BITCOIN UPDATE!
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Hey!
Yesterday we got a breakout from the triangle. It was enough that the four-hour candle closes below the trendline, below the EMA's and the movement downwards be able to continue. This was almost a perfect breakout trade, we got a candle close below the triangle trendline and in the one-hour time frame, BTC' price made a retest and bounce-back after it touched the breakout area.
The yesterday's candle close was above the $6,500, but currently, on the four-hour chart, the price is below the round number. The price stopped and bounced upwards from the well-known support area (blue line) at $6,460. Last week this area played a significant role when we discovered the "Inverted Head & Shoulders" pattern, and again we are 'hanging' between the $6,460 and $6,500. The bounce brought a candlestick pattern which consists of three candles called "Morning Star". This is a little bit sloppy because the first and the deeper candle wick is a little bit too low. Currently, it has founded a resistance from round number if it breaks above then the Morning start momentum is correct but I thought about that because altcoins are on the red side and don't show any significant signs that they want to start their climb.
So, if the strong support level breaks (four-hour candle close below the blue line), then it will probably mean that the bearish momentum will continue and the next stop is around $6,330-$6,360. There is currently the major counter trendline since Sept. 8, we MIGHT see a bounce there and if the price reaches into this area then I make updates as usual.
If we fall even lower then there are two strong support lines which will stop the price. To stay on the market is a bit risky because we don't know how strong this bearish momentum could be what we got from yesterday's move and the current move upwards is just not in accordance with altcoins.
However, the breakout from the yesterday's triangle and candlesticks layout indicates that we might see another leg downwards (confirmation is the four-hour candle close below the blue line at $6,460).
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 and do not hesitate to follow it!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
Yesterday we got a breakout from the triangle. It was enough that the four-hour candle closes below the trendline, below the EMA's and the movement downwards be able to continue. This was almost a perfect breakout trade, we got a candle close below the triangle trendline and in the one-hour time frame, BTC' price made a retest and bounce-back after it touched the breakout area.
The yesterday's candle close was above the $6,500, but currently, on the four-hour chart, the price is below the round number. The price stopped and bounced upwards from the well-known support area (blue line) at $6,460. Last week this area played a significant role when we discovered the "Inverted Head & Shoulders" pattern, and again we are 'hanging' between the $6,460 and $6,500. The bounce brought a candlestick pattern which consists of three candles called "Morning Star". This is a little bit sloppy because the first and the deeper candle wick is a little bit too low. Currently, it has founded a resistance from round number if it breaks above then the Morning start momentum is correct but I thought about that because altcoins are on the red side and don't show any significant signs that they want to start their climb.
So, if the strong support level breaks (four-hour candle close below the blue line), then it will probably mean that the bearish momentum will continue and the next stop is around $6,330-$6,360. There is currently the major counter trendline since Sept. 8, we MIGHT see a bounce there and if the price reaches into this area then I make updates as usual.
If we fall even lower then there are two strong support lines which will stop the price. To stay on the market is a bit risky because we don't know how strong this bearish momentum could be what we got from yesterday's move and the current move upwards is just not in accordance with altcoins.
However, the breakout from the yesterday's triangle and candlesticks layout indicates that we might see another leg downwards (confirmation is the four-hour candle close below the blue line at $6,460).
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 and do not hesitate to follow it!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
Заметка
Today is a perfect example how the old levels works, our well-known levels! Some of them are over the 6 months old and they still work:1. We touched exactly the April low
2. We bounced upwards and the strong area (blue line) started to work as a support (later was the second time)
3. We had in the 15 min chart several attempts to break above the $6500 which works as a resistance
4. And now the March low works as a resistance.
So, always look to the left!
Заметка
Yesterday was a very important day to get know what we can expect from next days. We reached as low as the April low level at $6,425 and after that, the price quickly bounced upwards between the round number and the strong support at $6,460. Basically, we touched three important levels below the current price and we got a bounce, the bounce gave us a nice daily candle close which was again above the $6,500. It is a very good sign because we touched pretty low levels and still bulls manage to push the price upwards above the round number and this 'jump' gave as also a bullish candlestick pattern called "Hammer". Hammer is currently, the main candlestick pattern which will indicate that we can see a reversal.
If we look at the four-hour chart (image above) then, after the daily candle close the price made a very powerful statement upwards. The close was above the EMA's, the volume oscillator MA (moving average) is nicely pointed upwards and most importantly, the altcoins followed this movement and they are also on the green side(If You want to see the altcoins reviews, then visit "CryptoComes" profile in the TradingView and do not hesitate to follow it)!
Currently, if we want to look the next resistances then at the moment, we are on the pretty significant price area, the trendline area (pulled from July 24). The trendline and the latest resistance (orange 'line' above the current price) makes a crossing area. Crossing areas are usually very hard to beat but if we want to go to the higher prices then, as You guess, we have to break this and the break opens to us another resistance level, the major resistance level at $6,767.
If we don't find that power and if the momentum doesn't last long enough then our well-know levels below the current price start to work as support levels. A daily and the four-hour candle close below the $6,450 will be the first bigger signs that those moves were just little ‘fakeouts’ and it confirms bearishness.
Заметка
Possible breakout from bull flag/fallin wedge but the volume is ridiculously low!Заметка
NEW TRADING IDEA and do not forget to hit the LIKE!!!Thank You!
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