BITCOIN - Waiting For a Breakout From Consolidation Area!
Updated
Hello followers and other TradingView users!
We have tried to predict the short-term movements now over the week in this price area - some were good some were bad because between the two round number $6000 and $6500 those movements is almost random pumps and dumps!
The price has been in this area now almost a week, almost a week we have seen those pumps and dumps what the whales make! They prepare for a very big move but which direction? Let's find confirmations...
Those round numbers play an important role our analysis! We have tried to break those both three times but daily candles are closed always inside this area $6000-$6500.
So, we could expect that if we can make a breakout (candle close above or below this area) it could guide us into the short/mid-term the direction.
Bullish direction:
We have a "Hammer" candlestick pattern from yesterday's close, after we touched $5858 we got a bounce up and the daily candle closes above the $6000 and above the simply strong area which is $6141! This will show us that buyers are still on the market and they pushed it up very quickly from the strong levels!
To guide us further we need to break the minor trendline since 15.09.2017, April support and we have to close above the $6500! Then it would be a nice setup to make a decision. This is definitely a counter-trend and please be very cautious!
I have marked also the short-term targets, those targets are very modest but they are good! (Always be less greedy than the others!!)
Bearish direction:
Like You have seen, we have a bearish and bearish pressure is pretty strong because some very good setups are just like - like a warm knife through butter!
The key level is $6000! The price has tried to break through this level three times and yesterday was a pretty significant attempt to make a confirmed break but the buyers were alerted and pushed the price up again!
To confirm the bearish direction we have to break below the $6000 and break below the consolidation area which is $6000-$6500!
I have marked the areas where we might go when the price closes below the consolidation box. There are supports since oct-nov. 2017 and our last stop would be the "Clean Area" since 12.10.2017 around 5k
Hopefully, this helps You out a little bit to confirm Your own analysis! DEFINITELY make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
To get updates - click the FOLLOW button and please, don't forget to LIKE!
Thank You for your support.
We have tried to predict the short-term movements now over the week in this price area - some were good some were bad because between the two round number $6000 and $6500 those movements is almost random pumps and dumps!
The price has been in this area now almost a week, almost a week we have seen those pumps and dumps what the whales make! They prepare for a very big move but which direction? Let's find confirmations...
Those round numbers play an important role our analysis! We have tried to break those both three times but daily candles are closed always inside this area $6000-$6500.
So, we could expect that if we can make a breakout (candle close above or below this area) it could guide us into the short/mid-term the direction.
Bullish direction:
We have a "Hammer" candlestick pattern from yesterday's close, after we touched $5858 we got a bounce up and the daily candle closes above the $6000 and above the simply strong area which is $6141! This will show us that buyers are still on the market and they pushed it up very quickly from the strong levels!
To guide us further we need to break the minor trendline since 15.09.2017, April support and we have to close above the $6500! Then it would be a nice setup to make a decision. This is definitely a counter-trend and please be very cautious!
I have marked also the short-term targets, those targets are very modest but they are good! (Always be less greedy than the others!!)
Bearish direction:
Like You have seen, we have a bearish and bearish pressure is pretty strong because some very good setups are just like - like a warm knife through butter!
The key level is $6000! The price has tried to break through this level three times and yesterday was a pretty significant attempt to make a confirmed break but the buyers were alerted and pushed the price up again!
To confirm the bearish direction we have to break below the $6000 and break below the consolidation area which is $6000-$6500!
I have marked the areas where we might go when the price closes below the consolidation box. There are supports since oct-nov. 2017 and our last stop would be the "Clean Area" since 12.10.2017 around 5k
Hopefully, this helps You out a little bit to confirm Your own analysis! DEFINITELY make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
To get updates - click the FOLLOW button and please, don't forget to LIKE!
Thank You for your support.
Note
This looks like consistency! Several bullish 4h candles in a row with a very nice volume! Soon we will test the April low level!Don't forget to LIKE!
Thank You for your support.
Note
Rare bullish candlestick pattern: "Three White Soldiers"Yeah, bullish, but still we are on the very strong resistance area which is April low and the round number $6500!!
Nothing we can do at the moment!
Note
We have a very amazing consistency, we don't have seen this yet in this area which is a very good sign! IF we start to make a pullback I put here a perfect entry places but only the perfect!! :) I keep You posted....Note
I would like to point out one important level where the current pullback could find the support!This means that we make an HL (Higher low) which is very significant for the whole structure!
Criteria for a reversal ($6115-$6164) in this highly risky area between the $6000-$6500:
1. Today, we have a very steady price increase (right now - the rare case)
2. In the 4h chart, we could see a nice bullish candlestick pattern - "Three Green Soldiers"
3. Fibonacci retracement 62%
4. Strong S&R area
I keep You posted if we reach to there and we need to see a very nice pa. from this level to confirm the bounce!!
Note
Pullback end point is still the same as in the post above!Note
Good morning!Currently, we have a continuation pattern called "Bear Flag", break below the bottom trendline confirms that we might go and test the lower levels!
We have our area where we want to watch the price action and if we get something pos. from there then we can enter the trade!
Note
On the 4h chart, we have a very nice candlestick pattern on the minor trendline and on the decent Fibo levels - Morning Star! At the moment we have made a HL (higher low) and a nice way to change the structure!This pattern could guide us over the $6500, let's see...
Note
Looks like Morning Star works very well! On the 5 min chart we had a close above the April support and close above the bull flag so, we might see something from here...Note
Currently looks decent, we have a 1h candle close above the April low, retest and small bounce!Note
Strong levels above the current price($6415), no wonder why we can’t break above:1. $6425 the April low
2. Strong area/round number $6500
3. $6533 the March low
So, at least 4h candle close above the $6533 and we are through (short-term)
Note
Hello!We are trying to break the $6500 again, let's say 13th attempt :D
At the moment volume is not so significant but let's see, I keep You posted....
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