BITCOIN - Action Day?!Hey followers and other TradingView users!
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Today we should see a movement or at least a little bit bigger movement which has been on previous days and this is because of the Triangle tip on the 1H chart. Is it a manipulation move or a real move but move it is! :)
Triangle tip act as an indication that the price is smashed together and it will be probably ready to make a move but on which way!? This depends on the breakout direction.
The triangle has drawn from the bodies to remove the market noise which will be in the place if we start to draw it from the wicks. It has started to form since 13. January and the real triangle tip comes into play today so, be ready. As always I try to make short-term updates about the price movement.
Which are the obstacles to make a breakout to either direction?
Let's start from the resistances - bullish view:
The next resistance is simple, the triangle upper trendline. It has worked multiple times as a good and strong resistance and the candles haven't got a close above of it since 14. January.
The next price action criteria which should act as resistance is on the 1H timeframe EMA100 (blue line), almost equally on the trendline. Actually, it has not shown us some significant price direction changes after we touch EMA100 but together with trendline in the same area it could change and it becomes stronger.
Some positive signs:
+ The price is still above the strong area at $3,575
+ The price is still above the Fibonacci golden pocket retracement level 62%-65%
- We have been way too long on the perfect bounce area which decreases the bounce chances.
So, to confirm some bullishness we have to get a close above the triangle and from price wise, it is close around $3,625.
The support levels - bearish view:
The whole market is bearish and recently, the market doesn't show any bullish momentums and volume - this should be the biggest bearish viewpoint.
From the price action perspective the move downwards should get a confirmation if we got a candle close below the strong area and below the triangle bottom trendline, a candle close below $3,570 should be the first confirmation.
After that we have still the semi-round number $3,500, it has worked nicely as a support level and if we get a candle close below it then it would be almost the last bearish confirmation.
Almost?!
As You see, we are on the big down-channel and the channel middle point has worked as a support level, two times already. So the last(!) bearish confirmation should come after the candle close below the $3,450 then the trend is your friend and it will probably guide us to the new low which is around $2,800-$2,900. Different patterns show that this could be the next major support. Definitely some pumps on the road here and there ($3,350 is the first one and the current lowest low is the next one) but overall the mentioned area should be the new LL (lower low) price level.
So, to confirm bearishness, firstly we have to get a candle close below the triangle and below the strong area. From there I'll make those updates and hopefully, together we manage to find the direction confirmations.
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Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
