The price action on the strong , "the first clean resistance" as I said one of my previous posts, looks like BUT it needs confirmation and the confirmation should come after today's candle close!!
Currently, the Daily candles have four rejections downwards from the $8,200. $8,200 level matching exactly with our clean and matching exactly with our well-known curve which had three touches and currently, it makes a fourth:
As you see, the area is pretty strong and if You have read my previous post about this $8,000 level then we don't stay here for multiple weeks to consolidate, the price is here to make a move and today I would like to give you one confirmation area where the move should get confirmed.
Candlestick pattern "Shooting Star"
Currently, the price has been around $8,000 approximately four days but those days have been pretty informative. The second Daily candle rejection from the blue line at $8,200 gave us a pattern called "Shooting Stars".
This is correct , the body is perfectly 1:3 from the upper wick and it is pretty symmetrical, great, BUT this is a green one. Yes, it is a on the strong area but the green close means - sellers have started to come into the market BUT still, buyers dominated that day and they managed to hold that price up. It shows that sellers had an attempt to push the price down, we can't say that this is failed attempt but let's see, it is still a pattern "Shooting Star" but it would be more reliable if it would be red ( ).
Candlestick pattern "Bearish Engulfing"
Possibly, the second pattern on the strong and this second one is more powerful than the first one, let me introduce to you - The "Bearish Engulfing".
Why possibly? Because the patterns are ONLY THEN VALID WHEN THEY ARE CLOSED!! So, currently, we have to wait for that today's candle close which may give us that mentioned confirmation and this mentioned confirmation will come after the today's candle close below the red line, below the $7,831 price level.
Overall, the is a pretty strong indication especially if it is on the strong price level and currently the Bitcoin price is on the strong resistance:
- The round number $8,000 has worked as a resistance
- The curve should act as a resistance
- The first clean resistance after that pump from the bottom!
To get that mentioned on this level, which is also supported by the hidden , would be a pretty nice indication for the movement downwards but let's see.
SUMMARY: We have two patterns on the strong area, the second pattern gets confirmed after today's candle close and if it gets a close below the red line $7,831 then it is an indication that the correction may start (altcoins are also started to make something). IF today's candle doesn't get a close below that mentioned red line then this idea is invalid! The correction is "on the table" ONLY then when it gets a close below $7,831!
"The consistency you seek is in your mind, not in the markets."
– Mark Douglas
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Have a nice day,
*This information is mostly used for educational purposes only!
Even 4H candles haven't got a close below the mentioned confirmation level after that idea post but this is not our confirmation that we should wait. We wait that current Daily candle close which has to close below $7,831 to confirm that second bearish candlestick pattern "Bearish Engulfing" around the $8000 levels.
Thank You all for the support!
Thank You all for the support and thank You all for the trust!
I try to deliver more accurate and educational stuff in the future!
(It is a pretty big round number, 4000, hopefully, it doesn't act as a resistance level :D)
All the best and have a wonderful weekend!
BTW, Bitcoin and altcoins may start to go lower, we just had lowest 15 min candle close after the correction and altcoins are also on the deeper minus side (today).