BITCOIN - Bad Signs Comes From The Previous Week Candle!
Hello, we are again our well-known area between the $6000-$6500 where the big guys even don't hide their movements! Just a quick sell of and next day a quick buyback and etc.
Bad sign comes from the weekly candle, the previous week close was below the $6500, below the April low and below the strong support area which all indicates that there is a very big selling pressure. Previous week close gave us another lower low close and again, the overall market structure is bearish! A remarkable sign is also the candlestick pattern after the close: a bearish "Engulfing". If we look historically then after the bearish engulfing, almost always we have a following red candle!!
Currently, the price moves in the down channel and it has broken support after support! This channel guides us exactly into the $6000 where is also the major counter trendline, pulled from 24. June low and from the 14. August low! So, if it drops, then this is the first target where we have to watch, search and predict any further moves.
At the moment, to trade is definitely very risky because we don't have any significant confirmations. Confirmations are only bearish and those come from higher timeframes, so this means we are looking for sell opportunities because our bias has to be bearish after the massive "Engulfing" candlestick pattern and after the area where the previous week candle closes.
If we break upwards from the current channel then technically a good short opportunity would be around $6700-$6800 and the area criteria are:
1. The Fibonacci retracement 50% (pulled from 05. Sept. to 06. Sept)
2. The Fibonacci extension 141%-161% (pulled from 07 Sept. to 08 Sept.)
3. Strong resistance area $6767-$6800
4. Different timeframes EMA's starts to work as resistances
Summary: My bias is bearish and I start to search for some selling opportunities! Currently, my recommendation is, stay away from the market and wait for those levels what I mentioned above. From these areas, we can make better decisions.
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice week!
Bad sign comes from the weekly candle, the previous week close was below the $6500, below the April low and below the strong support area which all indicates that there is a very big selling pressure. Previous week close gave us another lower low close and again, the overall market structure is bearish! A remarkable sign is also the candlestick pattern after the close: a bearish "Engulfing". If we look historically then after the bearish engulfing, almost always we have a following red candle!!
Currently, the price moves in the down channel and it has broken support after support! This channel guides us exactly into the $6000 where is also the major counter trendline, pulled from 24. June low and from the 14. August low! So, if it drops, then this is the first target where we have to watch, search and predict any further moves.
At the moment, to trade is definitely very risky because we don't have any significant confirmations. Confirmations are only bearish and those come from higher timeframes, so this means we are looking for sell opportunities because our bias has to be bearish after the massive "Engulfing" candlestick pattern and after the area where the previous week candle closes.
If we break upwards from the current channel then technically a good short opportunity would be around $6700-$6800 and the area criteria are:
1. The Fibonacci retracement 50% (pulled from 05. Sept. to 06. Sept)
2. The Fibonacci extension 141%-161% (pulled from 07 Sept. to 08 Sept.)
3. Strong resistance area $6767-$6800
4. Different timeframes EMA's starts to work as resistances
Summary: My bias is bearish and I start to search for some selling opportunities! Currently, my recommendation is, stay away from the market and wait for those levels what I mentioned above. From these areas, we can make better decisions.
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice week!
Comment:
A candle close below the strong support area at $6250 will guide us to the lower levels $5.9k-$6k.
Confirmations: triangle breakout downwards and candle close below the strong area!
Confirmations: triangle breakout downwards and candle close below the strong area!
Comment:
Here we might get something finally, this candle close below the blue line confirms bearishness...
Comment:
Comment:
Looks like we are going down! We have a breakout from the triangle, we have a break below strong support, we have a retest and alts are "red"!
Summary: don't trade those "Bart" moves :)