Hey followers and other TradingView users!
This is a bit longer post than usual but hopefully, educational for You. Take your time and if You read and enjoyed my idea, kill the "LIKE" button or if You are new here, then press the "FOLLOW" button and get instant updates!
Today I would like to describe some of my mid-term viewpoints on BTC Daily timeframe! There are some clear and important levels what You need to watch before You can make any longer decisions. From bullish bias some levels have to break before we can make another run and from bearish bias, there are areas where You can sell it short-term and mid-term, let's go!
First of all, I would like to point out an important trendline (light-blue) above the current which is pulled from 1. April and second touch 24. June.
This may not be as precise as in Forex long-term trendlines because of the high manipulation on the crypto world but still, I will count that this is important. It has worked as a strong support with clean touches and rejections. So, from there we could assume that it works also as a strong resistance level. The price has retested it just after the break at 20. November and it got quick rejection downwards. So, watch out for that if the price reaches into this area.
The second strong resistance above the current price is the strong area at $4,250. If You remember my strong area at $3,600 then this is almost the same. After it breaks below it on 24. November the price has tried to break above it 6 times and all those attempts were unsuccessful. Now the price approaching this level 7. time and be careful because, as You see on the picture above, they make a strong crossing area with the mentioned trendline. You should already know that those price action crossing areas are super strong and to break above or below those the asset needs a hell of a buying/selling volume.
I'm not finished with the area above us: $4,100-$4,250. There is a bullish chart pattern called inverted Head & Shoulders and in this area is the pattern neckline trendline which should act as a resistance.
Currently, I found three strong price action criteria matching each other in on price zone. To break through from the strong area we need a massive buying power and before we don't have seen a 4H or a Daily candle close above the $4,250 we just can't buy it for mid-term. You have to search confirmations and if You do not search those You are just greedy. Yes, the price is higher than now and on the shorter timeframes it shows some bullish signs but You have to wait for a breakout confirmation which confirms the next days/weeks bullishness (especially if we are in the downtrend) and trust me, this situation is almost the same as it was around the $3,600 - strong candle through, retest and to the $4.1k.
Let's play through the bullish scenario - we got a beautiful Daily candle close above the $4,250. Then we have a break above the light-blue trendline, break and close above the $4,250 and break above the bullish chart pattern H&S neckline which will confirm the further move upwards! Then the perfect scenario would be: wait for a retest and the targets will be:
1. $4,672 - The equal waves ABC pattern
2. $5,000 - The channel and the round number crossing area.
The upper channel trendline is copy-paste from currently the major counter trendline (the bottom black trendline). As You know, often the price trades on the channels and from there I could say: after the breakout from the $4,250 the major and the highest targets would be the $5,000.
About sell opportunities then if You see a rejection on the 4H timeframe or on the Daily timeframe from the mentioned area above around $4,100-$4,250 then it would be a decent sell opportunity. What do I mean by rejection?! I mean, if You see a throwback (movement downwards from the mentioned level and IF the movement downwards ends up with a bearish candlestick pattern (Engulfing, Shooting Star, Evening Star, Railroad Tracks) then the sell is triggered and do not forget that - the trend is your friend!
The second sell opportunity confirmation is just below the major counter trendline. If You see a 4H or a Daily candle close below the black trendline:
Counter-trendline-break-trades is with a pretty high success rate, especially on the higher timeframes and especially - the trend is your friend! The target would be the well-known strong area at $3,600-$3,500.
SUMMARY: The lesson would be - wait for the confirmation. There are several price levels and several opportunities to get those, just be patient because the patient is the key!
Please, don't forget to DESTROY THE LIKE BUTTON :)
Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
This is a bit longer post than usual but hopefully, educational for You. Take your time and if You read and enjoyed my idea, kill the "LIKE" button or if You are new here, then press the "FOLLOW" button and get instant updates!
Today I would like to describe some of my mid-term viewpoints on BTC Daily timeframe! There are some clear and important levels what You need to watch before You can make any longer decisions. From bullish bias some levels have to break before we can make another run and from bearish bias, there are areas where You can sell it short-term and mid-term, let's go!
First of all, I would like to point out an important trendline (light-blue) above the current which is pulled from 1. April and second touch 24. June.
The second strong resistance above the current price is the strong area at $4,250. If You remember my strong area at $3,600 then this is almost the same. After it breaks below it on 24. November the price has tried to break above it 6 times and all those attempts were unsuccessful. Now the price approaching this level 7. time and be careful because, as You see on the picture above, they make a strong crossing area with the mentioned trendline. You should already know that those price action crossing areas are super strong and to break above or below those the asset needs a hell of a buying/selling volume.
I'm not finished with the area above us: $4,100-$4,250. There is a bullish chart pattern called inverted Head & Shoulders and in this area is the pattern neckline trendline which should act as a resistance.
Let's play through the bullish scenario - we got a beautiful Daily candle close above the $4,250. Then we have a break above the light-blue trendline, break and close above the $4,250 and break above the bullish chart pattern H&S neckline which will confirm the further move upwards! Then the perfect scenario would be: wait for a retest and the targets will be:
2. $5,000 - The channel and the round number crossing area.
The upper channel trendline is copy-paste from currently the major counter trendline (the bottom black trendline). As You know, often the price trades on the channels and from there I could say: after the breakout from the $4,250 the major and the highest targets would be the $5,000.
About sell opportunities then if You see a rejection on the 4H timeframe or on the Daily timeframe from the mentioned area above around $4,100-$4,250 then it would be a decent sell opportunity. What do I mean by rejection?! I mean, if You see a throwback (movement downwards from the mentioned level and IF the movement downwards ends up with a bearish candlestick pattern (Engulfing, Shooting Star, Evening Star, Railroad Tracks) then the sell is triggered and do not forget that - the trend is your friend!
The second sell opportunity confirmation is just below the major counter trendline. If You see a 4H or a Daily candle close below the black trendline:
SUMMARY: The lesson would be - wait for the confirmation. There are several price levels and several opportunities to get those, just be patient because the patient is the key!
Please, don't forget to DESTROY THE LIKE BUTTON :)
Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
Interesting moment on the market. The last hour 'drop' was a bit scary but buyers managed to push the price back above the round number and also altcoins doesn't react almost at all.
In this hour the things are a little bit different. Again we test the round number $4,000 and some altcoins have started to make a throwback. Nothing remarkable, I just wanted to warn You, be cautious!
Currently, we don't want to see a candle close below the $4k.
...and the like button is still alive - KILL IT :D
In this hour the things are a little bit different. Again we test the round number $4,000 and some altcoins have started to make a throwback. Nothing remarkable, I just wanted to warn You, be cautious!
Currently, we don't want to see a candle close below the $4k.
...and the like button is still alive - KILL IT :D
Comment:
Alert!
The last 15 min candle was a pretty ugly candle. The price approaching the $4k level heavily and altcoins took a small hit also.
So, it could be a sign that we may get some move downwards!
The last 15 min candle was a pretty ugly candle. The price approaching the $4k level heavily and altcoins took a small hit also.
So, it could be a sign that we may get some move downwards!
Comment:
Woww....
Comment:
Currently, the price got a small rejection from FIB 62% and from the first support level. Those light blue areas are the support zones. If the 1H candle gets a close like this then the things may go pretty badly. Let's see what we got, definitely the highest 1H volume around that $4k level. Altcoins suffering...
Comment:
- FIB level 62%
- $3,800
- The previous trendline which was resistance becomes support
- Last higher low support level
Those are the levels which currently holds the price and we got a small rejection from them but overall this is just a hell of a Bart move and the situation doesn't look very good. Pos. is this that we are still on the higher low area ;)
I try to keep You posted!
- $3,800
- The previous trendline which was resistance becomes support
- Last higher low support level
Those are the levels which currently holds the price and we got a small rejection from them but overall this is just a hell of a Bart move and the situation doesn't look very good. Pos. is this that we are still on the higher low area ;)
I try to keep You posted!
Comment:
I have "sad" news also: we have only 50 min to push the price back up, other ways we may get the mentioned bearish confirmation after the 4H candle gets a close below the counter trendline!!
Comment:
New BTC update:
Hit, kill and SMASH the "LIKE" button ;)
The price has drawn to us another important area just above the round number $4,000 and looks like the strong area is $4,025. It has worked as a short-term support and as a short-term resistance. Currently, the price trade below of it but if it makes a breakout upwards ten the next resistance is the Bull Flag upper trendline break upwards from there will guide us to the H&S neckline. So, a close above the $4,025 will be a sign that we go to the higher levels.
If the price moves more sideways then the counter trendline and the light blue area (which was previously a good resistance becomes now support) starting to work together as a strong support level around $3,940. Let's see, a bit boring at the moment but bearish move confirmation may come after below the $4k close.
Do support me, please hit the "LIKE" button ;)
Cheers!