BITCOIN - Which Levels It Has To Close Above To Stay Bullish!
Hello, I'm back!
Just a little bounce upwards, yes!? :)
I said on the last week post: "Soon we could see an explosion".
The explosion happened because, on the weekly chart, we were in the crossing area and the price was ready to make a move.
We got our move and this move happened today in the morning! (UTC+3). In the bigger picture (daily chart), it smashed all the strong crossing areas, all the strong resistances and it flew to the June high point at $7,780, where it found a resistance and it bounces quickly back below the round numbers: below the $7,500 and below the $7,000.
In the morning, I just posted "I'm on the market" and I made quick short-term profits with the altcoins but currently as a day trader, I'm out and I wait for, how today's candle close.
The today's price peak and the current price gap is just a little bit too big to be on the market but currently, the price is above the major resistance levels and at the moment it looks obviously bullish, we need confirmation from daily candle close to confirm this bullish breakout.
Let's name those levels where the price has to be closing above, starting from the lowest to highest:
1. The round number at $6,500 - this is the area where we have to stay above and if we don't see something catastrophic then today's candle get a close above the round number
2. We have to get a candle close above the major down-trendline - it will confirm that we have a complete breakout from the down-trend and it will guide us to the higher prices.
3. The price has to close above the curve support - to be again the curve Support(!), the price must be back above the red line and then it would start to work again nicely as a support if the price approaching the mentioned line.
4. One of the strongest "must-stay-above" is the blue line at $6,767, the strong support area. Remember, some weeks ago we had there an "Ascending Triangle" and this price level played a pretty significant role. The price bounce downwards after multiple attempts to break above but currently, we made a break and the price must stay above the blue line to be on the healthy climbing mode.
As You see on the 4h chart, we came quickly down from the June low at $7,780 and the price has already retested the blue line at $6,767 and it has retested the curve support. Those two makes a crossing area which is pretty hard to beat and if the price managed to fall down then it will show that this upwards move was just a "one-man" show and we may go down to test again the lower levels but currently, all are under the buyers control and if they don't let the price down it would be a good sign.
To predict further price movements we need definitely collect more data from the current levels, let the things settle down a little bit, please don't FOMO (fear of missing out), that wasn't the last opportunity to jump into the wave!! Currently, to make any bigger assumptions is pretty hard, we have to take this step-by-step, need to confirm new strong areas on the higher prices and we need to watch that price action what we get from the charts!
Historically, last time when we had so much volume was in the April 12. when the price raised $1,250, today the price made a climb around $1,400 but what is bad compared today's movement with April movement: The April first 4h candle close was closer to the price peak than it is today. There is just a too big gap between the peak and the current price to make any big fractal assumptions!
Today:
April:
Summary: For the bulls and for the crypto-market, this move was like a new hope, a light from the end of the tunnel! Currently, to make any bigger assumptions we have to wait. Good for them who were in the market from the bottom and nothing isn't gone who were out of the market. Opportunities come and the patient is the key! Currently, I''m out of the market and I wait for data from the current level to get a better understanding of what was behind that move which guides us above the major down-trendline! Overall, the week looks promising!
If You appreciate my work then hit the LIKE button!
I need Your support and thank You for that!
Also, leave a comment with Your thoughts and feedback!
If You want to see the altcoins reviews, then visit "CryptoComes" profile in the TradingView and do not hesitate to follow it!
Have a wonderful day!
Just a little bounce upwards, yes!? :)
I said on the last week post: "Soon we could see an explosion".
The explosion happened because, on the weekly chart, we were in the crossing area and the price was ready to make a move.
We got our move and this move happened today in the morning! (UTC+3). In the bigger picture (daily chart), it smashed all the strong crossing areas, all the strong resistances and it flew to the June high point at $7,780, where it found a resistance and it bounces quickly back below the round numbers: below the $7,500 and below the $7,000.
In the morning, I just posted "I'm on the market" and I made quick short-term profits with the altcoins but currently as a day trader, I'm out and I wait for, how today's candle close.
The today's price peak and the current price gap is just a little bit too big to be on the market but currently, the price is above the major resistance levels and at the moment it looks obviously bullish, we need confirmation from daily candle close to confirm this bullish breakout.
Let's name those levels where the price has to be closing above, starting from the lowest to highest:
1. The round number at $6,500 - this is the area where we have to stay above and if we don't see something catastrophic then today's candle get a close above the round number
2. We have to get a candle close above the major down-trendline - it will confirm that we have a complete breakout from the down-trend and it will guide us to the higher prices.
3. The price has to close above the curve support - to be again the curve Support(!), the price must be back above the red line and then it would start to work again nicely as a support if the price approaching the mentioned line.
4. One of the strongest "must-stay-above" is the blue line at $6,767, the strong support area. Remember, some weeks ago we had there an "Ascending Triangle" and this price level played a pretty significant role. The price bounce downwards after multiple attempts to break above but currently, we made a break and the price must stay above the blue line to be on the healthy climbing mode.
To predict further price movements we need definitely collect more data from the current levels, let the things settle down a little bit, please don't FOMO (fear of missing out), that wasn't the last opportunity to jump into the wave!! Currently, to make any bigger assumptions is pretty hard, we have to take this step-by-step, need to confirm new strong areas on the higher prices and we need to watch that price action what we get from the charts!
Historically, last time when we had so much volume was in the April 12. when the price raised $1,250, today the price made a climb around $1,400 but what is bad compared today's movement with April movement: The April first 4h candle close was closer to the price peak than it is today. There is just a too big gap between the peak and the current price to make any big fractal assumptions!
Today:
April:
Summary: For the bulls and for the crypto-market, this move was like a new hope, a light from the end of the tunnel! Currently, to make any bigger assumptions we have to wait. Good for them who were in the market from the bottom and nothing isn't gone who were out of the market. Opportunities come and the patient is the key! Currently, I''m out of the market and I wait for data from the current level to get a better understanding of what was behind that move which guides us above the major down-trendline! Overall, the week looks promising!
If You appreciate my work then hit the LIKE button!
I need Your support and thank You for that!
Also, leave a comment with Your thoughts and feedback!
If You want to see the altcoins reviews, then visit "CryptoComes" profile in the TradingView and do not hesitate to follow it!
Have a wonderful day!
Comment:
I'm on the market!
Comment:
Yesterday's candle close was above 3 mentioned levels out of 4. Above the round number $6,500, above the curve support and above the major down-trendline. One and the most significant level was unbeatable at $6,767 but luckily we saw positive price actions from important price levels. The price fell down to the super-strong crossing area around $6,700. There met: the major down trendline, the curve support and the minor trendline which is pulled from 22. Sept. The price reacted quickly and after the close it formed a bullish "Hammer", a little consolidation and currently, we trade again above the strong resistance (blue line at $6,767). If this move upwards is a long-lasting then it would be the key point because the retest area (crossing area) was so important because as You know, after the breakout the price almost always makes a retest and the climb may continue after that, so as now.
In the night, there was some waiting moment what gonna happen next. Altcoins were on the slight red side and BTC was ready to make a little move. After some raise, Ripple was first who take a action, it started to climb higher pretty quickly and now almost all altcoins are on the green side to support this breakout from the strong resistance area.
At the moment, I'm on the market and watching closely do this breakout may be successful.
First signs would be a close again below the blue line and obviously, the scariest scenario would be a close below the crossing area around $6,650!
I keep You posted!
In the night, there was some waiting moment what gonna happen next. Altcoins were on the slight red side and BTC was ready to make a little move. After some raise, Ripple was first who take a action, it started to climb higher pretty quickly and now almost all altcoins are on the green side to support this breakout from the strong resistance area.
At the moment, I'm on the market and watching closely do this breakout may be successful.
First signs would be a close again below the blue line and obviously, the scariest scenario would be a close below the crossing area around $6,650!
I keep You posted!
Comment:
New deeper BTC analysis:
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