BITCOIN - Current Price Action!
Güncellendi
The whole market made a short pump upwards. This was due to the fact that BTC' bounced upwards from my mentioned level at $6250. BTC' move pulled all the altcoins upwards as well and like I said the whole market got enjoy pretty nice bullish momentums.
From the technical perspective, currently, Bitcoin trades above the major counter trendline which is pulled from Sept. 18. Last hours we have tried to break below the trendline but 'luckily' those were failed attempts but we are on the edge and the possible break could happen soon!!
Yesterday's bounce from $6250 made a scarcely higher low which is good for the price structure and will indicate that we could be slightly in the short-term bullish market.
Bullish perspective: at the moment, we could see that we are in the two triangles on is the bigger triangle (black trendlines) and the other is smaller (light orange area) and we could say that this is a bit sloppy "Ascending Triangle” which will indicate bullishness if we get an upwards breakout! If we break upwards then we could see another leg up to the important resistance levels. The next and first resistance would be between the April low ($6425) and strong support (blue line), area criteria:
* In the one-hour chart there is 200EMA
* In the four-hour chart, there is 50EMA
* Between those areas, we could find the perfect Fibonacci retracement level which is 62%
* The triangle upper trendline starts to work as a resistance
So, the first obstacle could be around $6425-$6480.
If we don't find the power to break through from the "Ascending triangle" upper 'trendline' then the first bearish sign will be when we get a candle close below the major counter trendline and below the smaller counter trendline. After that, we might go and retest the strong area at $6230-$6250 but nothing can be confirmed before we see a candle close below the counter trendlines!
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Have a nice day!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
From the technical perspective, currently, Bitcoin trades above the major counter trendline which is pulled from Sept. 18. Last hours we have tried to break below the trendline but 'luckily' those were failed attempts but we are on the edge and the possible break could happen soon!!
Yesterday's bounce from $6250 made a scarcely higher low which is good for the price structure and will indicate that we could be slightly in the short-term bullish market.
Bullish perspective: at the moment, we could see that we are in the two triangles on is the bigger triangle (black trendlines) and the other is smaller (light orange area) and we could say that this is a bit sloppy "Ascending Triangle” which will indicate bullishness if we get an upwards breakout! If we break upwards then we could see another leg up to the important resistance levels. The next and first resistance would be between the April low ($6425) and strong support (blue line), area criteria:
* In the one-hour chart there is 200EMA
* In the four-hour chart, there is 50EMA
* Between those areas, we could find the perfect Fibonacci retracement level which is 62%
* The triangle upper trendline starts to work as a resistance
So, the first obstacle could be around $6425-$6480.
If we don't find the power to break through from the "Ascending triangle" upper 'trendline' then the first bearish sign will be when we get a candle close below the major counter trendline and below the smaller counter trendline. After that, we might go and retest the strong area at $6230-$6250 but nothing can be confirmed before we see a candle close below the counter trendlines!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice day!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Not
...and we already got a close below both counter trendlines and that's not a good sign!!Not
Now we have three 1h candles closed below the counter trendlines! The price touched almost my mentioned level $6250 after the first 1h candle closes below the trendlines but the buyers were alerted and they pushed it up again and after the push, we got a bullish candlestick pattern "Hammer". The volume inside the hammer was higher than the previous candle, which will be a good sign but we are still in the risky area (possible retest opportunity)!Just a little bit safer would be then when we climb back into the smaller triangle! After that, we can say that this was just a failed attempt to push the price down!
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Not
I just have to say LOL and we have a breakout from the triangle :DHopefully they shake down as many buy orders that they wanted!
SICK!!
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