Bitcoin : The Short Term Perspective
An amazing view based on the lower time frame which potentially could be an intra day trade is on BTC. You can see that even the bitcoin is in another mini consolidation pattern that looks pretty usual in the latest few weeks, the price is slowly forming something that is important.
Currently, the price is forming some sign of an symmetrical triangle which I always anticipate it as a mini consolidation in this lower time frame. A good thing has followed this kind of structure although there remains an uncertainty in the market too. However, price is coming closer to the APEX of this triangle and there is a consecutive lower low structure in the RSI which means there might be a potential continuation occur in the near future.
The confirmation of buying position is whenever we see the price can breaks out of the upper line of this triangle pattern. A target must be at the swing high of current structure and the golden pocket zone. The stop loss must be as low as we can to produce a nice and profitable RR, that's why I'll put my SL under the $10500 ish to maintain a 2.4 RR which for me is still worth it.
Currently, the price is forming some sign of an symmetrical triangle which I always anticipate it as a mini consolidation in this lower time frame. A good thing has followed this kind of structure although there remains an uncertainty in the market too. However, price is coming closer to the APEX of this triangle and there is a consecutive lower low structure in the RSI which means there might be a potential continuation occur in the near future.
The confirmation of buying position is whenever we see the price can breaks out of the upper line of this triangle pattern. A target must be at the swing high of current structure and the golden pocket zone. The stop loss must be as low as we can to produce a nice and profitable RR, that's why I'll put my SL under the $10500 ish to maintain a 2.4 RR which for me is still worth it.
Yorum:
Bitcoin : The proper count
Here is the current proper count from bitcoin if we look it at the lower time frame where the price is trending inside this triangle which makes all of my previous bias become the valid one. This micro consolidation will take place in the next several days ahead which potentially a lot of manipulative moves will occur.
The next crucial line which I've anticipated many time is the red line which is the 200 MA on the 4 hours time frame. Price wasn't able to breach this major dynamic resistance line at the previous trial and ends up being rejected which shows us the bullish momentum is slowly diminishing.
I'll of definitely see the blue region (prior swing low) as the strong support but when we see a breaks down of this triangle, I'll still see this as the closest range where the price will respect it as the short term relief rally to test again the $11000 range. After that, I'll expect further downside moves to the .382 fibonacci level where the strong support level is.
I can be so ignorant to not anticipate the .382 tap because it's the minimal zone to touch if we want a proper correction in the future. Beside, if you zoom out on the daily time frame, you'll see the the .382 fib level is moving very close with this fibonacci level.
Bitcoin : The proper count
Here is the current proper count from bitcoin if we look it at the lower time frame where the price is trending inside this triangle which makes all of my previous bias become the valid one. This micro consolidation will take place in the next several days ahead which potentially a lot of manipulative moves will occur.
The next crucial line which I've anticipated many time is the red line which is the 200 MA on the 4 hours time frame. Price wasn't able to breach this major dynamic resistance line at the previous trial and ends up being rejected which shows us the bullish momentum is slowly diminishing.
I'll of definitely see the blue region (prior swing low) as the strong support but when we see a breaks down of this triangle, I'll still see this as the closest range where the price will respect it as the short term relief rally to test again the $11000 range. After that, I'll expect further downside moves to the .382 fibonacci level where the strong support level is.
I can be so ignorant to not anticipate the .382 tap because it's the minimal zone to touch if we want a proper correction in the future. Beside, if you zoom out on the daily time frame, you'll see the the .382 fib level is moving very close with this fibonacci level.
Yorum:
The price is still trending inside this triangle which I've been anticipated and covered on my latest post about bitcoin. It's becoming the only pattern which I see is still valid. On the short term, the price has been trending in this structure since last month.
There is still the same perspective with my previous update and post. Currently, the price has already completed the potential E wave. Price is still trending closer to the APEX with a lower volatility over time. On the RSI, there isn't any confirmation yet with the RSI is still trending at the neutral zone between 40 and 60 level.
We must be patiently waiting at the moment until the price give us any type of confirmation. In the next 7 days will become a very crucial moment for the bitcoin.
The price is still trending inside this triangle which I've been anticipated and covered on my latest post about bitcoin. It's becoming the only pattern which I see is still valid. On the short term, the price has been trending in this structure since last month.
There is still the same perspective with my previous update and post. Currently, the price has already completed the potential E wave. Price is still trending closer to the APEX with a lower volatility over time. On the RSI, there isn't any confirmation yet with the RSI is still trending at the neutral zone between 40 and 60 level.
We must be patiently waiting at the moment until the price give us any type of confirmation. In the next 7 days will become a very crucial moment for the bitcoin.
A revised triangle
If we zoom out to the higher time frame, you can see that there is a significant change here which giving us indication that the price is trending in more more boring consolidation pattern. You can see that even the price breaks below the previous micro consolidation, the mini consolidation is still having an important role for the price. If this holds true, there will be another potential 12 days more for the price to moves like this which in personal opinion, I really don't like this. Still the upper line of this triangle is the closest resistance trend line to hold the price and become a 'must break' resistance trend line.
The only good thing is that the price has already broken out from the 200 MA on the 4 hours chart which usually provide a huge bullish momentum. I hope that the price will respect this current 200 MA break out to maintain the momentum so we can see a spike higher to break out of the upper line of this resistance. Because if we don't see it, there will be another boring consolidation maximum in the next 12 days ahead.