Bitcoin - Intersection of Important levels and Falling Wedge.
The price is meeting yet another strong uptrend line which has acted as good support level in the past. The chart is showing us The Falling Wedge Chart Pattern which is considered as strong reversal pattern. We are at the moment in the intersection of Uptrend Level, Bottom Level of the Pattern and strong support level of 6,000.00. So what should be expected next? It is important to pay attention on a bullish candlestick formations, confirmed reversal signs and expansion in the volume. It is necessary to price to hold the bottom level of this pattern otherwise this pattern becomes invalid. There is huge Demand Zone down below. If the price does not manage hold the current area then this Demand Zone is becoming more likely and it is ideal to watch for reversal signs from this area. Histogram is showing slow progress of trend reversal going to happen soon if it's going to continue the current path.
News are not flattering currently bitcoin at all and media / news outlets are putting some pressure.
At the same time Stock Market is having some difficulties and so recovery in the price of bitcoin could give safe haven for those who are involved within stock markets.
SEC & Government hearings today and statements have been quite positive so far.
China is going to regulate / stop shady ICOs, exchanges and making sure that money isn't being transferred illegally out of country. China is not actually banning bitcoin.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
News are not flattering currently bitcoin at all and media / news outlets are putting some pressure.
At the same time Stock Market is having some difficulties and so recovery in the price of bitcoin could give safe haven for those who are involved within stock markets.
SEC & Government hearings today and statements have been quite positive so far.
China is going to regulate / stop shady ICOs, exchanges and making sure that money isn't being transferred illegally out of country. China is not actually banning bitcoin.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
Comment:
1D Showing Hammer Candlestick Reversal Pattern / 12h Showing Belt Hold Line Candlestick Reversal Pattern / 4H Tweezer Bottoms Candlestick Reversal Pattern.
It is important to wait on 1D time frame how is the candlestick going to close before confirm anything!
