Currently, it trades between the two blue lines. Above is the resistance at $6767 where BTC' has tried to break out several times, one attempt was successful but let's call this a fakeout and the second one is below the current price at $6460 which works as a support. In 26. Sept. and in 27. Sept. it worked nicely as a support and it holds that price very nicely. Now, we touched it again and got a bounce but currently, this level is much stronger than before because in this area we have the and the golden Fibonacci level 62% crossing area which makes this price level much stronger to break through.
Over the weeks, the chart has drawn to us a bullish pattern called "Ascending Triangle" which WILL indicates that we MIGHT see a breakout upwards but like You already know, from the triangle have always two breakout opportunities but this 'ascending' means that we have an edge to break upwards. Also, we have a nice and clean higher highs and higher lows on the price structure which will indicate a little bullishness.
Let's talk about a couple of scenarios:
As You know, in generally the weekends are very low and to make a breakout upwards we need a lot of power, that's why I think if we see a rise from the current price then it finds a resistance from the $6767 area and it would be a ranging market between the upper resistance and lower until to the next week where the price is more closer to the triangle tip and it is ready to make a breakout from the triangle in the high days (working days). If we might see a breakout in the future (then definitely I make other updates but...) then the shows us the ideal target point is around $7300 and this area is full of several weekly resistances.
In the bigger picture, the overall trend is down and that's why I think it is simple to break through downwards in the low days. Currently, on the 4h chart, the price trades below the all important EMA's which works as a resistances. IF, we might see a candle close below the blue line and below the triangle , let's say around $6400 then it would be a confirmation. It confirms that the momentum is gone and the strong doesn't work anymore and the next stop would be on the major counter which is around $6300 (but in this case if we reach in to the counter area and it makes a close around there then the price structure has changed and we have a new lower low which is not a good sign). Also, there are other support lines but YOU MUST BE ALERTED when You see a break below the mentioned levels and I think You have to go away from the market, just in case!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis and levels!
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*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
So, some altcoins makes a small rally but some of them are on the same place as in the beginning of the day! This will show that we may start to go to the triangle resistance line which is around the $6767!
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1. We got a bounce from the round number $6,500 and the strong support area at $6,460
2. We got a bounce from the trendline and the supports crossing area
3. We got a bounce from the golden Fibonacci level 62%
4. AND after this bounce, the daily candle close gave us a bullish candlestick pattern called "Hammer"
Very nice and clean price action criteria in the same place and matching with each other so, technically today we may see a green candle!
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Tomorrow I make new idea post and I try to explain a little bit deeper what we can expect from next week and from next month!
All the best!