Patience is The KEY! But BITCOIN is Facing The WALL of Decision!
Updated
Dear Friends :)
No speech. No intros, no long stories, let's just jump in...
Once again we are taking a look at our favorite coin. And once again we will take a look at the 4h BTC/USD Chart. We will never be tired of Bitcoin. And after a long day of sideways movement, Bitcoin has to make a decision very soon - and we are in for a treat! We will soon see firework...
As you can see we are in a descending broadening wedge (you might also argue that we are in a normal descending wedge in small dotted lines). Please pay attention to my red circles, and notice how we after some up-sideways movements has bumped into the wedge wall, and how we hereafter fell in a steep down trend. So the question is, will it happen again?
We have a lot of bullish signs in fact. We are in an ascending triangle in purple. We have had Regular Bullish Divergence on MACD and on RSI, also a bullish MACD-cross. All that in isolation is telling us, that this downtrend could be over, and we will go into an uptrend now.
But, but.. We are squeezed into an ugly zone of confluence support and resistance everywhere! This is not a place to be in if you suffer from claustrophobia. We have all the EMAs from 20 to 200 just above our head. We have 8,2k support under us. We have 8,000 USD which also acts as huge support due to it is a even number and also is P.O.C. (Point of control - most trades are generated at this price point ever).
So here is D4rkEnergY's advice for you. Believe it or not - I care about you. So this is still a no trading zone so far. Let other people gamble with their money! Go to a casino play some Roulette instead. We are aware of the market conditions, and when there are no reason to take unnecessary risks! THAT is how we become a better trader.
When that is said: I believe we will very soon - when we get closer to The Wall of Decision - that we will see a SPIKE in one of the directions. I also believe it is most likely, that we will go in an uptrend at around 7,800 USD or maybe have we already bottomed now!
I promise to keep you updated!! While I'm writing this, I can see the bears are trying to escape the triangle cage......
D4 Loves You <3
Aaand as always. I would appreciate a big LIKE if you enjoyed my analysis. Thanks in advance, my friends :)
No speech. No intros, no long stories, let's just jump in...
Once again we are taking a look at our favorite coin. And once again we will take a look at the 4h BTC/USD Chart. We will never be tired of Bitcoin. And after a long day of sideways movement, Bitcoin has to make a decision very soon - and we are in for a treat! We will soon see firework...
As you can see we are in a descending broadening wedge (you might also argue that we are in a normal descending wedge in small dotted lines). Please pay attention to my red circles, and notice how we after some up-sideways movements has bumped into the wedge wall, and how we hereafter fell in a steep down trend. So the question is, will it happen again?
We have a lot of bullish signs in fact. We are in an ascending triangle in purple. We have had Regular Bullish Divergence on MACD and on RSI, also a bullish MACD-cross. All that in isolation is telling us, that this downtrend could be over, and we will go into an uptrend now.
But, but.. We are squeezed into an ugly zone of confluence support and resistance everywhere! This is not a place to be in if you suffer from claustrophobia. We have all the EMAs from 20 to 200 just above our head. We have 8,2k support under us. We have 8,000 USD which also acts as huge support due to it is a even number and also is P.O.C. (Point of control - most trades are generated at this price point ever).
So here is D4rkEnergY's advice for you. Believe it or not - I care about you. So this is still a no trading zone so far. Let other people gamble with their money! Go to a casino play some Roulette instead. We are aware of the market conditions, and when there are no reason to take unnecessary risks! THAT is how we become a better trader.
When that is said: I believe we will very soon - when we get closer to The Wall of Decision - that we will see a SPIKE in one of the directions. I also believe it is most likely, that we will go in an uptrend at around 7,800 USD or maybe have we already bottomed now!
I promise to keep you updated!! While I'm writing this, I can see the bears are trying to escape the triangle cage......
D4 Loves You <3
Aaand as always. I would appreciate a big LIKE if you enjoyed my analysis. Thanks in advance, my friends :)
Note
Here is a close up, which should emphasize, why its not a good moment to trade. Especially leverage and margin trading.- Almost all the volume is below the MA20 Volume
- We are going sideways
- No volatility (we want to trade the bigger swings)
Once again: We are aware of the market conditions, and when there are no reasons to take unnecessary risks! THAT is how we become a better trader.
Big egos, who think they can beat the market and trade all the time, will lose in the long run.
Note
Huge fight between bulls and the bears at the moment around 8,140 USD after we once again are witnessing one of those spikes, which TradingView cannot even register yet!This is exactly why we not are trading at the moment. If we go below 8,100 USD we will probably go to around 7,800 USD. But its still very hard to determine with strong 8k support.
Note
Good morning :)A trust in a bullish reversal above 8,000 USD was not enough. We fell trough 8,100 USD, which gave us the clue that we most likely would fall lower and under 8,000 USD, which I mentioned earlier.
We bounced at 7,930 USD. As you can see we have a hammer candle, which could give us sign of a reversal. With that said and on top of that we still have Regular Bullish Divergence (on both RSI and the MACD histogram - class B on the last wave though) we still need more bullish volume!
Most likely scenario is that we will fall a bit lower to around 7,700 USD - 7,800 USD which also from the start was my initial bet, that it would be optimal reversal point.
BUT nothing is for sure! If we fail and go below the most likely scenario is 7,200-7,000 USD!
Let's see, what is going to happen!
D4 <3
And please give a like - it means a lot to, my friends :)
Note
Here is the deal guys! Following the waves so far, which will lead us to our first target at around 7,8kish.There is also a chance that we have a truncated 5th wave, which will send us in an uptrend at this point. 7,700-7,800 USD is the most likely scenario. Whales could also wait around the corner and make a huge spike to the upside and kill shorts now!
That would be an epic move from whales now everyone is bearish.
D4 <3
Be careful guys!
Note
Here are some really important resistance zones to be aware of! As I told you before we have a lot of bullish signs. Divergences, MACD cross, volume is starting to pick up, and we are starting to form a bull flag.The last couple of days we have seen these patterns fail again and again, so once again, if you want to trade be careful.
All my red zones are hard resistance:
8,100 USD
8,300-8,400 USD
8,800 USD
If this bull flag attempt fail our next stop is still 7,700 USD-7,800 USD. So nothing has really changed so far. This is just to give you an idea, what to be aware of :)
D4 <3
Note
A simple update! The overview you need! :)
Note
Boom! The bulls managed finally to break through via that bull flag. Watch out for 8,300-8,400 USD. Strong resistance and this area.D4 <3
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