Bitcoin is aiming for correction/consolidation
Updated
After last 500$ dump think its only clear that another big move will not happen just right now. Market needs to calm on weekends after last few days of high volatility in both directions. I do expect a sideways for at least coming 1-2 days in range of 9720 - 10060.
To predict next big move we need to see the structure of this sideways/consolidation. At the moment looks like distribution is going, reaction of buyers is really weak comparing to what it was during dumps of previous week when bulls were confidently buying each drop . Also price has broke a rising wedge .
A break of 9720 or 10060 levels should set market direction for the next few days. Break to downside is more possible, in this case price should go straight to 9200 zone which is strong support itself and also ma200 on 4h timeframe is located here.
A break of 10060 should mean the end of correction and we can expect bull trend to continue in this case.
Even though for now things look bearish and chances to see another drop are higher, still we need to see this sideways/consolidation first, I will update this idea when things get clearer.
Higher timeframe charts are bearish as well. Dayly close on top of 10500 has created high volume reversal candle, yesterday dayly candle closed below critical 10k without any noticeable bounce. Most likely today we will also have a bearish weekly close.
Dayly and 4h chart are also full of bearish divergences on RSI and different oscillators.
To keep market bullish this correction shouldnt go below 9000/8800 zone. It was decision level between bear/bull market in 2019, now this level is even more important because dayly ma200 is located here as well. So I think 9k is the maximum for a correction, below this level it would be a bearish trend .
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To predict next big move we need to see the structure of this sideways/consolidation. At the moment looks like distribution is going, reaction of buyers is really weak comparing to what it was during dumps of previous week when bulls were confidently buying each drop . Also price has broke a rising wedge .
A break of 9720 or 10060 levels should set market direction for the next few days. Break to downside is more possible, in this case price should go straight to 9200 zone which is strong support itself and also ma200 on 4h timeframe is located here.
A break of 10060 should mean the end of correction and we can expect bull trend to continue in this case.
Even though for now things look bearish and chances to see another drop are higher, still we need to see this sideways/consolidation first, I will update this idea when things get clearer.
Higher timeframe charts are bearish as well. Dayly close on top of 10500 has created high volume reversal candle, yesterday dayly candle closed below critical 10k without any noticeable bounce. Most likely today we will also have a bearish weekly close.
Dayly and 4h chart are also full of bearish divergences on RSI and different oscillators.
To keep market bullish this correction shouldnt go below 9000/8800 zone. It was decision level between bear/bull market in 2019, now this level is even more important because dayly ma200 is located here as well. So I think 9k is the maximum for a correction, below this level it would be a bearish trend .
If you appreciate my work please give this idea a like;)
Note
As I said in this idea, another drop was more possible scenario but still that was too early to drop a day ago and I expected sideways/consolidation before next big move.That was right and after more than a day of sideways bears are still in favor, If we get 4h candle close below 9700 now think price will aim for 9500/300 zone.
Note
Bounce on the bottom was pretty strong, and this small inversive head&shoulders can trigger a pump if price breaks neckline - 9700Closed short in good profit, not safe at all to keep holiding it. Even looking to open long now.
IH&S invalidates if price drops below 9485, then I will be looking to buy at 9440/9250
Note
Got a break of IH&S that I mentioned in last update, my long is already in profit. Think price will aim to the upper side of the range now - 10kPlease support this idea with your likes and comments and subscribe to my profile to be alerted about new ideas;)
Note
New analysis (Please support this idea with your likes and comments and subscribe to my profile to be alerted about new ideas;):
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