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It has take 3 days for the price to finally hit all targets of my previous idea. Now we can judge, is this move was just a correction before another drop or bitcoin is bullish again?
In my opinion the answer is clear for now - bitcoin prepares for another move up. After a lot of struggle price has jumped back into the bull flag. Notice how important was lower line of bull flag and how many times price has rejected by this line.
Another reason for the price to move up is that consolidation below 9k level was actually a final phase of accumulation. I will not spend much time describing why that was an accumulation but take a look at the formation of this accumulation which is absolutely identical (in inversive view) to distribution formation on 10400 level (purple circles).
Of course there are another reasons why I expect price to go up, they are based on what I see in my soft which screenshots I cant post on tradingview.
BUT, I dont think another move up should happen just right now, dont forget weekends are coming and high volatility is unlikely to happen. I think accumulation in 9100 zone can keep going for another 1-2 days, before price goes up so its probably better to wait for a while before opening long.
Summarizing all of that first local move that I expect to happen is a test of bull flag upper line and second biggest horizontal volumes area - 9300-400 zone. In my public channel (check signature) we are going to open long again.
I will post new updates of this idea if anything important happens.
What are your thoughts on it? Lets discuss in comments!
It has take 3 days for the price to finally hit all targets of my previous idea. Now we can judge, is this move was just a correction before another drop or bitcoin is bullish again?
In my opinion the answer is clear for now - bitcoin prepares for another move up. After a lot of struggle price has jumped back into the bull flag. Notice how important was lower line of bull flag and how many times price has rejected by this line.
Another reason for the price to move up is that consolidation below 9k level was actually a final phase of accumulation. I will not spend much time describing why that was an accumulation but take a look at the formation of this accumulation which is absolutely identical (in inversive view) to distribution formation on 10400 level (purple circles).
Of course there are another reasons why I expect price to go up, they are based on what I see in my soft which screenshots I cant post on tradingview.
BUT, I dont think another move up should happen just right now, dont forget weekends are coming and high volatility is unlikely to happen. I think accumulation in 9100 zone can keep going for another 1-2 days, before price goes up so its probably better to wait for a while before opening long.
Summarizing all of that first local move that I expect to happen is a test of bull flag upper line and second biggest horizontal volumes area - 9300-400 zone. In my public channel (check signature) we are going to open long again.
I will post new updates of this idea if anything important happens.
What are your thoughts on it? Lets discuss in comments!
Comment:
Everything is going as planned. We have opened long earlier today
Trade closed: target reached:
We have closed our trade in small profit, I expected this move up to be stronger, thought price will reach at least 9300, but okay small profit is still profit.
That was obviously manipulation (squeeze) which are common on weekends because of low volumes, luckily we were able to make at least small profit here.
That was obviously manipulation (squeeze) which are common on weekends because of low volumes, luckily we were able to make at least small profit here.
