sorry for the low count of updates and idea post, as said I'm on my vacation but I'll try to give some short-term guidelines and areas where the BTC price probably wants to go and wants to bounce ;)
First of all, thank you for the support for my last post, it was a really great call and actually, the "Sell" was also pretty nice, I could not put the idea post but at least I mentioned it that the $13,100 can be the reversal area!
I've been away from the charts pretty long time, to be said, I'm more active again on next Monday but let's jump into the charts.
Firstly, a bit of educational staff, remember what I said after the Gravestone formation a couple of weeks ago on the Weekly chart. The "clean area", read about it on the 4 July post. Summary, it was a really sign from the Weekly but if the wick is too high compared to other candles then there is a tendency to fill this area, it's like gaps in Forex, 80-90% of the time the market fills those gaps.
The current action and a possible bounce area.
Currently, the price is around the psychological level of $10,000. Once it has worked perfectly as a but now, the bigger picture and the price structure are pointed into lower levels. The BTC price has made a new lower high and the bigger downwards channel are pointed into the lower levels.
The last Weekly candle was , the downwards channel indicates that the price may go into the lower levels and the new lower high in 10th July indicates that the BTC price has taken a 'correction direction'. The next leg down should get confirmed after the 4H candle close below the 10k BUT definitely, it wouldn't be high probability trading setup.
The high probability trading setup waiting for us around the $9,000. Multiple reversal price action criteria matching each other in the blue/reversal box. Actually, some of the reversal criteria matching really nicely and almost punctually on the same price level.
High probability short-term BUY setup between $8,700 - $9,000!
Here are the criteria:
1. lower trendline should act as a
2. Daily 100 should work as a supporter
3. Previously worked on May 27-29 starting to act as a .
4. from the top and the D point is exactly inside the blue box.
5. The round number $9,000 can play an important role on the list of the criteria
6. The black trendline, it has worked as a , it has worked as a and hopefully, it works currently as support. It is not the textbook trendline but definitely, it adds a bit strongness into the reversal area.
7. Fibonacci Extensions
Recently, technically those strong areas have been worked pretty nicely, hopefully, this is not an exception. ;)
SUMMARY: The downwards movement has been pretty sharp , this could lead us into the move which can drive the price a bit higher levels but it is what it is. Currently, the strongest and the highest probability short-term trading setup waiting for us just around $9,000.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
That means it is not so clean BUT as mentioned, we got a pullback to the higher levels! Because I’m on my vacation, which means I have time to be patient, then my eyes and alerts are only pointed into the 9k! It stays valid if the price gets a movement downwards from the upper blue box. There are some resistance/reversal criteria but This Is Not a SELL Call! Maybe after a bearish candlestick pattern on 4h chart it can be a sell area but currently not!
If it goes higher than this, then the 9k bounce setup becomes more unlikely!
Have a wonderful day,
Have a nice day!