Hi,
The current price action has been really slow. The volume has been low, the price range has been low and etc.
To be said, I don't like this price action at all. It is too quiet and if the BTC price has started to approach technically good areas then it just slowly drives through, not the best times for traders and trading opportunities. The other reason is the quietness, it is like a silence before the storm but I'm kind of prepared for it. If the storm starts then I have an area where my eyes are pointed and it stays between $8,500-$9,000, the green box below the current price.
It is a pretty strong and important area. Firstly, I'll wait for a bounce from there but to confirm it I need a bullish candlestick formation inside the green box because as said, the current market situation is highly risky. Secondly, if I don't get it and if this level cannot hold the price then we might see pretty 'low' prices $6,xxx.
Let's talk about the green box, technically the first strongest support below the current price.
For me, it is the strongest because there are multiple price action criteria which indicate for "short" holders to take out some profits and for buyers, those criteria can produce some gains.
The green box consists of:
1. The wide gray area has worked as a strong price zone. In May, it worked multiple time as resistance. In June, after the breakout from this level, it worked as a support level. Visually the strong area is spotted and now we need more criteria to confirm it and to make it even stronger.
2. The round number $9,000 makes this support strong. The price zone is wide but it starts to work more when we start to look at the prementioned bullish candlestick pattern.
3. AB=CD from this year's top and the C point is exactly around the $9,000.
4. Daily EMA100 should act as support (currently, it stays $8,921)
5. Smaller downwards channel bottom trendline (marked with blue lines) 'runs' through the green box. Waiting for that third touch from it inside the green box.
6. The red minor trendline 'runs' also through the marked area and also waiting for a third touch which should act as a support.
7. Smaller, a bit lower reliability but still another AB=CD and C point is around $8,650
8. Fibonacci Extensions 127%, pulled from the top to 2nd July low.
9. Wait for bullish candlestick patterns from the marked area to execute the buy order: Bullish Engulfing and Morning Star are the most reliable patterns for me.
- There are some criteria more but I have to wait for some data to get confirmations.
Those criteria make this area stronger for me and that's why I keep an eye on it. As said, the market has been really quiet so, if the "storm" starts then be ready for it, wait for bullish candlestick pattern and blabla..;) Hopefully, this analysis helped out to find the first strongest support zone below the current price.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
The current price action has been really slow. The volume has been low, the price range has been low and etc.
To be said, I don't like this price action at all. It is too quiet and if the BTC price has started to approach technically good areas then it just slowly drives through, not the best times for traders and trading opportunities. The other reason is the quietness, it is like a silence before the storm but I'm kind of prepared for it. If the storm starts then I have an area where my eyes are pointed and it stays between $8,500-$9,000, the green box below the current price.
It is a pretty strong and important area. Firstly, I'll wait for a bounce from there but to confirm it I need a bullish candlestick formation inside the green box because as said, the current market situation is highly risky. Secondly, if I don't get it and if this level cannot hold the price then we might see pretty 'low' prices $6,xxx.
Let's talk about the green box, technically the first strongest support below the current price.
For me, it is the strongest because there are multiple price action criteria which indicate for "short" holders to take out some profits and for buyers, those criteria can produce some gains.
The green box consists of:
1. The wide gray area has worked as a strong price zone. In May, it worked multiple time as resistance. In June, after the breakout from this level, it worked as a support level. Visually the strong area is spotted and now we need more criteria to confirm it and to make it even stronger.
2. The round number $9,000 makes this support strong. The price zone is wide but it starts to work more when we start to look at the prementioned bullish candlestick pattern.
3. AB=CD from this year's top and the C point is exactly around the $9,000.
4. Daily EMA100 should act as support (currently, it stays $8,921)
5. Smaller downwards channel bottom trendline (marked with blue lines) 'runs' through the green box. Waiting for that third touch from it inside the green box.
6. The red minor trendline 'runs' also through the marked area and also waiting for a third touch which should act as a support.
7. Smaller, a bit lower reliability but still another AB=CD and C point is around $8,650
8. Fibonacci Extensions 127%, pulled from the top to 2nd July low.
9. Wait for bullish candlestick patterns from the marked area to execute the buy order: Bullish Engulfing and Morning Star are the most reliable patterns for me.
- There are some criteria more but I have to wait for some data to get confirmations.
Those criteria make this area stronger for me and that's why I keep an eye on it. As said, the market has been really quiet so, if the "storm" starts then be ready for it, wait for bullish candlestick pattern and blabla..;) Hopefully, this analysis helped out to find the first strongest support zone below the current price.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido