The market got me and I admit it. After serious winning streaks, a loss was "expected", I'll take it and let's move on.
After a loss, I would like to usually step aside and look at a bit bigger picture and determine the first stronger areas. The flow is gone and I would like to start building this from the beginning.
Over a long time, the market makes panic moves. Serious selling on BTC and altcoins, surly I did not miss them but I almost forgot those moves.
As we have seen historically, this "panic train" can take down support after support, strong areas are like fuel thrown into flames, so, nothing can stop it. Now it is a falling knife. I don't try to catch it but I search for some areas where the price can stop.
As you see on the image above, there is a blue area and a lot of lines and a lot of numbers runs through from it. It is a pretty wide area but probably this could be the place where the price is currently heading.
$7,500 - $8,500 consists of:
1. Blue numbers/lines are three 127% Fibonacci Extension levels. Pulled differently from different tops and bottoms between $9,000-$13,800
2. Red number/line is the Fibonacci retracement level 62% pulled from 25. April low to this year high on 26. June
3. Orange number/line is the Fibonacci retracement level 50% pulled from the 2018 low to 2019 high.
4. Two black lines are two different equal waves endpoint from 2019 high.
5. Red trendline should act as a support but let's see. It is a bit sharp but still, it matches with the blue area.
6. Blue horizontal line is a clean resistance level from July 2018 which should start to act as a support level.
7. The round number $8,000. The overall price zone around 8k has been a consolidation zone and that's why I point out this area.
8. Daily EMA 200 should start to act as an important support level.
As said, this is the area where my eyes are pointed because I'm confident in this area that it will work as a strong support. It is wide, no doubt about that, it stays between $7,500-$8,500. Obviously, it can change easily after days/weeks (actually, it should reach there in August) but the current! drop, the current! price action can drive the BTC price into the marked area.
Let's look at the current price action on the 4H chart.
Bitcoin price has got a tiny rejection from the crossing area which consists of: the trendline, previously worked support (blue line) and the Daily EMA100. The last 4H candle close was GREEN! The previous green 4H candle was 2-3 days ago, uuuh it's been a while ;) Still, it is highly risky and we are below the psychological number $10,000! A break and a 4H candle close below the trendline can trigger another panic and then the price starts to approach that prementioned support area between $7,500-$8,500, so watch out for that!
"Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency. When you learn to let go of the need to be right, being wrong gradually lose its power to disturb you."
Best regards,
Vaido
After a loss, I would like to usually step aside and look at a bit bigger picture and determine the first stronger areas. The flow is gone and I would like to start building this from the beginning.
Over a long time, the market makes panic moves. Serious selling on BTC and altcoins, surly I did not miss them but I almost forgot those moves.
As we have seen historically, this "panic train" can take down support after support, strong areas are like fuel thrown into flames, so, nothing can stop it. Now it is a falling knife. I don't try to catch it but I search for some areas where the price can stop.
As you see on the image above, there is a blue area and a lot of lines and a lot of numbers runs through from it. It is a pretty wide area but probably this could be the place where the price is currently heading.
$7,500 - $8,500 consists of:
1. Blue numbers/lines are three 127% Fibonacci Extension levels. Pulled differently from different tops and bottoms between $9,000-$13,800
2. Red number/line is the Fibonacci retracement level 62% pulled from 25. April low to this year high on 26. June
3. Orange number/line is the Fibonacci retracement level 50% pulled from the 2018 low to 2019 high.
4. Two black lines are two different equal waves endpoint from 2019 high.
5. Red trendline should act as a support but let's see. It is a bit sharp but still, it matches with the blue area.
6. Blue horizontal line is a clean resistance level from July 2018 which should start to act as a support level.
7. The round number $8,000. The overall price zone around 8k has been a consolidation zone and that's why I point out this area.
8. Daily EMA 200 should start to act as an important support level.
As said, this is the area where my eyes are pointed because I'm confident in this area that it will work as a strong support. It is wide, no doubt about that, it stays between $7,500-$8,500. Obviously, it can change easily after days/weeks (actually, it should reach there in August) but the current! drop, the current! price action can drive the BTC price into the marked area.
Let's look at the current price action on the 4H chart.
"Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency. When you learn to let go of the need to be right, being wrong gradually lose its power to disturb you."
Best regards,
Vaido