Hey-hey
I want to point out a small fractal indication which happened end of December and which is currently on the market. The fractal candles on the Daily chart have marked as green arrows below the candle.
The first one has happened 27. & 28. December and the second one has happened on 13. & 14. January.
Those marked candles are almost identical having only the size difference. Both have a fakeout which happened on the strong area and after that, the price makes a retest, moves sideways and here comes the interesting part of that. If this fractal plays itself through the end equally, then we could see a movement upwards on the next days.
The current platform has worked nicely as a strong support level at $3,575 and now we have a new and confirmed counter trendline. The counter trendline is a very good trade indication IF it breaks. Currently, the major trend is down and if the counter trendline (major trend is down, a small counter-trend is upwards) break then it would be a good sell signal, this scenario is just in case. If the counter trendline breaks then we have also other price action criteria broken as:
- strong area $3,575, below it would be bearish
- recently nicely worked $3,500 support level, if it breaks it would be another confirmation and the sell trade would be triggered after those criteria have collapsed.
Ok, talking about counter trendlines we ended up on the sell setup, but keep in mind!!
So, back into the current support level which will play out our fractal nicely:
- We have a strong support area $3,575
- We have the major counter trendline AND the strong area crossing point below the current price which makes this support level much stronger
- In this area, we have also the FIB retracement level 62% which will guide us to the wave 3. if we start to count those waves from the bottom.
- We have identical ABC waves down from the last top to the $3,500.
All those criteria matching each other in the current bounce area which will be a sign that we could see a movement upwards!
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
I want to point out a small fractal indication which happened end of December and which is currently on the market. The fractal candles on the Daily chart have marked as green arrows below the candle.
The first one has happened 27. & 28. December and the second one has happened on 13. & 14. January.
Those marked candles are almost identical having only the size difference. Both have a fakeout which happened on the strong area and after that, the price makes a retest, moves sideways and here comes the interesting part of that. If this fractal plays itself through the end equally, then we could see a movement upwards on the next days.
The current platform has worked nicely as a strong support level at $3,575 and now we have a new and confirmed counter trendline. The counter trendline is a very good trade indication IF it breaks. Currently, the major trend is down and if the counter trendline (major trend is down, a small counter-trend is upwards) break then it would be a good sell signal, this scenario is just in case. If the counter trendline breaks then we have also other price action criteria broken as:
- strong area $3,575, below it would be bearish
- recently nicely worked $3,500 support level, if it breaks it would be another confirmation and the sell trade would be triggered after those criteria have collapsed.
Ok, talking about counter trendlines we ended up on the sell setup, but keep in mind!!
So, back into the current support level which will play out our fractal nicely:
- We have a strong support area $3,575
- We have the major counter trendline AND the strong area crossing point below the current price which makes this support level much stronger
- In this area, we have also the FIB retracement level 62% which will guide us to the wave 3. if we start to count those waves from the bottom.
- We have identical ABC waves down from the last top to the $3,500.
All those criteria matching each other in the current bounce area which will be a sign that we could see a movement upwards!
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
The major resistance is between $3,900 and $4,000. From there starts to play the triangle upper trendline and this light-blue dotted line is pulled from the April, I have mentioned it around the Christmas but now again. It has worked nicely as resistance and if we put the chart into the log scale then this blue line matching exactly with current triangle upper trendline (black line). So the major resistance is the $4k IF we could find momentum from here.
Comment:
The 4H candle got a close above the upper strong area:
It is a breakout cofnirmation if You remember my previous post:
Good signs to continue to go upwards, next bullish confirmation is the Daily candle close above those strong areas!
Altcoins are supporting current move because they are also on the plus side!
Have a nice weekend and if You like this idea then hit the “LIKE”
Cheers!
Good signs to continue to go upwards, next bullish confirmation is the Daily candle close above those strong areas!
Altcoins are supporting current move because they are also on the plus side!
Have a nice weekend and if You like this idea then hit the “LIKE”
Cheers!
Comment:
Inverted Head and Shoulders:
The mentioned chart pattern has been on my earlier post and I have mentioned that the first obstacle would be the IHS neckline.
Currently, the price has found resistance from the neckline trendline. This is a good sign that the price didn't get a big rejection from it, the price stays on the area and to get next short-term confirmation is the neckline break which will guide us to the target (shown on the image)
If the price doesn't go higher than the neckline today, then today's candle close on the current level (above $3,690) will be also a bullish sign for the next days, so, watch those close confirmations.
To hold bullish momentum then the price has to stay above the $3,690 on every higher timeframes (1H and higher)
The mentioned chart pattern has been on my earlier post and I have mentioned that the first obstacle would be the IHS neckline.
If the price doesn't go higher than the neckline today, then today's candle close on the current level (above $3,690) will be also a bullish sign for the next days, so, watch those close confirmations.
To hold bullish momentum then the price has to stay above the $3,690 on every higher timeframes (1H and higher)
Comment:
Currently, the price is very sensitive! As mentioned if the daily candle gets a close above the $3,690 then there are high probability that the bullish momentum continues! Sadly the daily candle got a close below it and the price falls lower again! This could be a very bad sign that buyers did not manage to hold it up more than 1-2 days!
At least 4H candle close below 3,500 will trigger the next selling rally!
I look this situation as a viewer, because this area is almost pointless to make TA.s
At least 4H candle close below 3,500 will trigger the next selling rally!
I look this situation as a viewer, because this area is almost pointless to make TA.s
Comment:
New BTC Analysis:
Take a second and support my idea post by clicking the “LIKE” button!
We have the move already and I make an update about resistances!