BITCOIN | "Walks On Thin Ice!"
Updated
Hi,
The price has reached to my previously pointed area $6,800-$6,900. As usually, it moved too long to the mentioned price zone and I have to make another post because we might have some changes on the chart.
Firstly, I want to point out a double bottom possibility. This is not THE Double Bottom, because we haven't seen any breakouts from the neckline but still, the previous support might work for the second time - approaching is promising.
Approaching is promising but...
Yes, the price has moved within equal waves to inside the right "cup", almost perfect downwards channel and it looks ready to make a bounce upwards, perfect, but not in the crypto world.
The low volatility and random spikes upwards have hardened chart reading but still, I'm here to help you or give just a little insight.
The second important and probably the most important worrying fact is the downwards pressure, plus Daily EMA 100 & 200 Death cross! Another bigger candle, another lower low, another PANIC, and the 6k doesn't hold us - the road to 4k-5k may start after we have seen a 4H candle close below the right "cup", below the red horizontal line.
Before we haven't seen it, I still wait for a rejection upwards.
When the trade is active?!
Actually, it is active right now, the price is on the pretty strong crossing area and who likes to take risky trades then this is your chance because we are on the crossing area which consists of:
1. Parallel channel projection lower trendline should act as a support level.
2. AB=CD (pulled from wicks and pulled from bodies)and the D point parallel channel projection make up a crossing area.
3. Fibonacci Extension 127% matching perfectly with upper criteria.
4. Previously worked support area.
As said, this setup is risky because of the downward pressure. To take counter trades then the most important criteria is to wait for a bullish candlestick pattern, basically, let the price action guides you into the trade, so...
5. To be more secure, wait for a bullish candlestick pattern around or inside the right "cup".
If you have seen signs to enter the trade or if you took the risky trade right away, then the major targets should stay around $7,300, no one forbids you to stop it before $7,300.
Personally, I will wait for a bit because I need some confirmations - lower timeframes bullish breakouts from the chart patterns or something like that and if I don't get those then I'm more than happy to trade that red line break to 4k :)
In general, the setup is quite solid because I like the criteria count, the count itself is low but I like those criteria. Why I wait for confirmations - because it is a counter trade, the downward pressure is high and if I wait for confirmations than in the long-term my success rate is much higher.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Best regards,
Vaido
The price has reached to my previously pointed area $6,800-$6,900. As usually, it moved too long to the mentioned price zone and I have to make another post because we might have some changes on the chart.
Firstly, I want to point out a double bottom possibility. This is not THE Double Bottom, because we haven't seen any breakouts from the neckline but still, the previous support might work for the second time - approaching is promising.
Approaching is promising but...
Yes, the price has moved within equal waves to inside the right "cup", almost perfect downwards channel and it looks ready to make a bounce upwards, perfect, but not in the crypto world.
The low volatility and random spikes upwards have hardened chart reading but still, I'm here to help you or give just a little insight.
The second important and probably the most important worrying fact is the downwards pressure, plus Daily EMA 100 & 200 Death cross! Another bigger candle, another lower low, another PANIC, and the 6k doesn't hold us - the road to 4k-5k may start after we have seen a 4H candle close below the right "cup", below the red horizontal line.
Before we haven't seen it, I still wait for a rejection upwards.
When the trade is active?!
Actually, it is active right now, the price is on the pretty strong crossing area and who likes to take risky trades then this is your chance because we are on the crossing area which consists of:
1. Parallel channel projection lower trendline should act as a support level.
2. AB=CD (pulled from wicks and pulled from bodies)and the D point parallel channel projection make up a crossing area.
3. Fibonacci Extension 127% matching perfectly with upper criteria.
4. Previously worked support area.
As said, this setup is risky because of the downward pressure. To take counter trades then the most important criteria is to wait for a bullish candlestick pattern, basically, let the price action guides you into the trade, so...
5. To be more secure, wait for a bullish candlestick pattern around or inside the right "cup".
If you have seen signs to enter the trade or if you took the risky trade right away, then the major targets should stay around $7,300, no one forbids you to stop it before $7,300.
Personally, I will wait for a bit because I need some confirmations - lower timeframes bullish breakouts from the chart patterns or something like that and if I don't get those then I'm more than happy to trade that red line break to 4k :)
In general, the setup is quite solid because I like the criteria count, the count itself is low but I like those criteria. Why I wait for confirmations - because it is a counter trade, the downward pressure is high and if I wait for confirmations than in the long-term my success rate is much higher.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Best regards,
Vaido
Note
At the moment, everything is fine, we are inside the cup and we just waiting for a bullish candlestick pattern to trigger the BUY or we wait for a 4H candle close below the red which triggers the SELL.Be patient!
Trade active
4H Morning Star formation - BUY trade activated!As said, be patient and let the price action guides you into the trade!
Trade closed: target reached
"Be patient!""Why I wait for confirmations - because it is a counter trade, the downward pressure is high and if I wait for confirmations then in the long-term my success rate is much higher."
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