Sometimes when people are watching a trend for a long time, it is easy to get into a trend and become confused about where price is heading. I regularly get comments in my posts and private messages on TradingView which ask me if "x" level is the level to be buying or watching or selling, or whatever it is. This shows me that a lot of traders on TradingView are still alienated and do not know where to be entering a position. For this reason, I've developed this grass roots, yet effective chart which will help everybody know where to be looking to trade Bitcoin.
Swiftly onto Bitcoin, price is trading at 6540 after breaking below the side-wards support and using it as a resistance. Since then price has been in a gentle fall to the downside, but there's not much enthusiasm behind the move, so I simply consider the move rangebound so far. Let's look at the simple details. Price as of now is trading below the side-wards resistance it just bounced off of, and it's using the 200 major moving average as resistance, AND the price Bitcoin tested the side-wards support as a new resistance also coincided with latest swing high resistance zone. This shows there is a compelling resistance ceiling here and price is not looking to break it so far.
If you turn your attention to my above chart, you'll see a thick black line. This isn't just a line, this is what you can call your "Trend meter" (If you like). This line tells you exactly when we are in bear territory, or bullish territory. It tells you a very simple story; if price has a candlestick body CLOSE above 6690, then we are in bullish territory. If price is trading below 6620, then we are in a bearish territory... It's that simple. If you look at price at present, it's clearly in the bearish territory so now you know you should not be entering a position to the upside because of 2 things. 1: There's no candlestick reversal candlestick signals, 2: Price has not closed above 6690 which is required on the Trend Meter to confirm any uptrend.
If anyones interested, they can see how I came up with this simple line by seeing what contributed to me choosing these levels, below.
= Above 6690 = Bullish — Above 6690 is clear of the side-wards resistance line. It is also above the 200 major moving average, and it is above the highs of the previous swing leg, which has been acting as a strong resistance as of recent times.
= Below 6620 = Bearish — Below 6620 is below the 200 major moving resistance line, it is below the side-wards support turned resistance line, and it is clear of the previous swing highs which were created on the lower low when price corrected up to the side-wards support turned resistance line.
Where do you think price is going? Leave a comment with a chart below and let's share our thoughts!
I'll continue to update this idea if it receives enough likes/attention.
Please leave a LIKE and FOLLOW. I'd highly appreciate it.
Swiftly onto Bitcoin, price is trading at 6540 after breaking below the side-wards support and using it as a resistance. Since then price has been in a gentle fall to the downside, but there's not much enthusiasm behind the move, so I simply consider the move rangebound so far. Let's look at the simple details. Price as of now is trading below the side-wards resistance it just bounced off of, and it's using the 200 major moving average as resistance, AND the price Bitcoin tested the side-wards support as a new resistance also coincided with latest swing high resistance zone. This shows there is a compelling resistance ceiling here and price is not looking to break it so far.
If you turn your attention to my above chart, you'll see a thick black line. This isn't just a line, this is what you can call your "Trend meter" (If you like). This line tells you exactly when we are in bear territory, or bullish territory. It tells you a very simple story; if price has a candlestick body CLOSE above 6690, then we are in bullish territory. If price is trading below 6620, then we are in a bearish territory... It's that simple. If you look at price at present, it's clearly in the bearish territory so now you know you should not be entering a position to the upside because of 2 things. 1: There's no candlestick reversal candlestick signals, 2: Price has not closed above 6690 which is required on the Trend Meter to confirm any uptrend.
If anyones interested, they can see how I came up with this simple line by seeing what contributed to me choosing these levels, below.
= Above 6690 = Bullish — Above 6690 is clear of the side-wards resistance line. It is also above the 200 major moving average, and it is above the highs of the previous swing leg, which has been acting as a strong resistance as of recent times.
= Below 6620 = Bearish — Below 6620 is below the 200 major moving resistance line, it is below the side-wards support turned resistance line, and it is clear of the previous swing highs which were created on the lower low when price corrected up to the side-wards support turned resistance line.
Where do you think price is going? Leave a comment with a chart below and let's share our thoughts!
I'll continue to update this idea if it receives enough likes/attention.
Please leave a LIKE and FOLLOW. I'd highly appreciate it.
Comment:
Bitcoin tested my "Trend Meter" and it broke above 6690 which confirmed we are in bullish territory.
As suspected in my previous update, price broke below the side-wards support line but has retested the trend meter level of 6690 as a previous resistance turned new support.
Not only did the retest complete quite nicely, but the candlesticks are showing nice bullish enthusiasm also. Definitely worth keeping an eye on this one.
Well done to everyones who's been following me lately, we've made significant profits, been consistently correct, lost no money, and are also making nice profits in the Cryptocurrency market. what else could you ask for?
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for all your support.
As suspected in my previous update, price broke below the side-wards support line but has retested the trend meter level of 6690 as a previous resistance turned new support.
Not only did the retest complete quite nicely, but the candlesticks are showing nice bullish enthusiasm also. Definitely worth keeping an eye on this one.
Well done to everyones who's been following me lately, we've made significant profits, been consistently correct, lost no money, and are also making nice profits in the Cryptocurrency market. what else could you ask for?
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for all your support.
Comment:
Just something I forgot to clarify properly.
Price tested the side-wards support line, not the horizontal support zone before going to the upside.
This means that although price is now likely to bounce to the upside, there is still the possibility that price will break down lower, retest the horizontal support zone at 6690 before finally bouncing to the upside target.
I'll continue to update this analysis if it receives sufficient attention.
Price tested the side-wards support line, not the horizontal support zone before going to the upside.
This means that although price is now likely to bounce to the upside, there is still the possibility that price will break down lower, retest the horizontal support zone at 6690 before finally bouncing to the upside target.
I'll continue to update this analysis if it receives sufficient attention.
Comment:
Price is testing the horizontal resistance line turned support once again. As it stands it's looking neutral and all attempts to break away from the support line haven't worked as of yet.
It would be good if the candles show some immediate upside, so that traders confidence remains that will ignite the potential short term bull run.
If price breaks below 6690 support level, then the next downside target is likely at 6645.
It would be good if the candles show some immediate upside, so that traders confidence remains that will ignite the potential short term bull run.
If price breaks below 6690 support level, then the next downside target is likely at 6645.
There's 3 ways price will now likely go to catch a bullish move.
1) Price will begin correction now and fall to the tip of the side-wards support line at 6700 levels before bouncing and going to the upside.
2) Price will correct, breaking the side-wards support line and falling slightly lower back to retest the bullish territory confirmation line at 6790 before bouncing to the upside.
3) Price will correct further, breaking both side-wards support and the bull territory zone, to correct to a key hidden level at 6640 before the next bounce.
Scenario 1 & 2 would indicate more immediate bullish movement, however scenario 3 would show a lack of enthusiasm of bulls in the immediately trading environment.
I'll continue updating this analysis if it receives sufficient attention.
Please leave a LIKE & FOLLOW. I'd really appreciate it.