Hey, I was on vacation in Mountains for a week, so sorry for no Bitcoin 0.37% updates.
But I am back with fresh Bitcoin Analysis.
Last time Bitcoin has found new uptrend level, unfortunately this uptrend was broken when Bitcoin breakout from 6800 level was denied twice in a row which led to breakdown, the bears always take chance whenever they see one, and this double top denied breakout with another Exchange hack was a perfect opportunity for them to make some good money.
Okay, so uptrend got broken, Bitcoin saw two strong selling waves contuniosly denied by ema , but luckily found some support at key uptrend level, which Bitcoin seems to follow for now.
On this uptrend you can see 3 good demand candles that are bouncing of the key uptrend level, what I am expecting breaktrough ressistance at 6260 or key uptrend line, btw this is how is an Ascending triangle formed, but bullish ascending triangle comes from uptrend so its more like 50/50.
Two possible scenarios.
Scenario A - Bitcoin will found good support at this key uptrend level, bounce of this level and succesfuly break trough the ressitance, succesful break would show at least 2h candle close above 6260 level.
Scenario B - Bitcoin will not be able to pass trough the ressitance at 6260 and get denied few times, then bears take their chance and push the price as low as they can. I expect that Bitcoin will found strong support near 5800 level.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, which is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
But I am back with fresh Bitcoin Analysis.
Last time Bitcoin has found new uptrend level, unfortunately this uptrend was broken when Bitcoin breakout from 6800 level was denied twice in a row which led to breakdown, the bears always take chance whenever they see one, and this double top denied breakout with another Exchange hack was a perfect opportunity for them to make some good money.
Okay, so uptrend got broken, Bitcoin saw two strong selling waves contuniosly denied by ema , but luckily found some support at key uptrend level, which Bitcoin seems to follow for now.
On this uptrend you can see 3 good demand candles that are bouncing of the key uptrend level, what I am expecting breaktrough ressistance at 6260 or key uptrend line, btw this is how is an Ascending triangle formed, but bullish ascending triangle comes from uptrend so its more like 50/50.
Two possible scenarios.
Scenario A - Bitcoin will found good support at this key uptrend level, bounce of this level and succesfuly break trough the ressitance, succesful break would show at least 2h candle close above 6260 level.
Scenario B - Bitcoin will not be able to pass trough the ressitance at 6260 and get denied few times, then bears take their chance and push the price as low as they can. I expect that Bitcoin will found strong support near 5800 level.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, which is in mine description!
Hope I made your view on whats going on with Bitcoin somewhat clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
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4H RSI testing 40 level.
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Daily MACD will maybe today show which way will Bitcoin go, if sellers or buyers will be dominant, in another word, if Bitcoin can see another wave of buyers or sellers in dominance over the other one.
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But on 4h macd you can see that Bitcoin saw the two strong selling waves, and for now sellers should be exhausted and buying wave can continue, this also narrates the daily macd.
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hourly RSI is trying to break into high demand bullish level, lets look at lower timeframes if this RSI would be able to break into this bullish level.
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On both 15 and 30 min RSI Bitcoin needs to find support at the green area level in order for hourly RSI to succesfuly break into higher demand zones (this one is 30)
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We have here an Ascending triangle, but coming from downtrend which makes it 50/50 bullish or bearish breakout, but strong price action/long candle will there be for sure. Good demand on uptrend level. 6260-6270 ressistance level, you can see how the failed breakout found ressistance and bears immedietialy take their chance and pushed price to 6125, but good demand saved Bitcoin from breaking the uptrend, currently trying to break ressistance.
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I know a lot of people find 5min charts unusable, but when Bitcoin is in such situation trying to break above known ressistance its good to look even at 5 min chart, you can see how RSI found support at 60, to remain strong and break it cannot fall below green zone, also notice the macd how second wave of buyers is trying to show up. Btw Bitcoin is riding on ema, thats also something which considers to be a bullish sign, so as long bitcoin found even at 5min support at green rsi zone and macd wont cross downwards and ema stays below candles, Bitcoin may break Ressistance.
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I really do like this 15min bounce from 40 RSI demand level.
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Good preparation, testing ressistance with oversold bullish macd, lets see if if it can break 60 level and found support on it - 5 min chart
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If Bitcoin can hold between the 6260-6270 area the 15 min MACD should cross, if this happens we may see a good green candle, but the question is, full candle or just a wick?
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Here on the 5 min you can see how the 6270 level acts as ressistance same as 60 RSI acts as 6270 ressistance.
Do you like these constant updates with some education, or its unnecessary? Let me know.
Do you like these constant updates with some education, or its unnecessary? Let me know.
Comment:
Failed breakout, bears took their chance to push the price lower, but Bitcoin seem some strong demand, if this demand wont occur, it could be now around 6200 level.
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Draw and watch these two uptrends for the rest of the night, looks like a squeeze of trend line and ressistance level.
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Bitcoin has found support at uptrend that got broken, but demand was good and Bitcoin was able to break trough uptrend and ride on it again. After Bitcoin has shot to 6385 it got denied, this is when Bears would idealy would step in and push the price as low as possible but demand was strong, notice how the 6300 support was last hope for Bitcoin because if it went under 6300 the RSI would fall below 60 and Bitcoin would need to again show some strong move in order to break 60 level.
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Bitcoin got denied twice in a row at the same ressistance level, but both time has found support at trend line and is able to retest the ressistance level.
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Bitcoin daily MACD close can mean a lot, it can show us if Bitcoin in longer term will see another wave of buyers or sellers, if Bitcoin keep on uptrend and daily candle can close above 6300 that would be consider as a good sign that we may see a MACD "slide" that is drawn by another wave of buyers dominance.
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www.tradingview.com/x/qEf1mn1i/MACD pretty high also its headed down if histogram candle close in sellers dominance, selling wave/s may come, RSI found support at 60 but demand increase was low, possible ema trend change, I expect Bitcoin to retrace a bit in short term.
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If one wave of sellers is enough after 3 stronger waves of buyers and MACD can signal crossed upwards that would mean great demand and strong buyers dominance, lets see what happens.
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Overall look on the chart, 4H. Two key ressistances, uptrend and smiley faces patterns. (jk there is nothing like smiley face pattern but it show overall support and ressistance changes)
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seems like the test of 6400 test was denied once again, I expect some more retrace to some green support level or uptrend level, demand slowly falling, it would be great if can find support around 40 and bounce from there right above 60 and retest 6400 once again, 6400 is really strong ressistance.
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2 Minutes later, testing support if Bitcoin can bounce of this first one support level.. that would be a really strong bullish sign, but its unlikely imo.
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Last update for today, 15 min timeframe, RSI is testing also MACD is testing trend change.
Trade closed: target reached:
Succesful break of ressistance right where I pointed it, see you in another Bitcoin TA.
