BITCOIN - Short-Term "Double Bottom" on The Round Number $3,500?
Hey-Hey!
After the fake move below the semi-round number $3,500 we got a bullish momentum and got a good rejection from lower levels.
The rejection came from the Bear Flag bottom trendline and from the round number which both act as supports, plus they both should work as a strong confirmation levels when the price gets a close below of them - very important criteria.
After the rejection, the 4H candle close was a bullish candlestick pattern Hammer and after that, we have seen some consistent buyers volume (obv. low volume but still) which is actually a pretty rare case.
We may have a possible Double Bottom bullish chart pattern with RSI Divergence, which will indicate that the $3,500 currently held us. Actually, this is not "possible", this is valid because we have made a breakout from the Double Bottom pattern neckline.
The last hourly candle got also a close above one of the strong areas around this price level, above the $3,575. So, it is almost two confirmations in one.
Still, we can't forget that we are on the high manipulation area and above us is the major counter trendline which now works as resistance. The last hourly candle touched it and it tried to break above it but it was failed attempt. So, this is currently the short-term major obstacle on the road upwards.
A little summary:
- Altcoins are on the green side which is a supportive sign to break above the counter trendline
- We have a double bottom chart pattern which is a bullish indication
- We have some bullish candlestick patterns on different timeframes
- And we could count this move, which was several hours ago, that this was a bear trap.
The next confirmation may come after the counter trendline break, then we are a bit safer area BUT still on the Bear Flag. Currently, we have touched the counter trendline two times and two times got a bounce back. The price could take a little breathing time and it may move down around $3,550 which is the Double bottom neckline retest. If it falls lower than that then the momentum and the chart pattern is not so valid anymore!
This is mine SHORT-TERM analysis!
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
After the fake move below the semi-round number $3,500 we got a bullish momentum and got a good rejection from lower levels.
The rejection came from the Bear Flag bottom trendline and from the round number which both act as supports, plus they both should work as a strong confirmation levels when the price gets a close below of them - very important criteria.
After the rejection, the 4H candle close was a bullish candlestick pattern Hammer and after that, we have seen some consistent buyers volume (obv. low volume but still) which is actually a pretty rare case.
We may have a possible Double Bottom bullish chart pattern with RSI Divergence, which will indicate that the $3,500 currently held us. Actually, this is not "possible", this is valid because we have made a breakout from the Double Bottom pattern neckline.
The last hourly candle got also a close above one of the strong areas around this price level, above the $3,575. So, it is almost two confirmations in one.
Still, we can't forget that we are on the high manipulation area and above us is the major counter trendline which now works as resistance. The last hourly candle touched it and it tried to break above it but it was failed attempt. So, this is currently the short-term major obstacle on the road upwards.
A little summary:
- Altcoins are on the green side which is a supportive sign to break above the counter trendline
- We have a double bottom chart pattern which is a bullish indication
- We have some bullish candlestick patterns on different timeframes
- And we could count this move, which was several hours ago, that this was a bear trap.
The next confirmation may come after the counter trendline break, then we are a bit safer area BUT still on the Bear Flag. Currently, we have touched the counter trendline two times and two times got a bounce back. The price could take a little breathing time and it may move down around $3,550 which is the Double bottom neckline retest. If it falls lower than that then the momentum and the chart pattern is not so valid anymore!
This is mine SHORT-TERM analysis!
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
NEW Bitcoin analysis: BUY Opportunity
Cheers!
Currently, everything looks under the control, we got a rejection from the neckline and from $3,575 which worked nicely as support and let's see what we get from in the following hours!
Take a second and support my idea by hitting the "LIKE"!
Have a nice day!
Cheers