BITCOIN - Bullish Signs From The Consolidation Box!
Hey-hey!
Yesterday the price made a breakout upwards from the triangle and it got quick momentum after that. Technically a very good and clean setup - breakout, retest and up again. This will show that the buyers have won a small battle around the $3,600.
We made a breakout from the triangle which was pulled from the bodies and now the price is also above the trendline which is pulled from the wicks. So, both confirmations are there.
On the strong area at $3,575, we have also a possible bullish chart pattern Double Bottom:
We have also a higher candle close above the double bottom middle point (orange line) which will lead us into the further bullish move. Sure, the best confirmation comes usually after it the candle has closed above the wick but still, we have to consider that this is the crypto world and some wicks have high manipulation coded in. At least a 1H candle close above the current high will lead us a little bit higher.
If we start to go higher then the next obstacle is there is also a chart pattern called Inverted Head and Shoulders:
Right shoulder is supported with double bottom - not a perfect IHS but still pretty valid.
More directional confirmations:
As You see we are on the consolidation phase. Those chart patterns which is mentioned above will be a sign that we could make a breakout upwards but still You should get a pretty good indication if the price makes a breakout from the consolidation area and the criterion is still the same, wait for at least 1H, or even better 4H, candle close above or below the consolidation box.
SUMMARY:
There are some good signs from the bullish perspective:
- consistent bullish candles on the 4H chart from the $3,575
- A possible Double Bottom chart pattern formation
- A bit sloppy Inverted H&S, sloppy because of the right shoulder
- From a short-term perspective, a breakout from the triangle, retest and buyers pushed the price higher from there.
...but still, we are on the consolidation phase/area and be ready if You see a breakout from either direction. The price has made one fakeout downwards from the light-blue box and I think the second attempt to go downwards will not fail anymore.
I'm slightly with the bullish bias on my mind but let's see what the market offers to us because the market is changing constantly and what we need to do is to prepare for all those changing that gonna happen quickly especially when we are on the highly manipulated area.
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!
Yesterday the price made a breakout upwards from the triangle and it got quick momentum after that. Technically a very good and clean setup - breakout, retest and up again. This will show that the buyers have won a small battle around the $3,600.
We made a breakout from the triangle which was pulled from the bodies and now the price is also above the trendline which is pulled from the wicks. So, both confirmations are there.
On the strong area at $3,575, we have also a possible bullish chart pattern Double Bottom:
If we start to go higher then the next obstacle is there is also a chart pattern called Inverted Head and Shoulders:
More directional confirmations:
SUMMARY:
There are some good signs from the bullish perspective:
- consistent bullish candles on the 4H chart from the $3,575
- A possible Double Bottom chart pattern formation
- A bit sloppy Inverted H&S, sloppy because of the right shoulder
- From a short-term perspective, a breakout from the triangle, retest and buyers pushed the price higher from there.
...but still, we are on the consolidation phase/area and be ready if You see a breakout from either direction. The price has made one fakeout downwards from the light-blue box and I think the second attempt to go downwards will not fail anymore.
I'm slightly with the bullish bias on my mind but let's see what the market offers to us because the market is changing constantly and what we need to do is to prepare for all those changing that gonna happen quickly especially when we are on the highly manipulated area.
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:
Today's highest volume 15 min. candle got a rejection from $3,590 and it ended up above the trendline which is pulled from bodies. Let's see 15 min to go to the 1H candle close and it may come again pretty good rejection candle from $3,600.
Comment:
1H candle close and we got a Hammer candlestick pattern from the trendline.
Decent reversal sign but definitely we need momentum and we need it NOW!!
Decent reversal sign but definitely we need momentum and we need it NOW!!
Comment:
NEW BTC anlaysi just on time:
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Have a wonderful weekend!
Have a wonderful weekend!