Price action is in a Trading Range.
Support : 11000 Resistance : 12000
{These are Zone Based Levels, We can see Overshoots and Undershoots.}
It looks like that price has completed the Bear Leg and now trying to complete the Bull Leg. I am expecting to see price at Resistance Zone. It is quite probable to see price rejecting the Resistance in first attempt but I am more inclined to see a Breakout of Resistance as on Daily chart, Bull Flag is in formation and if it plays out it is likely to see 13000.
Breaking below the Blue Trendlines will likely start the Bear Leg. You can trade them as Wedge or Bull channel.
I will be updating this Idea daily and if I find good responses then I will share the 15m Analysis too.
Support : 11000 Resistance : 12000
{These are Zone Based Levels, We can see Overshoots and Undershoots.}
It looks like that price has completed the Bear Leg and now trying to complete the Bull Leg. I am expecting to see price at Resistance Zone. It is quite probable to see price rejecting the Resistance in first attempt but I am more inclined to see a Breakout of Resistance as on Daily chart, Bull Flag is in formation and if it plays out it is likely to see 13000.
Breaking below the Blue Trendlines will likely start the Bear Leg. You can trade them as Wedge or Bull channel.
I will be updating this Idea daily and if I find good responses then I will share the 15m Analysis too.
Comment:
Bitcoin Update - August 16
4H Chart
Price tried to give a Early Breakout of Wedge by now, Sort of in Wedge. It doesnt matter if it is Wedge or Bull channel both are traded in same way. Some Doji, Bad Bull and Bear bars are right at the Resistance which means confusion in Trend. So Probability of Breakout above Resitance (12000) is 50-50 but the Bear Breakout from the Bull Channel is 75% chance.
Daily Chart
Bull Bars are shrinking in Size with Small Bull bodies and wicks on Top. There is enough gap between EMA and current candle so a retracement can be expected which can increase the chances of having a Retracement on Daily Chart and a Bear Leg in Lower Time Frame Charts. Chances of Trend Resumption on Daily Chart is 60%.
4H Chart
Price tried to give a Early Breakout of Wedge by now, Sort of in Wedge. It doesnt matter if it is Wedge or Bull channel both are traded in same way. Some Doji, Bad Bull and Bear bars are right at the Resistance which means confusion in Trend. So Probability of Breakout above Resitance (12000) is 50-50 but the Bear Breakout from the Bull Channel is 75% chance.
Daily Chart
Bull Bars are shrinking in Size with Small Bull bodies and wicks on Top. There is enough gap between EMA and current candle so a retracement can be expected which can increase the chances of having a Retracement on Daily Chart and a Bear Leg in Lower Time Frame Charts. Chances of Trend Resumption on Daily Chart is 60%.
Related Ideas
Price has tested the Resistance once. We are in a Wedge formation. Any bear breakout below Blue Line is likely to lower the probability of Bull BO.
If you see the Daily Chart, It is looking like a Bull Flag - Double Bottom if that plays out then we are likely to see a Bull Breakout of Resistance in 1-2 Days.
It is better to trade with the trend until Reversal is starting.
In Brief, Expecting to see some Price Rejection at the Resistance but keeping in mind the chances of Bull Breakout too so that is why trading with trend is suitable to me.
4H Chart
1D Chart