From a technical perspective, BTC price is still above the down and currently, it is on the major down pulled from 29. November. It should act as pretty strong support and actually, it has proven it already - several bounces upwards but those are small bounces and to make a bigger bounce upwards we need support from altcoins.
From the price structure wise it has still nice and clear higher highs and higher lows which all indicate that the mid-term trend should be upwards but recently is common on the crypto market that everything happens in slow motion.
Currently, the price is still on the potential bounce area:
1. It is on the which acts as a support
2. Fibonacci golden ratio of 62%
3. Old resistances becomes support levels
4. Market structure is on the side with higher highs and higher lows since the beginning of the February
Very nice criteria which all might indicate that we could see a bounce upwards. Now, we need a little bit of support from altcoins and the move upwards should start. Can't promise wide/high movements because as said everything happens in the slow motion but technically it should be okay spot to start another wave upwards.
Another wave downwards may start after we have seen at least 4H candle close below the black - a little bit deeper close, let's say a close below $3,655 (red box is the confirmation area)
SUMMARY: I wait for a small bounce upwards but I'm ready to change my bias IF the price drops inside the red box and if the 4H or 1H candle closes there or below of it.
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*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
At the moment everything goes as I had planned and let's see how the market reacts!
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If we look at the Daily chart then the yesterday's candle close was really promising which will be a sign that today we could see a continuation move upwards, candle close was higher than on the consolidation period.
Again we have to watch altcoins, they are also starting to line up (some of them are on the plus side some of them are on the minus side).
Need to collect more data on this level and I try to keep You updated!
Thank You very much for the support, it means a lot to me!
All the best!
Currently, we have a bearish chart pattern called Rising Wedge and at the moment the price trying to make a breakout from lower trendline. If it gets confirmed then there is a higher chance that we go a bit lower into the old consolidation area $3,750-$3,800.
This is just an alert that You have to be cautious. As said yesterday, Tuesday's candle was promising to make another wave upwards so, let's see do this move is just a small throwback and we get a bounce sooner than we could expect.
Have a nice weekend!
Can't predict any further than that because I need more data. Possibly a consolidation but the next move upwards should get confirmed after a 4H candle close above $3,860!
All the best!