Comparing Bitcoin with 1H & 4H charts side by side.
From the 1H chart, 11400 was NOT a strong resistance level. But this price was telling us that we should also consider the downward movement.
We have another Lower High two hours ago, the candlestick (shooting star) was obviously rejected by the orange resistance zone.
Again, it told the bulls that don't forget the downward trendline.
In the bigger picture, let's see the 4H chart.
There are two bullish pin bars failure, bulls stand their territories on
1) 11191 (the lowest of 22-Dec-17)
2) 10152 (Fibonacci Extension 100%)
You may see there isn't a mess in 4H chart, because we have so many confirmations on bullish like
Double Bottoms in 1H chart = Lower High in 4H chart,
Inverted Hammer followed with a bullish engulfing bar, and also
the double bottoms on 1H chart stands on 10152 (Fibonacci Extension 100%)
Can you see the black valid trend line in 1H chart? It is not valid in 4H.
When I am writing this, I saw the price shoot suddenly into the orange zone in 1H chart again.
If the market does not want Bitcoin to rebounce, then why do we see so many bullish indications?
From the 1H chart, 11400 was NOT a strong resistance level. But this price was telling us that we should also consider the downward movement.
We have another Lower High two hours ago, the candlestick (shooting star) was obviously rejected by the orange resistance zone.
Again, it told the bulls that don't forget the downward trendline.
In the bigger picture, let's see the 4H chart.
There are two bullish pin bars failure, bulls stand their territories on
1) 11191 (the lowest of 22-Dec-17)
2) 10152 (Fibonacci Extension 100%)
You may see there isn't a mess in 4H chart, because we have so many confirmations on bullish like
Double Bottoms in 1H chart = Lower High in 4H chart,
Inverted Hammer followed with a bullish engulfing bar, and also
the double bottoms on 1H chart stands on 10152 (Fibonacci Extension 100%)
Can you see the black valid trend line in 1H chart? It is not valid in 4H.
When I am writing this, I saw the price shoot suddenly into the orange zone in 1H chart again.
If the market does not want Bitcoin to rebounce, then why do we see so many bullish indications?
Comment:
11500 is a strong resistance now.
