Hey, let's start another price levels laddering tactic.
Currently, the price is on the orange area which means that to see a further movement or to confirm the further movement we have to make a breakout. Bearish - breakout below the $4,000. Bullish - breakout would be confirmed after a close above the trendline and above the first gray area at $4,344.
In the orange area, we have a small confirmation area which is the fat gray strong area. This will guide us firstly to the direction. If the price can't manage to break through from this strong area then it would be mean that we go and retest firstly the round number area at $4,000 but IF the bullish momentum continues - which is realistic considering the yesterday's candle - then the next obstacle is just above it, the black trendline.
Light green area:
Above the trendline is the fat gray resistance line and above it is the light green area. This area is very important, the price has to stay there for a while because of the black trendline which is pulled from 30. March. This is the line which should hold the price up if we want to see another wave upwards. This means, we are back in the big "Falling Wedge" (watch my earlier post about Falling Wedge) and we have made a new HH (higher high) on the 4H chart which will indicate that the short-term trend may continue. Above it, is another area...
Green area:
Before we can enter into the green area we have to break above the round number $4,500 and break above another resistance area at $4,570. It is hard but with a big volume inside the candles, anything is possible. Basically, all those gray areas above the current price represent new HH areas after the break above. Currently, the final target would be $5,000.
More bullish confirmations from the bottom:
1. We have a double bottom chart pattern from the $3,500
2. If we start to go right away then the current $4,100 low is the right shoulders of Two head :) inverted Head and Shoulders pattern!
3. Yesterday's candle close gave us several bullish breakouts above the major resistances.
Let's go back into the orange area, the consolidation area, the decision area.
If we can't break above the strong area at $4,200 and we get a throwback (movement downwards) below the $4,000 then the price is on the first bearish confirmation area...
Red areas:
If we get at least a 4H candle close in this box then we have several bearish price action criteria:
- Break below the $4,000
- The double bottom chart pattern almost doesn't work anymore and we are heading into the major support area $3,850.
This is the last price level where we still can search bullish price action
A candle close below the $3,850 will be the first sign that we are heading again into the $3,500 level and this time I can't see that this level will hold the price and a candle close below the $3,500 will confirm the free fall into the major bearish target area which is $3,000.
SUMMARY: If You want to see confirmed bullish BTC then wait for a close above the black trendline which is pulled from 30. March. Then the first target would be $4,570 and we have made a new HH which is good from the structure perspective.
If You want to search the area where You want to start selling your altcoins then this area would be slowly after the $4,000 break and definitely after the $3,850 break. Watch out if the price reaches into the red area, there You have to be cautious.
As always I try to keep You posted, especially when the price starts to approach lower levels!
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really appreciate it!
Have a nice day!
All the best!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Currently, the price is on the orange area which means that to see a further movement or to confirm the further movement we have to make a breakout. Bearish - breakout below the $4,000. Bullish - breakout would be confirmed after a close above the trendline and above the first gray area at $4,344.
In the orange area, we have a small confirmation area which is the fat gray strong area. This will guide us firstly to the direction. If the price can't manage to break through from this strong area then it would be mean that we go and retest firstly the round number area at $4,000 but IF the bullish momentum continues - which is realistic considering the yesterday's candle - then the next obstacle is just above it, the black trendline.
Light green area:
Above the trendline is the fat gray resistance line and above it is the light green area. This area is very important, the price has to stay there for a while because of the black trendline which is pulled from 30. March. This is the line which should hold the price up if we want to see another wave upwards. This means, we are back in the big "Falling Wedge" (watch my earlier post about Falling Wedge) and we have made a new HH (higher high) on the 4H chart which will indicate that the short-term trend may continue. Above it, is another area...
Green area:
Before we can enter into the green area we have to break above the round number $4,500 and break above another resistance area at $4,570. It is hard but with a big volume inside the candles, anything is possible. Basically, all those gray areas above the current price represent new HH areas after the break above. Currently, the final target would be $5,000.
More bullish confirmations from the bottom:
1. We have a double bottom chart pattern from the $3,500
2. If we start to go right away then the current $4,100 low is the right shoulders of Two head :) inverted Head and Shoulders pattern!
3. Yesterday's candle close gave us several bullish breakouts above the major resistances.
Let's go back into the orange area, the consolidation area, the decision area.
If we can't break above the strong area at $4,200 and we get a throwback (movement downwards) below the $4,000 then the price is on the first bearish confirmation area...
Red areas:
If we get at least a 4H candle close in this box then we have several bearish price action criteria:
- Break below the $4,000
- The double bottom chart pattern almost doesn't work anymore and we are heading into the major support area $3,850.
This is the last price level where we still can search bullish price action
A candle close below the $3,850 will be the first sign that we are heading again into the $3,500 level and this time I can't see that this level will hold the price and a candle close below the $3,500 will confirm the free fall into the major bearish target area which is $3,000.
SUMMARY: If You want to see confirmed bullish BTC then wait for a close above the black trendline which is pulled from 30. March. Then the first target would be $4,570 and we have made a new HH which is good from the structure perspective.
If You want to search the area where You want to start selling your altcoins then this area would be slowly after the $4,000 break and definitely after the $3,850 break. Watch out if the price reaches into the red area, there You have to be cautious.
As always I try to keep You posted, especially when the price starts to approach lower levels!
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really appreciate it!
Have a nice day!
All the best!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
Hey!
Currently a little consolidation after the tiny-rally. The price has formed a triangle around the trendline and around the strong area (fat gray line pulled on 4H chart).
Volume is still low and currently altcoins are also on the consolidation phase.
On the shorter timeframes, we have still short-term higher low possibilities.
At the moment on the 1H chart, the candle is the lower low candle close level which is not a good scenario if this happens but we have still the triangle bottom trendline which should act as a support - sadly not so significant - and we have a slight RSI Divergence.
A candle close below the triangle will confirm movement downwards, firstly to the $4k and possibly even lower than that because the next stronger support level is around $3,850!
Currently a little consolidation after the tiny-rally. The price has formed a triangle around the trendline and around the strong area (fat gray line pulled on 4H chart).
Volume is still low and currently altcoins are also on the consolidation phase.
On the shorter timeframes, we have still short-term higher low possibilities.
At the moment on the 1H chart, the candle is the lower low candle close level which is not a good scenario if this happens but we have still the triangle bottom trendline which should act as a support - sadly not so significant - and we have a slight RSI Divergence.
A candle close below the triangle will confirm movement downwards, firstly to the $4k and possibly even lower than that because the next stronger support level is around $3,850!
Comment:
NEW IDEA POST:
- break above the important black trendline since 30. March
- over a half above the strong area/gray area which is the last resistance
- New HH candle close (higher high)
Let's see how far this momentum guides us. Currently, the only suspicious point is the volume, it should be a little bit higher.
We might see a throwback right now but all is okay when we stay above the trendline if we break below again then the throwback may be bigger.
Thank You!