As mentioned in the previous post that BTC price may take some time to consolidate and currently, it is on the consolidation mode after the second bullish leg upwards from $3,550. It is also important that the price consolidate a bit longer time in this area to give room to make healthy throwback (movement downwards) if the price starts to make it and there are some signs that it may start it pretty soon.
There is a bearish chart pattern called Rising Wedge and if the price or the candle gets a close below the lower trendline - on the red area - then the downwards move could be confirmed. So, watch this red area closely if the price breaks below the Rising Wedge bottom trendline then it may drop but where it should find the support!?
The next strong support area is the blue area between two previously worked resistances. Resistances becomes support at these levels and actually, there are also other strong criteria:
Blue area - the bounce area - consists:
1. Resistance becomes support
2. Black trendline should work as a support level
3. There is a bigger Fibonacci 38% retracement level
4. There is a smaller Fibonacci 62% retracement level
5. There are different timeframes EMA 100 and 200
The overall trend and the overall crypto market have shown us nice movement and we can assume that this area will guide us to the next leg upwards.
Firstly wait for a candle close below the bearish chart pattern Rising Wedge and then it could find support from the blue area!
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Have a nice day!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
There is a bearish chart pattern called Rising Wedge and if the price or the candle gets a close below the lower trendline - on the red area - then the downwards move could be confirmed. So, watch this red area closely if the price breaks below the Rising Wedge bottom trendline then it may drop but where it should find the support!?
The next strong support area is the blue area between two previously worked resistances. Resistances becomes support at these levels and actually, there are also other strong criteria:
Blue area - the bounce area - consists:
1. Resistance becomes support
2. Black trendline should work as a support level
3. There is a bigger Fibonacci 38% retracement level
4. There is a smaller Fibonacci 62% retracement level
5. There are different timeframes EMA 100 and 200
The overall trend and the overall crypto market have shown us nice movement and we can assume that this area will guide us to the next leg upwards.
Firstly wait for a candle close below the bearish chart pattern Rising Wedge and then it could find support from the blue area!
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Have a nice day!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
On the top we have two bearish candlestick patterns:
1. A couple of days ago - Evening Star
2. Today - Shooting Star
Now we have also 4H candle confirmation breakout below the bearish chart pattern Rising Wedge.
So, we are collected several bearish price action signs, let's see how the price reacts to them!
Do not forget to support my idea post!
Thank you!
1. A couple of days ago - Evening Star
2. Today - Shooting Star
Now we have also 4H candle confirmation breakout below the bearish chart pattern Rising Wedge.
So, we are collected several bearish price action signs, let's see how the price reacts to them!
Thank you!
Comment:
New BTC analysis:
Take a second and support my idea post by hitting the "LIKE" button!
Thank You very much!
Thank You very much!
Just be alerted because technically the price could make a throwback!