bitcoin is being retraced after breaking out every resistance.
1st we had resistance at $8314.77 and when the Bitcoin broke out this resistance after that the BTC moved down and retested this resistance as support and then moved up to the next resistance level at $9819.92.
And now after breaking out this resistance level the price action is again being retraced and retesting this resistance as a support and this move of BTC is forming a kind of steps or upstairs structure.
This is same as like we move on steps to move upstairs 1st we move up our foot more than the level of next step and then we move down our foot to place it on step and use this step as support to move to next step and finally we reach the upper floor.
Now what Next?
Today we have received 2 very significant signals giving us the clear indication that Bitcoin will not break this support let’s have a look at these signals.
1st Signal Volume:
If we use only two indicators from the volume class:
1. The volume
2. Volume oscillator
Overall the buying volume is more than the sell volume and the sell volume which was appeared after the recent sell off is decreased now.
And volume oscillators which was at 0 level at the time of sell of now moved more down to negative and this is a very clear indication that power of bears is being finished and soon bulls can take the charge again.
2nd Signal The Bullish Harmonic Move:
This signal is more significant than the previous one and this signal is that while retesting the previous resistance of $9819.92 as support on 4 hour chart the price action has formed a bullish harmonic BAT pattern and at this time the priceline has entered in potential reversal of this BAT pattern.
The Dimensions Of The Pattern Are As Below:
After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.50 Fibonacci.
Then B to C leg is projected between 0.382 to 0.886 of A to B leg’s Fibonacci projection area.
Then last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci.
The above dimensions are perfectly driven as required for bullish BAT and this pattern can be a very firm support for priceline and indicates that the priceline may form a sideways channel or soon it will take a bullish divergence from this PRZ area and hit the next resistance level at : $10940.
Opportunity For Day Traders:
This BAT pattern is also a good long opportunity for Bitcoin’s day traders like if someone wants to take small profit and take aside then he/she can buy and sell the bitcoin as below:
Buy between: $ 9876.76 to $ 9797.41
Sell between: $ 10065.99 to $ 10351.05
This trade is an opportunity to earn upto 5.65% profit.
But if you are looking for long term or midterm signals then sofar we can understand that BTC is not going to breakdown the support and soon it will hit the next resistance level at $10940.
I will be keep posting more updates on Bitcoin as soon as I will receive more signals.
Regards,
Atif Akbar (moon333)
After hitting the recent high at $10500 The leading cryptocurrency dropped upto $9739 that was 7.24 percent loss and sudden and on very next candle on 4hr chart the price action moved up to $10154 and recovered 3.29% from the most recent high value of $10500.
Since we have discussed about price correction moves by the King of all crptucurrenies is being taken very beautifully and the Bitcoin is being retraced after breaking out every resistance.
1st we had resistance at $8314.77 and when the Bitcoin broke out this resistance after that the BTC moved down and retested this resistance as support and then moved up to the next resistance level at $9819.92.
And now after breaking out this resistance level the price action is again being retraced and retesting this resistance as a support and this move of BTC is forming a kind of steps or upstairs structure.
This is same as like we move on steps to move upstairs 1st we move up our foot more than the level of next step and then we move down our foot to place it on step and use this step as support to move to next step and finally we reach the upper floor.
Now what Next?
Today we have received 2 very significant signals giving us the clear indication that Bitcoin will not break this support let’s have a look at these signals.
1st Signal Volume:
If we use only two indicators from the volume class:
1. The volume
2. Volume oscillator
Overall the buying volume is more than the sell volume and the sell volume which was appeared after the recent sell off is decreased now.
And volume oscillators which was at 0 level at the time of sell of now moved more down to negative and this is a very clear indication that power of bears is being finished and soon bulls can take the charge again.
2nd Signal The Bullish Harmonic Move:
This signal is more significant than the previous one and this signal is that while retesting the previous resistance of $9819.92 as support on 4 hour chart the price action has formed a bullish harmonic BAT pattern and at this time the priceline has entered in potential reversal of this BAT pattern.
The Dimensions Of The Pattern Are As Below:
Then B to C leg is projected between 0.382 to 0.886 of A to B leg’s Fibonacci projection area.
Then last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci.
The above dimensions are perfectly driven as required for bullish BAT and this pattern can be a very firm support for priceline and indicates that the priceline may form a sideways channel or soon it will take a bullish divergence from this PRZ area and hit the next resistance level at : $10940.
Opportunity For Day Traders:
This BAT pattern is also a good long opportunity for Bitcoin’s day traders like if someone wants to take small profit and take aside then he/she can buy and sell the bitcoin as below:
Buy between: $ 9876.76 to $ 9797.41
Sell between: $ 10065.99 to $ 10351.05
This trade is an opportunity to earn upto 5.65% profit.
But if you are looking for long term or midterm signals then sofar we can understand that BTC is not going to breakdown the support and soon it will hit the next resistance level at $10940.
I will be keep posting more updates on Bitcoin as soon as I will receive more signals.
Regards,
Atif Akbar (moon333)
