Hey-hey!
As I mentioned on my previous post: "Bearish confirmation: Here is enough if we get a 1H candle close below $3,500", it was enough and now the price has touched the first bearish target area which was $3,350.
I made a bit longer pause between my BTC analysis because there was not much to say and not much where to start to make a technical analysis. Now we have collected some data and some levels and chart patterns start work a bit better.
After the price falls below the $3,500 it found a support from Falling Wedge bottom trendlines. There are two Falling Wedge (FW) patterns, one is bigger (blue lines) and the second one is smaller which trendlines are drawn as black lines, just a small bounce up and today, the price breaks those two lines and currently it trades below trendline which now should work as resistance levels.
The last 4H candle retested already that smaller FW trendline and the price got a tiny rejection downwards. Overall the down pressure is very high and from a technical perspective we should fall down even more.
The next bearish confirmation comes after we have gotten at least 4H candle close below $3,300. Then the price should go to retest the 2018 low point which is $3,128. Definitely, You have to wait for a candle close because this area (around $3,300) has gotten several rejections upwards and if we get a candle close confirmation below it then we can be sure that sellers have won another battle and the pressure is still there.
2018 low and some other price action criteria matching on the $3,130 area which will be a sign that the price may get a bounce from there, can't say how high or how sharp but the perfect scenario would be a bounce to the $3,300-$3,350 which should also mean a retest after the break below this level - this scenario is marked with red arrows.
....from $3,130 to the $3,300-$3,350 and at there could be a decision point. I do not want to discuss it right now because we have some time when this occurs.
A little summary: At least a 4H candle close below $3,300 and then the price goes as low as $3,130 and from there a rejection should be a possible scenario.
If we want to lower that current bearish pressure then buyers have to push the price back above the FW bottom trendlines which mean price wise, above the $3,400. Then the first seller's attempt has failed and buyers have won a little bit time to accumulate. FW patterns are bullish patterns and then they are still valid with just a little fake out below the bottom trendline. Target wise, can't promise anything because we don't have seen a comfortable consistency from buyers, the short-term maximum would be $3,500 - to the smaller FW upper trendline at $3,560.
The bounce is expected but to get a bigger bounce we need a bit consistency from buyers. A bullish daily candlestick pattern would be a nice sign ;)
SUMMARY: The bearish target $3,130 is triggered after the 4H candle close below the $3,300.
Bulls have won a little bit consolidation time if they manage to push the price back above the FW bottom trendlines, above $3,400! Currently, a little sign from altcoins that bulls could even push it back above the trendlines because a small drop on today's morning doesn't effected altcoins so much.
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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!
As I mentioned on my previous post: "Bearish confirmation: Here is enough if we get a 1H candle close below $3,500", it was enough and now the price has touched the first bearish target area which was $3,350.
I made a bit longer pause between my BTC analysis because there was not much to say and not much where to start to make a technical analysis. Now we have collected some data and some levels and chart patterns start work a bit better.
After the price falls below the $3,500 it found a support from Falling Wedge bottom trendlines. There are two Falling Wedge (FW) patterns, one is bigger (blue lines) and the second one is smaller which trendlines are drawn as black lines, just a small bounce up and today, the price breaks those two lines and currently it trades below trendline which now should work as resistance levels.
The last 4H candle retested already that smaller FW trendline and the price got a tiny rejection downwards. Overall the down pressure is very high and from a technical perspective we should fall down even more.
The next bearish confirmation comes after we have gotten at least 4H candle close below $3,300. Then the price should go to retest the 2018 low point which is $3,128. Definitely, You have to wait for a candle close because this area (around $3,300) has gotten several rejections upwards and if we get a candle close confirmation below it then we can be sure that sellers have won another battle and the pressure is still there.
2018 low and some other price action criteria matching on the $3,130 area which will be a sign that the price may get a bounce from there, can't say how high or how sharp but the perfect scenario would be a bounce to the $3,300-$3,350 which should also mean a retest after the break below this level - this scenario is marked with red arrows.
....from $3,130 to the $3,300-$3,350 and at there could be a decision point. I do not want to discuss it right now because we have some time when this occurs.
A little summary: At least a 4H candle close below $3,300 and then the price goes as low as $3,130 and from there a rejection should be a possible scenario.
If we want to lower that current bearish pressure then buyers have to push the price back above the FW bottom trendlines which mean price wise, above the $3,400. Then the first seller's attempt has failed and buyers have won a little bit time to accumulate. FW patterns are bullish patterns and then they are still valid with just a little fake out below the bottom trendline. Target wise, can't promise anything because we don't have seen a comfortable consistency from buyers, the short-term maximum would be $3,500 - to the smaller FW upper trendline at $3,560.
The bounce is expected but to get a bigger bounce we need a bit consistency from buyers. A bullish daily candlestick pattern would be a nice sign ;)
SUMMARY: The bearish target $3,130 is triggered after the 4H candle close below the $3,300.
Bulls have won a little bit consolidation time if they manage to push the price back above the FW bottom trendlines, above $3,400! Currently, a little sign from altcoins that bulls could even push it back above the trendlines because a small drop on today's morning doesn't effected altcoins so much.
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!
Comment:
Currently, bulls have won a little bit time to accumulate and then they want to try to push the price upwards, at least we are in this area where the down pressure is not the highest.
From the bottom to above the Falling Wedge trendlines we have gotten a small bullish chart pattern called Inverted Head and Shoulders and it is valid because the price has made a breakout through the neckline, the "launching" platform should be great to make that move upwards.
If the price starts to fall lower then the trendlines, then the bullish chart pattern is not valid anymore and again we are below the trendlines which is not a great sign. This tells us that bulls don't have that power yet and we go lower levels.
Currently, everything looks decent and I try to keep You posted!
You can support my effort by hitting the "LIKE button!
Thank you,
Cheers!
From the bottom to above the Falling Wedge trendlines we have gotten a small bullish chart pattern called Inverted Head and Shoulders and it is valid because the price has made a breakout through the neckline, the "launching" platform should be great to make that move upwards.
If the price starts to fall lower then the trendlines, then the bullish chart pattern is not valid anymore and again we are below the trendlines which is not a great sign. This tells us that bulls don't have that power yet and we go lower levels.
Currently, everything looks decent and I try to keep You posted!
Thank you,
Cheers!
Comment:
NEW BTC Analysis, enjoy it:
Please take also a second and support my idea by hitting the "LIKE"!
Cheers!
Cheers!
From here is better to make a move to the $3,500 but from the bearish side, I think one bear attack and probably we go below the $3,350.
As said, altcoins gave us a sign that we may go back above those Falling Wedge trendlines, now, the price is above of them and we have to wait - do we get the next movement upwards or was it another example about the failed climb.
If it was helpful, then take a second and hit the "LIKE" button!
Cheers!