BITCOIN - Do We See a Continuation Move Upwards!?
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Reminder:
The last week was a pretty good week for Bitcoin' because of the movement what it made on Wednesday. The key movement with a little bear trap inside of it got a rejection from a very strong crossing area and it made a new higher low (HL).
Just a little reminder, the bounce came from:
- Strong support area at $6,250
- The Triangle bottom trendline, which is also the major counter trendline (plus the daily candle close were above some minor counter trendlines, which ended up as a bullish "Engulfing" candlestick pattern)
- The major down-trendline
After that rejection, BTC' got a momentum and it finally made a bit stronger statement upwards.
Weekly chart:
As You see on the weekly chart, the weekly candle close gave us a nice bullish indication candle "Dragonfly Doji". This candle is even powerful because of the bounce area (from the strong crossing area).
A new week starts outside of the triangle so, we have a bullish breakout (later we watch it on the daily and on the 4H chart).
Last week I made an idea post where I put there confirmation area, the green triangle above the $6,500. Currently, the price has not closed above the $6,500 and this is our first obstacles in the first days/hours of the current week to break this and after that it can capture higher levels.
At the moment the only suspicious sign is the volume, lately, it has been pretty low but technically weekly chart looks bullish!
Daily chart:
On the daily chart, You can see that we have a clear breakout from the Triangle and we have a close above some important levels. Yesterday's upwards movement gave us a pretty nice candle and gave us several resistance breaks:
- A candle close above the Triangle
- A candle close above the Oct. first week low at $6,424
- A candle close above the historically worked strong resistance level at $6,460
4H chart:
Currently, the Bitcoin' price is between the two strong price levels - resistance is the round number $6,500 (there is also the 200 EMA which should act as a resistance) and support is the blue line $6,460 (there is also the 100 EMA which should act as a support). From the chart pattern perspective, we can say that at the moment, looks like it forming a continuation pattern called Bull Flag but either way, the breakout to either direction will confirm short-term movements.
A breakout above the round number and break above the 200 EMA should give us another leg upwards to the strong resistance area at $6,767. At the moment altcoins are making a little throwback but there are already signs that they could start to make another move so, this could be a perfect sign - if we want to see BTC' break above the round number - when several altcoins start to make climbs on the green (daily profit)!
The second scenario is bearish (Eureka). A first sign comes after the 4H candle close below the $6,460, below the 100 EMA and from the altcoins. If altcoins start to drop after we get a close below the mentioned level then it would be a first sign that we might go and retest some lower levels. All lower levels are healthy which are above the triangle trendline (included the triangle trendline itself). You already know the power of the retest and the price may go to make a triangle retest after the yesterday's breakout. The retest area is very strong, there meet multiple price action criteria around $6,400 which could indicate that we might see a bounce from there:
- The Fibonacci golden pocket 62%-65%
- The Triangle upper trendline which should act as a support
- The orange minor counter trendline which should act as a support
If the price falls lower than the black trendline then it would be a second and the worst bearish confirmation. If You see this then definitely wait for some better opportunities to be on the market!
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis!
If You want to see the altcoins weekly reviews, then visit "CryptoComes" profile in the TradingView!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice week!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Reminder:
The last week was a pretty good week for Bitcoin' because of the movement what it made on Wednesday. The key movement with a little bear trap inside of it got a rejection from a very strong crossing area and it made a new higher low (HL).
Just a little reminder, the bounce came from:
- Strong support area at $6,250
- The Triangle bottom trendline, which is also the major counter trendline (plus the daily candle close were above some minor counter trendlines, which ended up as a bullish "Engulfing" candlestick pattern)
- The major down-trendline
After that rejection, BTC' got a momentum and it finally made a bit stronger statement upwards.
Weekly chart:
A new week starts outside of the triangle so, we have a bullish breakout (later we watch it on the daily and on the 4H chart).
Last week I made an idea post where I put there confirmation area, the green triangle above the $6,500. Currently, the price has not closed above the $6,500 and this is our first obstacles in the first days/hours of the current week to break this and after that it can capture higher levels.
At the moment the only suspicious sign is the volume, lately, it has been pretty low but technically weekly chart looks bullish!
Daily chart:
- A candle close above the Triangle
- A candle close above the Oct. first week low at $6,424
- A candle close above the historically worked strong resistance level at $6,460
4H chart:
Currently, the Bitcoin' price is between the two strong price levels - resistance is the round number $6,500 (there is also the 200 EMA which should act as a resistance) and support is the blue line $6,460 (there is also the 100 EMA which should act as a support). From the chart pattern perspective, we can say that at the moment, looks like it forming a continuation pattern called Bull Flag but either way, the breakout to either direction will confirm short-term movements.
A breakout above the round number and break above the 200 EMA should give us another leg upwards to the strong resistance area at $6,767. At the moment altcoins are making a little throwback but there are already signs that they could start to make another move so, this could be a perfect sign - if we want to see BTC' break above the round number - when several altcoins start to make climbs on the green (daily profit)!
The second scenario is bearish (Eureka). A first sign comes after the 4H candle close below the $6,460, below the 100 EMA and from the altcoins. If altcoins start to drop after we get a close below the mentioned level then it would be a first sign that we might go and retest some lower levels. All lower levels are healthy which are above the triangle trendline (included the triangle trendline itself). You already know the power of the retest and the price may go to make a triangle retest after the yesterday's breakout. The retest area is very strong, there meet multiple price action criteria around $6,400 which could indicate that we might see a bounce from there:
- The Fibonacci golden pocket 62%-65%
- The Triangle upper trendline which should act as a support
- The orange minor counter trendline which should act as a support
If the price falls lower than the black trendline then it would be a second and the worst bearish confirmation. If You see this then definitely wait for some better opportunities to be on the market!
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis!
If You want to see the altcoins weekly reviews, then visit "CryptoComes" profile in the TradingView!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice week!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
ALERT!! A possible breakout upwards from the continuation pattern called "Falling Wedge"!
Comment:
NEW POST: BITCOIN - Which Scenario Is More Favorable??
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Thank You for your support, it has been amazingly motivative!!
Thank You for your support, it has been amazingly motivative!!
Let's starts from bad:
The 4h candle closes below the EMA 100 and below the support (blue line). This will indicate that we might see a throwback (movement downwards) to the mentioned $6,370-$6,400 area. Also, the altcoins make a throwback and even if they started to climb a little bit in the morning then currently, most of them are on the minus side!
The good sign is the FIB level:
At the moment the latest 4h candle close was above the FIB retracement level 38%. To be on the good, powerful and healthy uptrend, then this is the perfect momentum Fibonacci level where You want to see a bounce upwards but considering the volume on the market, where all takes time and we move like in slow-motion then I don't bet on this, I need more than that! Maybe we can catch something from the next hours but still a sign ;)
I'll try to keep You posted!
Meanwhile hit the LIKE button!
Thank You for your support! ;)
All the best!