BITCOIN - They Even Don't Hide Their Movements Anymore!!
Updated
Hello followers and other TradingView users!
Lately, we have seen some very random movements on the Bitcoin chart! The big guys/whales/'smart money'/bitmex even don't want to hide their movements on the market! $400 jumps are just like a joke, they come from the middle of nowhere!
They want to shake off orders, as many as possible before they make one very big move because this up&down - up&down means that they want to go into this move almost alone :)
Now, I start to do some technical analysis and I want to find out when & what confirms that direction where they want to go!
Bullish Confirmation Area Criteria:
1. We have formed a small triangle since 11.08 and breakout upwards gives us some bullish confirmation
2. We have a very minor support (blue line), then we have the April low (black line) and we have a round number $6500! At the moment they work as the resistances and break above those gives us some bullish signs
3. We have a trendline sine 31.07, pulled on the 1h line chart, candle close above this confirms some bullishness
4. We have a sloppy inverted Head & Shoulders pattern which will indicate bullishness
So, to confirm all those we need definitely 1h+ candle close above those level, we need to see volume in this move and the perfect scenario would be a candlestick pattern if we make a breakout!
Bearish Confirmation Area Criteria:
1. Candle close below the minor trendline since 15.09.2017
2. Break below the triangle
3. Weekley candle close indicates bearishness if we don't get bullish support from whales.
4. The trend is Your friend
5. NB: Some bearish movements would be also bear traps because whales are into the mood of play!
In the update section, as usual, I would like to start collecting confirmations from the shorter timeframes and hopefully, You learn something new from there to become a better trader in the future, so, stay on my channel and take the information with You!
PLEASE, don't forget to SHARE this, hit the LIKE and the FOLLOW button if you feel this topic deserves it!
That's the best way to support me and help to push this analysis to other users.
Best regards!
Lately, we have seen some very random movements on the Bitcoin chart! The big guys/whales/'smart money'/bitmex even don't want to hide their movements on the market! $400 jumps are just like a joke, they come from the middle of nowhere!
They want to shake off orders, as many as possible before they make one very big move because this up&down - up&down means that they want to go into this move almost alone :)
Now, I start to do some technical analysis and I want to find out when & what confirms that direction where they want to go!
Bullish Confirmation Area Criteria:
1. We have formed a small triangle since 11.08 and breakout upwards gives us some bullish confirmation
2. We have a very minor support (blue line), then we have the April low (black line) and we have a round number $6500! At the moment they work as the resistances and break above those gives us some bullish signs
3. We have a trendline sine 31.07, pulled on the 1h line chart, candle close above this confirms some bullishness
4. We have a sloppy inverted Head & Shoulders pattern which will indicate bullishness
So, to confirm all those we need definitely 1h+ candle close above those level, we need to see volume in this move and the perfect scenario would be a candlestick pattern if we make a breakout!
Bearish Confirmation Area Criteria:
1. Candle close below the minor trendline since 15.09.2017
2. Break below the triangle
3. Weekley candle close indicates bearishness if we don't get bullish support from whales.
4. The trend is Your friend
5. NB: Some bearish movements would be also bear traps because whales are into the mood of play!
In the update section, as usual, I would like to start collecting confirmations from the shorter timeframes and hopefully, You learn something new from there to become a better trader in the future, so, stay on my channel and take the information with You!
PLEASE, don't forget to SHARE this, hit the LIKE and the FOLLOW button if you feel this topic deserves it!
That's the best way to support me and help to push this analysis to other users.
Best regards!
Note
They are alive! :DNote
After the last 1h candle close we have 2 of 4 bullish confirmations! Close above the trendline and close above the triangle...but-but in this market situation, we need definitely all those confirmations because this candle is so sloppy and we know that the big guys made this and we have a bounce back from strong resistance levels! Those candles could be mean that they want to buy the price up but they do it slowly. If they want to enter with all their money then it would be a massive candle but they do it slowly ;) Note
After the 4h candle close, we have 3 of 4 bullish confirmations!1. Close above the triangle
2. Close above the trendline
3. Close above the April low support (at the moment it was resistance)
One and at the moment, the hardest, is missing - close above the round number $6500, called as strong resistance!
Note
Even if we get our 4th confirmations, which are close above the $6500, we can't make a decision before we don't have retested some levels and after the retest, we need candlestick confirmation! The market is just tooo risky at the moment, so, please be careful!Note
At the moment nothing significant but I would like to point out one area where we could see and where we would WANT to see a bounce! The area would be around $6310-$6340!First of all, we have to drop a little bit. This healthy correction area would be a nice platform where we might go and retest the higher levels!
Bounce criteria:
1. Fibonacci pullback around 62%
2. Retest the trendline
3. Retest the blue minor S&R line
If we drop further down from there then we are in trouble again! The trouble zone is around $6200 (a candle close around $6200 would be bearish confirmation)
Note
...and definitely, we need a nice candlestick pattern confirmation from this bounce area!Please, don't forget to hit the LIKE button!
Thank You for your support!
Note
Very quick sell volume spikes in but at the moment green bounce area worked very well on the 15 min chart!Bounce criteria (crossing area - green box):
1. Fibonacci pullback around 62%
2. Retest the trendline
3. Retest the blue minor S&R line
4. 15 min. bottom trendline crosses with the main trendline on the retest area
5. In the 15 min. chart we have a 200EMA which works as a support
Note
We are very close to our crossing area! Watch very closely how the price reacts in this level! If it touches in this 15min. candle then it is very precise forecast because the cross and fib is at the moment on time! Let’s see and watch the pa. :)Note
1h candle close below our marked area, if we don't bounce quickly upwards in this hour then...byebye :)Note
Two 15min candles are promising! This 1h candle must close above the $6335 (blue line) then it would be a good sign that this level works!Note
If we don’t get a quick bounce then the 4h chart shows a massive “evening star” candlestick pattern and we are heading down!Note
We didn’t catch the bounce and we my drop now!Note
Good morning!Lik You remember the price didn't catch the bounce on the retest area and we had a massive evening star on the 4h chart - we drop, we drop below the round number $6000 and at the moment the price retested this area and did a small bounce down.
So, here we could assume that IF we can't break above the 6k we will go and test the June support line which is $5755 and after that the next support is around $5600 (since last year)
I keep You posted...
Note
At the moment the 4h candle closes above the round number $6000!Levels to watch:
first resistance is $6100 and first support You already know - $5755!
Note
Currently, we have a continuation pattern "Rising Wedge"!If we break below the wedge and close below the 6k then it would be 2in1 confirmation and we could drop down!
Note
For Harmonic pattern traders bull "CYPHER" :DNote
...but at the moment it looks like the $6000 holds us and we move away from this price level, but how long and how far??! We can find out if we break the trendlines...Note
Bear flag on the 15 min chart! There was some bull try but this was just a failed attempt and now we are again on the same situation - one 1h candle close confirms a leg down!Note
15 min. Chart gives us a nice head and shoulders - bearish sign!
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