Hey!
We have small indications that Bitcoin' price may have found the short-term bottom. The market has got a nice pump from the bottom (at $3,500) and also the altcoins have climbed nicely after the weekend dump.
Currently, the price has drawn to us some strong areas from the current levels and we could start to make a technical analysis.
Bitcoin' price is still on the falling channel which was in my last idea post. On Friday I said that if the price comes down quickly then we might see a bounce from $3,800-$4,000 but no, the price moved sideways and the strong crossing area becomes weaker. The weekend drop stars on Saturday evening and it found the bottom from the round number area at $3,500. The bounce upwards guides us again inside the channel and from there we have made new short-term higher highs with nice volume inside the bullish candles.
Let's jump into the current price action - sorry for the mess on the chart but those lines and areas are important if we want to make precise TA.
At the moment the price makes a little throwback from the channel upper trendline which works as a resistance and technically further action looks 'great' over a very long time:
1. Again, we have started to make short-term higher highs
2. Bullish volume is bigger than before
3. Smaller timeframe chart patterns are on the bullish side and I like the price action what we have got since $3,500
4. We have a breakout above the green down-trendline which is pulled from 19. Nov. to 24. Nov. (another indication about short-term bottom)
5. On the last hour, the price made a retest and it got a bounce from there.
The bounce criteria:
- Strong area (orange box)
- Inverted Head and Shoulders neckline retest
- FIB 38% retracement level
6. Altcoins are supporting this bounce from the orange area which will guide us finally through/above the channel upper trendline.
So, currently, there are several bullish price action criteria which will guide us above the mentioned channel trendline and above the round number $4,000 (the major bullish confirmation area - candle close above both mentioned levels at the same time). There we got a nice bullish confirmation which will guide us even further but we might see a small bounce just below the $4,200 where is another orange box. The orange boxes are drawn to there were we have seen only strang candles to break this levels and multiple rejections considering wicks. Watch the lowe orange box, strong candle downwards and strong candle upwards through the level. This will indicate that only powerful volume can break this level and currently, the altcoins are on the green side or at a slight minus so this could mean that at the moment this level holds the price but let's see what we get from further price action.
To give You also another bearish confirmation area (those have been very prices so, watch out) then a candle close below the lower orange area and below the green trendline will indicate that the price may go and retest again the round number $3,500 and from there even lower than that but I try to keep You posted if the things start to go a little bit dangerous again.
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really really appreciate it!
Have a nice week!
All the best!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
We have small indications that Bitcoin' price may have found the short-term bottom. The market has got a nice pump from the bottom (at $3,500) and also the altcoins have climbed nicely after the weekend dump.
Currently, the price has drawn to us some strong areas from the current levels and we could start to make a technical analysis.
Bitcoin' price is still on the falling channel which was in my last idea post. On Friday I said that if the price comes down quickly then we might see a bounce from $3,800-$4,000 but no, the price moved sideways and the strong crossing area becomes weaker. The weekend drop stars on Saturday evening and it found the bottom from the round number area at $3,500. The bounce upwards guides us again inside the channel and from there we have made new short-term higher highs with nice volume inside the bullish candles.
Let's jump into the current price action - sorry for the mess on the chart but those lines and areas are important if we want to make precise TA.
At the moment the price makes a little throwback from the channel upper trendline which works as a resistance and technically further action looks 'great' over a very long time:
1. Again, we have started to make short-term higher highs
2. Bullish volume is bigger than before
3. Smaller timeframe chart patterns are on the bullish side and I like the price action what we have got since $3,500
4. We have a breakout above the green down-trendline which is pulled from 19. Nov. to 24. Nov. (another indication about short-term bottom)
5. On the last hour, the price made a retest and it got a bounce from there.
The bounce criteria:
- Strong area (orange box)
- Inverted Head and Shoulders neckline retest
- FIB 38% retracement level
6. Altcoins are supporting this bounce from the orange area which will guide us finally through/above the channel upper trendline.
So, currently, there are several bullish price action criteria which will guide us above the mentioned channel trendline and above the round number $4,000 (the major bullish confirmation area - candle close above both mentioned levels at the same time). There we got a nice bullish confirmation which will guide us even further but we might see a small bounce just below the $4,200 where is another orange box. The orange boxes are drawn to there were we have seen only strang candles to break this levels and multiple rejections considering wicks. Watch the lowe orange box, strong candle downwards and strong candle upwards through the level. This will indicate that only powerful volume can break this level and currently, the altcoins are on the green side or at a slight minus so this could mean that at the moment this level holds the price but let's see what we get from further price action.
To give You also another bearish confirmation area (those have been very prices so, watch out) then a candle close below the lower orange area and below the green trendline will indicate that the price may go and retest again the round number $3,500 and from there even lower than that but I try to keep You posted if the things start to go a little bit dangerous again.
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really really appreciate it!
Have a nice week!
All the best!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
NEW IDEA POST:
Altcoins makes also a throwback so, watch it carefully.
1H candle close below the $3,800 will confirm that we might see a leg down.
Current supports before the round number $3,500 are the green trendline and the daily level at $3,632.
From a technical perspective this is the ideal bounce area but let's see, we need buyers and we need volume from them. In this case, it is just an another failed attempt to push the price upwards!