BITCOIN-Where To React When ShortTerm Uptrend Turns Into Bearish
ที่อัปเดต:
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Currently, the BTC' price is almost in this bounce area where it should be if we want to see bullish Bitcoin' in the weekend. I'm still with short-term bullish bias before I don't have seen any bearish confirmations (bearish confirmations are discussed later in this idea post)
After a bounce from $6,250 in the last Wednesday, it has made very nice climb upwards. On the daily chart, it has two throwback candles since then and yesterday we got the third one. Every time it has climbed more upwards after the throwback candle, let's see how it goes at this time. Yesterday's candle close was below the $6,500 which will be the first bearish sign but do not panic, all is under the control (at the moment). This candle close was the ugliest above mentioned three throwback candles but we still have pretty good support levels under the current price level to support the price do not fall deeper.
As You see on the chart then we have a very clean upwards channel - touch and bounce, touch and bounce. Currently, the price makes the third touch and possibly it is ready to break above the $6,500.
The bounce criteria:
1. Channel bottom trendline works as a support
2. FIB retracement level 38% should act as a support. It is also a perfect place to start the new leg if the market wants to stay in the bullish momentum (pulled from 31. Oct low to 7 Nov. high)
3. Different timeframe EMA's matching exactly with trendline area, which makes this area even stronger because of the criteria crossing.
4. Altcoins showing some nice climbs upwards, which will support current move upwards
5. Histogram starts to ticking upwards in the several timeframes
The targets would be:
1. $6,680 (Daily EMA 100 and the channel upper trendline crossing area)
2. $6,767 (Historically strong resistance - also the key level for the bulls)
3. $6,860 (Weekly EMA 50 should act as a resistance)
4. $7,000
As You have noticed, we are on the edge (not far from the bearish confirmation area) and for that, I would like to give the area where You have to close Your trades or at least You have to minimize the risks. The bearish confirmation area is the red box. If the 4H candle gets a close inside of this then we have several important 'breaks-below':
1. A candle close below the channel lower trendline (basically a candle close outside the channel) which is also currently the short-term counter trendline. If we get a close below that then it would be the first and bigger bearish sign.
2. A candle close below the major support levels $6,500 and $6,460
3. A candle close inside or below this box makes a new short-term lower low (LL)
So those are the bearish confirmations - this is pretty seriously said - if You see a candle close inside or below the box then stay away from the market. Basically stay in the market when the price is above the $6,460 and stay out if the price is below the mentioned level.
We might see a bounce from the Major counter trendline (long-term counter trendline)and the perfect FIB retracement pocket 62%-65% crossing area. Do enter the market around the mentioned area - around $6,360 - You have to watch price action, some bullish candlestick pattern or massive bullish volume!
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis!
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really really appreciate it!
Have a nice weekend!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Currently, the BTC' price is almost in this bounce area where it should be if we want to see bullish Bitcoin' in the weekend. I'm still with short-term bullish bias before I don't have seen any bearish confirmations (bearish confirmations are discussed later in this idea post)
After a bounce from $6,250 in the last Wednesday, it has made very nice climb upwards. On the daily chart, it has two throwback candles since then and yesterday we got the third one. Every time it has climbed more upwards after the throwback candle, let's see how it goes at this time. Yesterday's candle close was below the $6,500 which will be the first bearish sign but do not panic, all is under the control (at the moment). This candle close was the ugliest above mentioned three throwback candles but we still have pretty good support levels under the current price level to support the price do not fall deeper.
As You see on the chart then we have a very clean upwards channel - touch and bounce, touch and bounce. Currently, the price makes the third touch and possibly it is ready to break above the $6,500.
The bounce criteria:
1. Channel bottom trendline works as a support
2. FIB retracement level 38% should act as a support. It is also a perfect place to start the new leg if the market wants to stay in the bullish momentum (pulled from 31. Oct low to 7 Nov. high)
3. Different timeframe EMA's matching exactly with trendline area, which makes this area even stronger because of the criteria crossing.
4. Altcoins showing some nice climbs upwards, which will support current move upwards
5. Histogram starts to ticking upwards in the several timeframes
The targets would be:
1. $6,680 (Daily EMA 100 and the channel upper trendline crossing area)
2. $6,767 (Historically strong resistance - also the key level for the bulls)
3. $6,860 (Weekly EMA 50 should act as a resistance)
4. $7,000
As You have noticed, we are on the edge (not far from the bearish confirmation area) and for that, I would like to give the area where You have to close Your trades or at least You have to minimize the risks. The bearish confirmation area is the red box. If the 4H candle gets a close inside of this then we have several important 'breaks-below':
1. A candle close below the channel lower trendline (basically a candle close outside the channel) which is also currently the short-term counter trendline. If we get a close below that then it would be the first and bigger bearish sign.
2. A candle close below the major support levels $6,500 and $6,460
3. A candle close inside or below this box makes a new short-term lower low (LL)
So those are the bearish confirmations - this is pretty seriously said - if You see a candle close inside or below the box then stay away from the market. Basically stay in the market when the price is above the $6,460 and stay out if the price is below the mentioned level.
We might see a bounce from the Major counter trendline (long-term counter trendline)and the perfect FIB retracement pocket 62%-65% crossing area. Do enter the market around the mentioned area - around $6,360 - You have to watch price action, some bullish candlestick pattern or massive bullish volume!
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis!
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really really appreciate it!
Have a nice weekend!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
บันทึก
ALERT! Here we are in the red box area/bearish confirmation area!Let's wait for this H candle close but I don't think that they could push the price up above the $6,460 level (which is the survival level). It would be the first sign because this is the 1H candle close but we have toooo much to the 4h candle close, So, we have to make decisions right away! Next update after 1H candle close.....
บันทึก
We have 1H candle close below the red box. Looks like we are heading into the $6,350. Support criteria:- Around FIB level
- Major counter trendline
- Last short-term HL, which should act as a support!
Only thing what could save us at the moment is a sudden spike upwards and we can count this as a bear trap but the bigger odds are the $6,350!
บันทึก
The drop which had 29. Oct:1h candle close, two 15 min consolidation candle and the third one gave us another leg downwards. Let's see how it goes today! Not a sign or something significant but still interesting to watch!
บันทึก
Altcoins give a sign that this could be a BEAR TRAP!!+ I noticed that the volume was almost equal on the 15 min chart. That the stop came so suddenly, looks like "they" don't want to see much lower prices!
Let's see, interesting, I learn and I grow with You!
Please, don't forget to LIKE, COMMENT & FOLLOW!
บันทึก
บันทึก
We have a 4h candle close below the critical area but this is SO suspicious because of the altcoins. Some of them even climbed upwards if this happened. Technically this close below the fat red area is full of bearishness because this breaks all important levels around $6,500 BUT as I mentioned...the altcoins, sorry but w*f :)One thing that is certain, to beat this fat red area, we need a strong candle because historically it has only massive candle break upwards/downwards from this area AND if we get next bullish candle upwards which look alike as the last bearish candle, then BUY whatever You can (altcoins) because then it would be confirmed Bear trap and the climb may continue!
บันทึก
Here is the RIPPLE trade opportunity with certain criterion!!
บันทึก
Close above those resistances will be bullish confirmation, this bearish confirmation area is not so significant because of the altcoins, they almost laughed out this BTC' movement! If we don't find this power soon enough then we might stay below those resistances, because at the weekend we have low volatility!Leave a LIKE and have a great weekend!
บันทึก
Sorry, “Those” resistances are $6,445 and $6,460! At least 1h candle close above and gogogoo, yes I’m that bullish ;)บันทึก
Here is my NEW BTC UPDATE, feel free to LIKE, SHARE & COMMENT:
Have a nice day!
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