After we made a breakout from the triangle (watch my last Bitcoin Idea post), Bitcoin' has shown some strength so as the overall crypto market, enjoy Your profits!! ;)
It has broken above all the main resistances in this area and now it could possibly make a retracement on the blue area ($6767-$6900) and let's count those criteria: 1. We have historically worked S&R level at $6767 2. Fibonacci 50% retracement level at $6747 3. The perfect Fibonacci 62% retracement level at $6900 4. If we move just a little bit sideways then the trendline since 24 July comes into this blue area and the trendline starts to work as a resistance 5. Slight RSI divergence on the four-hour chart 6. And now the EMA resistance party: * Daily chart 50EMA at $6673 * 12h chart 100EMA at $6675 * 8h chart 200EMA at $6754 * 6h chart 200EMA $6673 So, if we 'want' those EMA's, which has lower then the current price, name it resistances then the price has to make a throwback TODAY. If the candles closes like the current price ($6736) then three of those EMA's starts to work as a support levels and it would be confirmed as bullish signs (because we have a break above the mentioned EMA's) and the 8h chart EMA still works as a resistance! 7. We need to watch closely what the price action offers to us, some chart pattern, some candlestick pattern, some smaller counter trendline breakout and etc. to confirm that seventh criterion! 8. If the FOMO kicks in then we possibly can touch even the round number which starts to work as a resistance at $7000
If we start to make a throwback then the healthy throwback would be around the round number area at $6500. Like You know this is historically a pretty strong level to beet and if the market wants to stay bullish, then this is the perfect retest area where it can continue the climb upwards.
So, the whole market had an amazing pump upwards but as we have seen, then those pumps are not lasting very long and my recommendation is, start to take out some profits!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis and levels! Please, don't forget to LIKE! Thank You for your support!
Have a nice weekend!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
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Another 4h candle has closed and we got a bounce from the strong resistance level at $6767. As You know we could find also the Fibonacci 50% retracement in this area, so, we could assume that Bitcoin may start a make a little pullback because on the 1h timeframe it has bearish candlestick patterns. This will show us that the current momentum is weakened and be careful if You want to buy some coins, they will make the throwbacks! Those are just a signs not full confirmations!! If You find that it was helpful, then please hit the LIKE button! Thank You for your support and have a nice weekend!
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Watch out!! Bearish signs from the chart: 1. “Head & shoulders” chart pattern on the 15 min. timeframe
2. “Shooting star” candlestick pattern on the 4h chart
Those patterns are on my mentioned strong resistance area so, those signs are pretty remarkable, watch out!!
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Here is my NEW IDEA/POST! ...and please don't forget to hit the LIKE button ;)
Relieved to see this nice bull run, Vaido. Unfortunately, I was stuck in Monero from the last big fall.
During this big rise, Monero hit a heavy sell area at 122 and stopped rising.. so I had to unload and lose a little money. ETH also hit the same resistance sell area barrier at $ 130. It seems to me that when these prize coins were held back, the money all then went into Ripple.
I am expecting a pull back. Cannot imagine the USA bears waking up and taking this with a grain of salt. Why? We are nearly touching the top trend line of a giant triangle going back to January.. and if it gets breached upward, it will make it harder to keep the genie out of the bottle.
Regardless, I agree that if the price settles back down to 6500, the fight is not over yet.
Be nice to see a new bull market. :)
Victorwu88
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@TradeClass, I thought you were using your manipulation mirror chart to predict this, how was that working?
TradeClass
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@Victorwu88, this question has NOTHING to do with what I asked Botje. It's totally off topic, So I am NOT going to answer it.
TradeClass
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Just a suggestion. Since your charts and analysis a full of VERY technical language (and super excellent in quality) I suggest when using terms like throwback and pullback, to please indicate direction. For example: at fib level X I see a throwback (upward) to approach the EMA X. Another Example; As a reaction to the market RSI, I see a pullback (higher) to original baseline. Thanks kindly.
VaidoVeek
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@TradeClass, Hello!
Thank You very much for your feedback! I definitely considering adding those on my posts!
Best regards!
During this big rise, Monero hit a heavy sell area at 122 and stopped rising.. so I had to unload and lose a little money. ETH also hit the same resistance sell area barrier at $ 130. It seems to me that when these prize coins were held back, the money all then went into Ripple.
I am expecting a pull back. Cannot imagine the USA bears waking up and taking this with a grain of salt. Why? We are nearly touching the top trend line of a giant triangle going back to January.. and if it gets breached upward, it will make it harder to keep the genie out of the bottle.
Regardless, I agree that if the price settles back down to 6500, the fight is not over yet.
Be nice to see a new bull market. :)