Hi,
Long time no see but for me, there is a simple reason behind that - there aren't any high probability trading areas. The mid-, long term bias is still upwards but currently, the price just fooling around. Previous ideas have played out almost perfectly and I don't want to break that chain.
Slowly the price action has started to draw something but still, it is just guessing because firstly, the price has to reach there and secondly it has to show strong bearish patterns.
Waiting for a short-term correction.
Considering Fibonacci retracement & extension levels, horizontal price zones, channels, minor trendlines then the price zone that I'm talking about stays around $9,900 - $10,500 (awesome, five digits numbers are on the table again :D).
I'm a bit worried about THE Down-trendline (black one), pulled from all-time high to 2019 high - it starts to become closer and closer and I think that sooner or later the price will reach there ~11,000. If the price is capable to crack it then it will be a huge step for long-term bullishness but firstly, my eyes are pointed to the marked area, to the possible short-term reversal area.
The price increase, from 2019 December, has been pretty consistent and I will wait for that short-term correction. As said, there are pretty good chances that the correction may start from the red box, if it starts sooner then great, we can search for buying opportunities sooner than with this scenario ;)
Cup & Handle - bullish chart pattern
The price has climbed above the major counter-trendline, which was pulled from 2019 high (June) to 2019 October high, Double bottoms, Tripple bottoms, Inverted Head and Shoulders on December - bullish, bullish, bullish.
To add a bit of visuality on the chart, the price has started to draw out another bullish chart pattern called Cup and Handle. The needed correction will start that handle-section. Definitely, this is not a major thing considering that correction but as said, visually it will look perfect.
The correction criteria
If the price starts to fall from the current level ~9,300-400, then as said, it would be perfect, we can search for buying opportunities a bit sooner. I, personally, cannot trade it and I cannot share it because selling from the current area goes against my trading rules (too low count of criteria).
So, I would like to share my comfort zone, which stays between $9,900 - $10,500 and it consists of:
1. The strong orange-horizontal-price zone should act as a resistance. Historically it has multiple rejections to either direction and at the moment, I will wait for a rejection downwards.
2. Inside the strong area stays THE round number $10,000. Four digits become five digits and it will start to act as a resistance level.
3. Four different Fibonacci Extensions should act as resistance levels.
4. Fibonacci Retracement 50% and 62% acting as resistance.
5. AB=CD
6. Channel projection and minor trendlines run through the red box. Definitely, adding strength to the marked area.
7. As said previously, firstly, the price has to reach there and secondly, it must show strong bearish patterns. Smaller timeframes bearish chart patterns, higher timeframes candlestick patterns and etc. So, wait for those!!
NB: Sorry for the "mess" on the chart :)
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
Long time no see but for me, there is a simple reason behind that - there aren't any high probability trading areas. The mid-, long term bias is still upwards but currently, the price just fooling around. Previous ideas have played out almost perfectly and I don't want to break that chain.
Slowly the price action has started to draw something but still, it is just guessing because firstly, the price has to reach there and secondly it has to show strong bearish patterns.
Waiting for a short-term correction.
Considering Fibonacci retracement & extension levels, horizontal price zones, channels, minor trendlines then the price zone that I'm talking about stays around $9,900 - $10,500 (awesome, five digits numbers are on the table again :D).
I'm a bit worried about THE Down-trendline (black one), pulled from all-time high to 2019 high - it starts to become closer and closer and I think that sooner or later the price will reach there ~11,000. If the price is capable to crack it then it will be a huge step for long-term bullishness but firstly, my eyes are pointed to the marked area, to the possible short-term reversal area.
The price increase, from 2019 December, has been pretty consistent and I will wait for that short-term correction. As said, there are pretty good chances that the correction may start from the red box, if it starts sooner then great, we can search for buying opportunities sooner than with this scenario ;)
Cup & Handle - bullish chart pattern
The price has climbed above the major counter-trendline, which was pulled from 2019 high (June) to 2019 October high, Double bottoms, Tripple bottoms, Inverted Head and Shoulders on December - bullish, bullish, bullish.
To add a bit of visuality on the chart, the price has started to draw out another bullish chart pattern called Cup and Handle. The needed correction will start that handle-section. Definitely, this is not a major thing considering that correction but as said, visually it will look perfect.
The correction criteria
If the price starts to fall from the current level ~9,300-400, then as said, it would be perfect, we can search for buying opportunities a bit sooner. I, personally, cannot trade it and I cannot share it because selling from the current area goes against my trading rules (too low count of criteria).
So, I would like to share my comfort zone, which stays between $9,900 - $10,500 and it consists of:
1. The strong orange-horizontal-price zone should act as a resistance. Historically it has multiple rejections to either direction and at the moment, I will wait for a rejection downwards.
2. Inside the strong area stays THE round number $10,000. Four digits become five digits and it will start to act as a resistance level.
3. Four different Fibonacci Extensions should act as resistance levels.
4. Fibonacci Retracement 50% and 62% acting as resistance.
5. AB=CD
6. Channel projection and minor trendlines run through the red box. Definitely, adding strength to the marked area.
7. As said previously, firstly, the price has to reach there and secondly, it must show strong bearish patterns. Smaller timeframes bearish chart patterns, higher timeframes candlestick patterns and etc. So, wait for those!!
NB: Sorry for the "mess" on the chart :)
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
Comment:
Fresh BTC analysis:
Regards!
Comment:
Possibly, the hande has started, soon I will make an update.
Comment:
Fresh BTC analysis:
Regards!
Trade closed: target reached:
Fresh BTC analysis:
Regards,
Vaido
Vaido
