BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
s posted in previous idea BTC not only came to 6.9k but also broke it. It has broken long term support line (red dotted line),
on daily chart and now that is working as resistance. Also it has broken purple MA , if you look closely, that red dotted line and purple line both were following same path.
Breaking both is highly bearish signal. RSI and StocRSI has some room to go down further in near term. It needs to come back above 6.9k to not fall sharply but that needs good volume and will both from Bulls.

We have another big support around 5k area (green dotted line). Which is also the target of bear flag plan posted in previous idea.

Lets analyze it on lower time frame :-
Trade active: On 4H chart, we can see that we have medium term resistance (red line) just above the current price, further big fat resistance above it along with long term resistance (red dotted line) RSI and StocRSI has reached to bottom so there is possibility to go little bit up or sideways in near term. For downside first support at 6.4k and second at 6k. Check those green lines.
Comment: On 15 mins chart, a bear flag or pennant is building, whose first target is around 6.4k and second around 6.1k . Remember to wait for confirmation of flag breakout with candle close below the pole before opening trade while trading bear flag, pennant to avoid fakeout and increase your winning percentage.
Trade active: We have another good long term support at 6400-6500 . Check green dotted line:
Comment: You can see , we fell from the pennant but no candle closed below the pole and price came back again. It needs to cross 6800 and stay above to go upside but we have resistance of red line there.
Comment: Wrong chart above, right below:
Comment: Tried to break twice that red resistance line but got rejected.
Trade active: This looks liking building a rising channel now on 15 mins chart. It has broken the resistance red line and staying above but now needs to break upper line of rising channel.
Comment: On 4H chart it looks like a bear flag but we have strong support just below the flag(green dotted line)
Trade active: So BTC fell from the rising channel , tested again the red resistance line and rejected again. Hope you shorted there and made some profit. Now got support at long term strong support line and making another bear flag. First it needs to break pivot point and then can go to test 6700 level again. On downside we have S3 and mid term support around 6100. So breaking that long term support (green dotted line) may take us as 6100 .
Trade active: It went to test Pivot point and rejected from there , then fell below the long term support line(green dots) . Got some bounce from 6325 , it may come back to test that long term support line, if able to cross and stay above then we can expect 6700 where the red resistance line is. On downside target is still same.
Trade active: A falling wedge is visible on chart (yellow slopes ) . If it breaks down then target is 6k-5.8k. If breaks up then target is 6.8k - 7k .
Comment: How what that guys? Called for 6100 where S3 and mid term support line both exists and price reached to 6103 :D
Comment: Actually it reached to 6097 . So you all must have made some good profit.
Trade active: Now BTC bounced from 6.1k and broken pivot point to upside but got rejected by long term support line(green dotted line) which has become now resistance. It needs to cross it and stay above to go long. Let's see what happens.
Trade active: Rejected again by that long term dotted line:
Comment: Fell from the rising wedge, we have green line as mid term support and pivot just below it .
Trade active: BTC is on the support of that mid term green line and pivot. If this is broken, we may see 6k again where the next green line is;
Comment: If you like what i am doing here, like and share this chart with others, follow me for frequent update.
Trade active: Rejected 4th time by long term resistance (red dotted line) :
Comment: And this time BTC crossed that long term resistance and holding above but getting resistance by previous pivot point. Once it is crossed we will have red solid line as mid term resistance :
Trade active: And it rejected by that solid red mid term line and coming back, we have long term support (dotted red line) just below it and pivot also so it should be enough support now.
Trade active: You can see it is bouncing nicely between our resistance and support line. Good for scalpers:
Trade active: Recent moves first squeezed shorts and then longs. That is why you should wait for the confirmation before opening trade. Now it is testing long term support line (green dots), if could not cross then may come down and next support is at 6325 .
Comment: It needs good volume to go up now as you can see we have triple resistance above:
1. long term green dots line
2. Pivot
3. Teal color line
Comment: Trying to break long term resistance again and again but getting failed:
Trade active: So this fallen from the rising channel, if you shorted there, you must have make some profit. Next we have pivot as resistance and long term trend line as good resistance, BTC needs good volume to cross that.
Comment: Below we have mid term green line as support around 6300.
Comment: Another falling wedge?
Comment: It broke from the wedge but got resistance at pivot and got rejected:
Comment: This price action looks similar to what happened around 7700 last week, this may happen this weekend as well. Stay alert guys.
Comment: Called for 6300 around 14 hours ago, if you shorted at rejection from pivot point then you must have made some good profit. You can see from above update that we have made profitable calls consistently.
Comment: And if you want long from there, you may have made another profit , see how BTC is moving between our support and resistance lines.
We will go up a bit, soon!
Thanks for your support of this Idea. It will be better if you update the charts (continue this Idea) in another topics. (because the page seems a bit heavy.)
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It broke support, what happens now? Can we go short now? Or still wait till 6.8?
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@anmawra, wait to break the channel support, yellow line.
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Nice TA. I totally agree with these dotted trendlines, since they have so many relevant points and have proven to be strong support, which now act as resistances. On the other hand I'm having doubts about the red and green lines. I was taught that you need to pick relevant point either on the uptrend or the downtrend, that you cannot draw lines taking one point from a previous uptrend and the other one from a downtrend. Any comments?
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@p2hku, For trendlines, i see for the highly reactive points with volume and extend them. By doing so i have seen that accuracy of forecasting increase dramatically.
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p2hku KiaCryptiola
@KiaCryptiola, Thanks, will take note of that. The reaction with volume is indeed showing important points and it seems that the market respects those lines.
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@p2hku, We teach suck things in our TAcademy aka premium services.
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You are on of the only people I’ve seen on here who actually is worth reading.
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KiaCryptiola fragglerock1
@fragglerock1, Thanks. Share with your friends.
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I hope next stop is 5.900-6.000. Then bounce up to 6.500, then lower. I am not sure about the bottom, too many people think 6k is the bottom but Bitcoin is never what most people think...
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