BITCOIN Is On The Edge - An Important Trendline to Watch!
BTC price has moved just a little bit higher than after my last BTC analysis where I expected that we may see a bounce from the strong crossing area.
Actually, we got a small bounce but nothing significant yet. The strange thing happened yesterday, the price made a pretty scary move downwards but this attempt to press the price down has failed because looks like this area between $3,700-$3,765 are pretty strong.
Prementioned trendlines and strong support areas are not alone anymore, there is 4H timeframe EMA100 and 200 to make this area even stronger than it was before plus the price got a bounce from the perfect Fibonacci retracement level 62% around $3,650!
The yesterday's failed attempt to bring the price down shows that the buyers were and are super prepared. Strong attempt to break through from the important trendlines and buyers pushed the price pretty easily above the trendlines.
Currently, this is great that we are above the trendlines but we are still, on the edge and You should already know what has happened historically when we are on the edge - the bigger trend is down and after the edge drifting, we have fallen downwards. Now, we have a bit different case because the price has shown lately pretty nice movements and it has captured several important price levels which will show strongness.
One scenario (and it has to happen shortly) is, we start to climb higher from the blue counter-trendline and the first target after that move is definitely around $4,000, previously worked resistance and a possible Head and Shoulders formation from there.
The second scenario is, we got a 4H candle close confirmation below the counter-trendline and after that, You have to stay focused and cautious because the counter-trendline break has a pretty good indication for the next movements. Luckily we have that black trendline and the strong area $3,700-$3,765 to support us but still. Prepare for the bigger correction if You see a candle close below the blue line.
Currently, there are more bullish signs than bearish but the price is really on the edge. To play out the scenario one, we have to start the rising almost right away, if not, then firstly the momentum has cone after that pump upwards from $3,650 and secondly if it stays like this then bears trying to push the price down once again. Altcoins looks pretty decent which will be a sign that we even could see a small pump upwards. The most important thing what You should take from here is - watch this blue counter trendline, if the price breaks below it then be cautious!!
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*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Actually, we got a small bounce but nothing significant yet. The strange thing happened yesterday, the price made a pretty scary move downwards but this attempt to press the price down has failed because looks like this area between $3,700-$3,765 are pretty strong.
Prementioned trendlines and strong support areas are not alone anymore, there is 4H timeframe EMA100 and 200 to make this area even stronger than it was before plus the price got a bounce from the perfect Fibonacci retracement level 62% around $3,650!
The yesterday's failed attempt to bring the price down shows that the buyers were and are super prepared. Strong attempt to break through from the important trendlines and buyers pushed the price pretty easily above the trendlines.
Currently, this is great that we are above the trendlines but we are still, on the edge and You should already know what has happened historically when we are on the edge - the bigger trend is down and after the edge drifting, we have fallen downwards. Now, we have a bit different case because the price has shown lately pretty nice movements and it has captured several important price levels which will show strongness.
One scenario (and it has to happen shortly) is, we start to climb higher from the blue counter-trendline and the first target after that move is definitely around $4,000, previously worked resistance and a possible Head and Shoulders formation from there.
The second scenario is, we got a 4H candle close confirmation below the counter-trendline and after that, You have to stay focused and cautious because the counter-trendline break has a pretty good indication for the next movements. Luckily we have that black trendline and the strong area $3,700-$3,765 to support us but still. Prepare for the bigger correction if You see a candle close below the blue line.
Currently, there are more bullish signs than bearish but the price is really on the edge. To play out the scenario one, we have to start the rising almost right away, if not, then firstly the momentum has cone after that pump upwards from $3,650 and secondly if it stays like this then bears trying to push the price down once again. Altcoins looks pretty decent which will be a sign that we even could see a small pump upwards. The most important thing what You should take from here is - watch this blue counter trendline, if the price breaks below it then be cautious!!
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Have a nice day!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
As said, altcoins trying to hold the price up and now we got even a very small bounce to the trendline area. Currently, this blue trendline works as resistance and this could be a standard retest and fall but to be on the safer area we need that bulls trying to push the price above $3,840!
Comment:
New BTC analysis - Do we see a bounce!?
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As said before this could be a really bad sign. Altcoins are actually pretty decent, that's why the price trying to hold itself on the red area but you have to look at those closely because one weak moment and BTC price starts to fall lower. Be careful!
Have a nice day!