BITCOIN (BTC/USD) - Strong Resistance!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Over the weekend the price has slowly increased and it has started to approach our major resistance area around $5,250-$5,300.

Actually, we can make even a wider rejection box because currently, the price is on the pretty strong resistance level at $5,180. This area was recently a strong support level and now it has started to work as resistance but still, I think the $5,300 plays a significant role in the price structure. There meet several price action criteria which all should work as resistance levels and it would be difficult to crack it.

$5,250-$5,300 rejection criteria:
1. Fibonacci retracement golden ratio 62%
2. Small wave Fibonacci extension
3. Equal ABC waves end in this box.
4. Bigger channel (blue trendlines ) middle trendline starts to work as a resistance. As you see, it has been before a support level and also a resistance level .
5. The black channel trendline projection is in this area and it should work as a resistance.
6. Bear Flag (light green lines) upper trendline is inside this blue box and it should start to work also as a resistance.
7. We have a short-term lower low which indicates that the price may make a correction downwards.

A lot of signs and a lot of indications that the price may take a stronger bounce downwards from the blue box or even before it because this $5,180 is a pretty strong resistance. Still, the perfect area where You should look for selling opportunities is the blue area and it would be perfect when the rejection ends with a bearish candlestick pattern on the 4H+ chart.

Just in case a bullish confirmation, yes, it is a strong resistance area but it could still get cracked. So, a perfect breakout confirmation would be a 4H candle close above the blue area, it depends on the timing but let's say: a 4H candle close around $5,350 and the breakout should be confirmed!

Please, take a second and support my idea post by hitting the "LIKE" button, it is my only fee from You!

Have a nice week,
Best regards!

*This information is not a recommendation to buy or sell, it is used for educational purposes only!
Comment: NEW BTC Idea - Strong Confirmation Area:
Take a look at how good it works with Zero Lag EMA invented by the John Ehlers and Ric Way.

The market turned into bullish.

Agree, except I am also prepared for even further fall at least by vick. Now there are a lot of novice traders and if panic kick in... there will be short time sale for BTC.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out