Hey!
Exactly a year ago - 17.12.2017 - Bitcoin made all-time high, good old times! :)
Back into the reality and here is the short-term BTC price update.
Currently, the price makes a breakout from two chart patterns:
1. First one is the bigger and it is more known as a bullish pattern "Falling wedge" (black trendline), formed since 6. December. Since yesterday, the price is drifted on the Wedge upper trendline and now we are making the breakout. It is usually as a continuation pattern but currently no, it works just as a bullish pattern if we can make a breakout upwards. As I said, we are drifting on the edge and slightly above of it, so this hour or the next will confirm completely the breakout from the pattern.
2. The second one is smaller and we can call it a "Bull Flag". The pattern started to form the bottom and this slight drifting on the Falling Wedge upper trendline creates a flag. Bull flag is a well-known continuation pattern and the target after the breakout will be confirmed is $3,312 (the first strong area).
Yes, we have a slight breakout from the Falling wedge but we don't have a breakout from the smaller pattern Bull Flag. The breakout from both patterns is confirmed after the candle close (at least 1H) above the $3,220 - the blue line just above the current price. This is a very strong price level and if we want to see bullish BTC price then the first level which has to break is this. It was before strong support and now it acts as a strong resistance. We have tested this couple of times - one quick rejection and now slight move down. Usually, this slightly down and if the price stops in the strong are it means that we might see a breakout, not the rejection (downwards from the current price level). Great and strong areas are touched only once or twice and "never" look back after that.
If we get a breakout from both patterns and we get a candle close above the $3,220, then the short-term momentum EMA's make the golden cross and this is a small confirmation that we might see a continuation move up to the $3,312 or even $3,410.
REMEMBER - this scenario is active ONLY then when we get a candle close (at least 1H) above the $3,220! Only then we have some breakout confirmations! Just a small bullish pattern Double Bottom is on the $3,125 but as You've been noticed, those patterns are failed lately almost every single time!
The bearish scenario steps into play when the price falls down into the Falling wedge and it would be confirmed after the break below the $3,100. If we start to fall downwards then I think this $3,000 doesn't hold us. The only case is then when we make a quick 3k touch as a small V shape but this V shape has to be very quick - $3,000 and immediate rejection up. Currently, we slowly fall lower and if we fall as slow as currently, then this level doesn't work because the $3,000 is so well known level and almost every chartist on the TradingView mention this level. Usually, the well-known levels don't hold the price and the stops below the price get hunted.
Some patterns shows that the price may find a support around $2,400-$2,500. So, be careful if I start to call out some bearish signs on the update section.
As usually, I try to keep You posted about price movement and about bearish/bullish confirmations. Hopefully, the history doesn't repeat itself and I can call out more bullish confirmations ;)
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really appreciate it!
Have a nice week!
All the best!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Exactly a year ago - 17.12.2017 - Bitcoin made all-time high, good old times! :)
Back into the reality and here is the short-term BTC price update.
Currently, the price makes a breakout from two chart patterns:
1. First one is the bigger and it is more known as a bullish pattern "Falling wedge" (black trendline), formed since 6. December. Since yesterday, the price is drifted on the Wedge upper trendline and now we are making the breakout. It is usually as a continuation pattern but currently no, it works just as a bullish pattern if we can make a breakout upwards. As I said, we are drifting on the edge and slightly above of it, so this hour or the next will confirm completely the breakout from the pattern.
2. The second one is smaller and we can call it a "Bull Flag". The pattern started to form the bottom and this slight drifting on the Falling Wedge upper trendline creates a flag. Bull flag is a well-known continuation pattern and the target after the breakout will be confirmed is $3,312 (the first strong area).
Yes, we have a slight breakout from the Falling wedge but we don't have a breakout from the smaller pattern Bull Flag. The breakout from both patterns is confirmed after the candle close (at least 1H) above the $3,220 - the blue line just above the current price. This is a very strong price level and if we want to see bullish BTC price then the first level which has to break is this. It was before strong support and now it acts as a strong resistance. We have tested this couple of times - one quick rejection and now slight move down. Usually, this slightly down and if the price stops in the strong are it means that we might see a breakout, not the rejection (downwards from the current price level). Great and strong areas are touched only once or twice and "never" look back after that.
If we get a breakout from both patterns and we get a candle close above the $3,220, then the short-term momentum EMA's make the golden cross and this is a small confirmation that we might see a continuation move up to the $3,312 or even $3,410.
REMEMBER - this scenario is active ONLY then when we get a candle close (at least 1H) above the $3,220! Only then we have some breakout confirmations! Just a small bullish pattern Double Bottom is on the $3,125 but as You've been noticed, those patterns are failed lately almost every single time!
The bearish scenario steps into play when the price falls down into the Falling wedge and it would be confirmed after the break below the $3,100. If we start to fall downwards then I think this $3,000 doesn't hold us. The only case is then when we make a quick 3k touch as a small V shape but this V shape has to be very quick - $3,000 and immediate rejection up. Currently, we slowly fall lower and if we fall as slow as currently, then this level doesn't work because the $3,000 is so well known level and almost every chartist on the TradingView mention this level. Usually, the well-known levels don't hold the price and the stops below the price get hunted.
Some patterns shows that the price may find a support around $2,400-$2,500. So, be careful if I start to call out some bearish signs on the update section.
As usually, I try to keep You posted about price movement and about bearish/bullish confirmations. Hopefully, the history doesn't repeat itself and I can call out more bullish confirmations ;)
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really appreciate it!
Have a nice week!
All the best!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
We have a breakout from earlier mentioned levels and now we have also the retest. The price made a breakout and as You see it made also a retest around the $3,220, it got a small rejection and everything is under the control, suspiciously under the control ;)
Regards!
Comment:
Morning Star on the 4h chart.
This could be another momentum sign to the $3,312
Comment:
PERFECT! The first target is reached, let's see how high we go!
Comment:
We reached in this hour almost to the last target $3,410.
The good point is this that the bullish candle was with a very tiny wick on the candle high! This will be a sign that the climb continues in the next hours but let's see. At least if I looked up the wick and the volume perspective it made currently a nice close and probably we go higher than $3,410!
Please do not forget to hit the like!
Thank You!
The good point is this that the bullish candle was with a very tiny wick on the candle high! This will be a sign that the climb continues in the next hours but let's see. At least if I looked up the wick and the volume perspective it made currently a nice close and probably we go higher than $3,410!
Thank You!
Comment:
Whoop-whoop target 2. achieved!!
Like, share and comment!
To be continued...
To be continued...
Comment:
New post about higher levels, just in case ;)
All the best!
Comment:
Currently, the market gets pumped like I expected that from the 1H candle! We are broken above the $3,410 and now we trade above the $3,500. If the price gets a close above the mentioned level then we make new shor-term higher high and his is another bullish confirmation! Resistance after resistance, and the next one is the most important - $3,650 - which is the mid-term new higher high!
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Comment:
Two milestones are confirmed with the 4H candle close! Definitely the FOMO starts to kick in but as I said earlier, we need a little throwback and this is the perfect place to get this - those who missed the run can jump into the next wave and etc. Then we have more buyers and more volume, because only with the high power inside the candles we can break and stay above the $3,650!
Let's see, a perfect scenario would be just a small throwback or a little price stop!
Thumbs Up!! :D
Let's see, a perfect scenario would be just a small throwback or a little price stop!
So, from here we might get a continuation move upwards.