This is just a short-term play.
The price is holding at the confluence of support when it should have nuked through it right away after coming out of such a large (and long) consolidation.
Never ignore what failed breakouts tell you.
They are just as important as real breakouts in determining where the price will make its next move.
Looking for the support in...
We have seen some positive action from the price recently (especially being able to overcome and regain the 3960 level as support).
This is/was the chance for the price to breakout decisively, if it is going to do so.
However, hesitating here and not being able to rip through this resistance after bouncing off of 3960-3940 support area multiple times indicates...
In my previous analysis (referenced below) we have managed to "catch the local bottom" at 3336 (bottom was at 3330) and capitalize on the large part of this bullish move.
Now we see a clear rejection from the pivotal area (4150).
Not only that, but the weekly candle printed a very bearish swing failure pattern.
Supply zone above the previous high at 4130 was...
The price is currently moving around the weekly support (worth zooming out before evaluating this trade).
We had a relatively high volume impulse move up after hitting the lows at 3120 more than a month ago.
Now the price has spent weeks after that slowly correcting downwards on low volume, which makes me see this as a retracement instead of another impulse...
I'll keep this one short.
Low volume rally after the rejection candle two weeks ago.
Bearish divergence on all momentum oscillators (daily timeframe) showing the uptrend is slowing down and nearing the exhaustion.
Might make one last push into the red zone (not necessary, but possible), and then I expect a deeper correction down to the targets below:
BTC is currently in a very important support zone on the daily timeframe (range low).
Although we've seen a large red candle two days ago, wicking into 3400s, there was enough demand to push the price back up and the daily candle closed back inside the range (potential swing failure pattern forming).
The low wick has taken stop losses below, but the sellers...
I am not familiar with the fundamentals of this coin, nor have I read any news about it.
However, a very good example of a Wyckoff accumulation range, complete with the matching volume profile on each step and phase of the accumulation has been formed here.
Waiting for the last step before the markup (phase E) begins.
Needs to show a "sign of strentgh" (SOS)...
All eyes are currently on the potential inverse H&S that might be forming its right shoulder on this pullback, and if completed it could take the price to around 5300-5400 area which is the projected target of the pattern.
As we've all noticed, when everyone expects something due to it being obvious on the chart, BTC tends to do the opposite, so don't put too...
After a strong impulse to the upside from 3100s, with no deeper pullbacks, the price is now consolidating in a symmetrical triangle structure.
Symmetrical triangles are usually continuation patterns.
When this pattern forms during a downtrend, it has 57% probability to break to the downside and continue the previous movement (we've seen a few of those play out...
We've had a strong impulse to the upside, but the price is now showing signs of weakness.
The chart is self-explanatory.
The market structure has been broken (lower high, lower low), and now a retest of the broken support above would provide a decent entry for short selling.
Not all targets will be reached...
Forming a descending triangle pattern, indicating the bears are in absolute control still, and every attempt to push the price higher gets stopped right in its tracks and pushed down towards the support.
When we see a support zone being tested again and again, it usually means it's getting weaker each time the price touches it.
The demand there is getting...
I see so many people turning extremely bullish after this move today.
There will be plenty of time to be bullish once the market proves the bulls are taking over.
So far that still hasn't happened.
Let's zoom out a bit and take a look at the chart.
The price has hit straight into the resistance zone, and people who get bullish and buy right under the resistance,...
The price has been steadily dropping these past days, no correction upwards, no signs of a bounce or any kinds of reversal.
Very similar to capitulation (it could very well be, but I don't think we're there yet, unless this drops straight to 3000-2800 from here).
What we aim to catch here is a correction to the upside. Not a trend reversal, just a...
The support that held this market for a year has now broken.
Is it game over and all hope lost for the bulls?
Almost, but not yet.
These markets are tricky, and they don't usually let something that looked like a little too obvious "bottom" at 5800-6100 area to actually be the bottom.
Larger players know that there were lots of stop loss orders just below those...
Price is moving inside a broader, well defined two-month range.
No clear direction yet, until range gets broken on either side.
While in the range, apply the range trading strategy.
Look for buy/long near the range support.
Looks for sell/short near the range resistance.
Rinse and repeat until stopped out (range breaks).
No overly bearish/bullish...
The price has been making higher lows inside a consolidation (trading range) for a few days now.
Major trend in BTC is still down, but we do have a local uptrend since 6100.
These types of consolidations inside a local uptrend are more likely to break out to the upside.
The higher lows inside a range are a sign of accumulation (supply drying up, demand increasing...
The price has been moving in a downtrend channel for a week now with no significant bounces or corrections to the upside.
There are still not many signs that indicate a larger bounce happening. No reversal chart patterns. The daily chart looks particularly bearish.
However due to the fact that this 6750-6850 area is the key support level since the move up towards...