BITCOIN - Is It a Perfect Reversal Setup!??
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Yesterday's price action gave us probably a reversal opportunity. As You see, on the daily chart we are in the big Triangle! The bottom trendline has drawn from 24. June and the upper trendline has drawn from 25. July.
The upper trendline is not so precise as the bottom but still, it touches several wicks and still it plays important role in the price action scenario.
If You are my long-time follower then You already know that if You see the triangle then it has the probability to make a breakout to either direction, so as now, whatsoever it is an ascending triangle, descending triangle or symmetrical triangle, all depends on confirmations.
We had a pretty low volume days before this week, and this triangle could be the reason why the price starts alive. This reason could be the triangle tip! The price is pretty close to the tip and if the price is close to it then it could make very big moves.
Since June 24. we have very clean and clear higher lows which will indicate that buyers don't want to see lower prices and after the drop, they start to buy always higher than previously, that's exactly happened in yesterday.
Soon we will dig into the H4 chart but currently, as You see on the daily chart, we got a nice rejection from the triangle trendline which acts as a strong support level. After the rejection, the price bounced quickly upwards and after daily candle close it formed a bullish candlestick pattern called "Engulfing".
This "Engulfing" will indicate that we might see a continuation move upwards later today or tomorrow! Also, the histogram (I try to add it to my analysis, let's see how good I'm with this :D) starts to upwards and a possible continuation move should happen.
H4 Chart:
The yesterday's rejection came from a very strong and surprisingly wide area (because of the bear trap and sudden spike upwards with the big volume inside the candles on H1 timeframe). It touches and bounced upwards from:
- Strong support area at $6,250
- The Triangle bottom trendline, which is also the major counter trendline (plus the close were above some minor counter trendlines)
- The major down-trendline
Those three made an area between the $6,250-$6,320 very strong crossing zone luckily buyers were alerted and they reacted quickly to push the price above the mentioned levels!
The daily and the H4 chart indicates that we might see a continuation move upwards because of the rejection volume and the rejection area. First bullish targets would be the strong resistance crossing area which consists of:
- Strong resistance at $6,460
- Round number $6,500, which should act as a resistance
- The Triangle upper trendline which also should act as a resistance.
If You see a candle close above the mentioned areas then we have a breakout from the crossing area and the next possible target could be around $7,000.
If we don't go upwards from here then this could be a pretty ugly scenario for BTC'. From the technical perspective the setup is very-very strong and if we don't see a continuation move then the drop may come big.
The first target is the $6,125 but it can easily go as low as 2018 low point which is around $5,750! Full bearish confirmation is then when You see a daily candle close below the triangle bottom trendline and below the major down-trendline.
Let's say, the area would be below the $6,250 where You don't want to see a daily candle close if You are with bullish bias!
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis!
If You want to see the altcoins reviews, then visit "CryptoComes" profile in the TradingView!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice weekend!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
To unlock this text You have to hit the LIKE ;)
Yesterday's price action gave us probably a reversal opportunity. As You see, on the daily chart we are in the big Triangle! The bottom trendline has drawn from 24. June and the upper trendline has drawn from 25. July.
The upper trendline is not so precise as the bottom but still, it touches several wicks and still it plays important role in the price action scenario.
If You are my long-time follower then You already know that if You see the triangle then it has the probability to make a breakout to either direction, so as now, whatsoever it is an ascending triangle, descending triangle or symmetrical triangle, all depends on confirmations.
We had a pretty low volume days before this week, and this triangle could be the reason why the price starts alive. This reason could be the triangle tip! The price is pretty close to the tip and if the price is close to it then it could make very big moves.
Since June 24. we have very clean and clear higher lows which will indicate that buyers don't want to see lower prices and after the drop, they start to buy always higher than previously, that's exactly happened in yesterday.
Soon we will dig into the H4 chart but currently, as You see on the daily chart, we got a nice rejection from the triangle trendline which acts as a strong support level. After the rejection, the price bounced quickly upwards and after daily candle close it formed a bullish candlestick pattern called "Engulfing".
This "Engulfing" will indicate that we might see a continuation move upwards later today or tomorrow! Also, the histogram (I try to add it to my analysis, let's see how good I'm with this :D) starts to upwards and a possible continuation move should happen.
H4 Chart:
- Strong support area at $6,250
- The Triangle bottom trendline, which is also the major counter trendline (plus the close were above some minor counter trendlines)
- The major down-trendline
Those three made an area between the $6,250-$6,320 very strong crossing zone luckily buyers were alerted and they reacted quickly to push the price above the mentioned levels!
The daily and the H4 chart indicates that we might see a continuation move upwards because of the rejection volume and the rejection area. First bullish targets would be the strong resistance crossing area which consists of:
- Strong resistance at $6,460
- Round number $6,500, which should act as a resistance
- The Triangle upper trendline which also should act as a resistance.
If You see a candle close above the mentioned areas then we have a breakout from the crossing area and the next possible target could be around $7,000.
If we don't go upwards from here then this could be a pretty ugly scenario for BTC'. From the technical perspective the setup is very-very strong and if we don't see a continuation move then the drop may come big.
The first target is the $6,125 but it can easily go as low as 2018 low point which is around $5,750! Full bearish confirmation is then when You see a daily candle close below the triangle bottom trendline and below the major down-trendline.
Let's say, the area would be below the $6,250 where You don't want to see a daily candle close if You are with bullish bias!
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis!
If You want to see the altcoins reviews, then visit "CryptoComes" profile in the TradingView!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice weekend!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comment:
The price approaching today's key level:
- FIB retracement 38%
- One of the counter trendlines
- Today's support level
Those three makes a crossing area and a bounce from there is needed, otherwise as I said, we might see a throwback (movement downwards) and it could be actually a pretty bad because of buyers low volume and the whole market low volume. There is just no power to make any long-lasting important moves.
You have been warned and watch this green crossing area!
To support my work please hit the LIKE and thank You for them who already have liked! I'd really appreciate that!
- FIB retracement 38%
- One of the counter trendlines
- Today's support level
Those three makes a crossing area and a bounce from there is needed, otherwise as I said, we might see a throwback (movement downwards) and it could be actually a pretty bad because of buyers low volume and the whole market low volume. There is just no power to make any long-lasting important moves.
You have been warned and watch this green crossing area!
To support my work please hit the LIKE and thank You for them who already have liked! I'd really appreciate that!
Comment:
RIPPLE Possible Trade Opportunity:
Comment:
Over the night, the BTC' price touched almost perfectly our first target area which was $6,460.
Currently, it makes a throwback and it makes a bull flag area retest. Technically it has to hold us, because if there is a bullish momentum then the retest is the perfect scenario, plus at the moment, we have a100EMA below the current price which should act as a support!
Currently, it makes a throwback and it makes a bull flag area retest. Technically it has to hold us, because if there is a bullish momentum then the retest is the perfect scenario, plus at the moment, we have a100EMA below the current price which should act as a support!
Comment:
Technical criteria for the bounce from the current price zone:
- FIB golden pocket 62%-65%
- Bull Flag retest area
- Different lower timeframe EMA's (100 & 200) work as the supports (15min, 30min, 1H)
- Near one of the counter trendlines which should act as a support
So, technically a good setup but always is a possibility that they crack our TA. ;)
- FIB golden pocket 62%-65%
- Bull Flag retest area
- Different lower timeframe EMA's (100 & 200) work as the supports (15min, 30min, 1H)
- Near one of the counter trendlines which should act as a support
So, technically a good setup but always is a possibility that they crack our TA. ;)
Comment:
A perfect bounce upwards from the mentioned level. Now we could see another "run" to the black trendline because of the altcoins. Altcoins are showing currently decent climbs (most of them on the green side)!
This is an inverted situation because usually BTC' rise and then altcoins but currently, looks like they start before the BTC! (or they do just the delayed bounce :D)
This is an inverted situation because usually BTC' rise and then altcoins but currently, looks like they start before the BTC! (or they do just the delayed bounce :D)
Comment:
I was correct, this is an inverted situation! Something has started!
Comment:
NEW update! BTC is going to make a move in three days!
"LIKE" would be also nice ;)
Thank You!
"LIKE" would be also nice ;)
Thank You!
So, a break below flag and break below the orange area will probably indicate that we might see a throwback but at the moment the 38% FIB retracement has held us nicely which is a good sign if we want to see next impulse wave upwards!