Long

BITCOIN BREAK THE MAIN BIG TRENDLINE!

Updated

A couple of days ago we had a massive move upwards (correction)! The day ends with an Engulfing candlestick pattern and closes above THE MAIN BIG TRENDLINE sine 17.12.2017 which means we broke the main down-trend at the moment!
Right now the BTC price forms a continuation pattern - "Bull Flag". Bull Flag is supported by EMA's and a resistance area which becomes a support! This resistance/support area is also a restest from W formation breakout trade (Double bottom) - breakout area was $6300 and now we retest it.

So, this is the first option to go upwards from here! The second option is at the $6100 level! Recently, the market is very sensitive on Fibonacci levels, especially the main retracement level at 62%! We might see some pullback to $6100 where is our strong green line and also supported with Fibonacci retracement level 62%!
Summary: I think that now we see some "green" in the market at least several days, this is very hard to tell was this THE MAIN REVERSAL point or not! If whales want's to lower the price again then they can do it but the whole market sentiment is at the moment bullish and also from TA. perspective!

To be continued in the update section below....

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EDUCATIONAL LESSON - Engulfing candlestick pattern

"The Engulfing pattern is a two-candle reversal pattern. A reversal pattern that can be bearish or bullish, depending upon whether it appears at the end of an uptrend (bearish engulfing pattern) or a downtrend (bullish engulfing pattern). The first day is characterized by a small body, followed by a day whose body completely engulfs the previous day's body and closes in the opposite direction of the trend."

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Let's start counting patterns what the market offers to us...
The first bullish candlestick pattern on the decent support area!

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After the bullish Engulfing pattern we have seen some consistency from buyers! In Friday before the nice bounce upwards I said also: "ooo....there is some kind of continuity from buyers!
Pushed the price back upwards - FOUR green 15. min candle in the row!" and a couple of hours later price rallied. Let's see what this means in this price level!
We are again above the EMA's in 15 min. chart!

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Similarities: READY, SET, GO??

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Similarities:
1. Bull Flag
2. Fibo rejection 38%
3. Possible double bottom

+RSI Divergence on 15min chart at the moment!

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At the moment You can see we have a triangle on the 1hour timeframe!
Triangle bottom trendline is supported with EMA's and the Fibo retracement level 38%! The triangle pattern is a pattern where the price could go either direction but at the moment there is a lot harder to break through from support then from the resistance level.
So, I think, at the moment we have a bullish triangle :D

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Thank You very much!

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"This is great work Vaido. You reported the facts.. and then CALLED what you thought would be the movement. It appears a whale did a pump and put us where we are. Most probably they saw the path of least resistance as well. Now.. should this rise HOLD is another questions. Regardless you did excellent TA."
Thank You for Your feedback!
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TO THE TOP!

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Yeaaaah!!! Those similarities worked out pretty well! As I said bullish triangle, then bullish triangle it is ;)
So, the first stop is the magic $6666, this is also in my major picture above! Let's see what the price do, maybe max one leg up to the second green level and consolidate with between those two green lines! At the moment this price action looks very bullish overall!
To be coninued!

Best regards!

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I’m on my phone at the moment and can’t give You the bigger picture but I try my best!
Right now looks like we want to go and retest the magic $6666 one more time, chart pattern is ascending triangle and maybe some FOMO kicks in!

We need to collect more data to tell what is the right decision!
1h candle close was also higher than previous candles:

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I will continue with updates tomorrow from my office - more data, more patterns, more price action at this price level!
Don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!

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Hello!
At the moment looks like we have a hard time to break through from the magic and evil price level at $6666!
This is a perfect example why You don't want to delete the old strong areas from Your chart - because they work again, again and again! This magic level plays a very important role in our TA. about two weeks ago also.
The 4h chart gives us several bearish "Shooting Star" candlestick patterns after the bounce from $6666
15 min. chart gives us a little bit harder chart pattern may be only I call it like that but - "Rising channel". Yes, it makes at the moment HH HL (Higher high - higher low) but this could be also a bearish pattern almost like after rally up we get a "Rising Wedge" then this wedge on the top is bearish chart pattern!
Let's see what we get here maybe the price wants to go and retest some lower levels but one candle close (at least 1h candle) below or above the channel confirms our direction! Right now it is too hard to tell You!
To be continued!
(Soon I will post a screenshot!)

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Here is the 15 min. chart and this "Rising channel":

And here are those Shooting starts after the bounce from $6666!
If we break upwards then there is the red line - 200EMA and the next strong area $6778. So, bulls need again a massive power to break through those level!

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I'm the TOP 6 author today!
THANK YOU ALL FOR THAT!!!

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You are looking at the chart and noticed that everything rising HH & HL formations and etc...but, but, but those are all continuation patterns and the main trend is down at the moment!
Bearish signs:
* 3 failed attempts to break $6666 in 4h timeframe
* This resistance is also a crossing area for some trendlines
* Now it's the funny part - we have the big rising wedge / sloppy triangle, inside this we have a smaller rising wedge and that's not all :) inside smaller rising wedge we have a rising channel! ;)
So, if we break upwards from here this could be mean that we have pretty strong buyers and we could see one more leg upwards!
Down scenario - firstly if we break below the rising channel then we have a massive crossing area around $6500 which is also a round number, so, there is also a pretty strong support area!
At the moment we are stuck between two strong areas which are resistance $6666 and support $6450-$6500

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We have a LL confirmation!
So something could happen soon!

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At the MOMENT looks like a little drop! No confirmation from 1h candle close but still, I thought to give You some support areas!
This red circle represent a strong area where some criteria's meets:
* Round number $6500 works as a support
* Trendline since 14.05 - yesterday we break this and now retest opportunity
* Fibo retracement 38% (worked lately pretty good)
* Bottom trendline and this red trendline crossing area where all those criteria's meets!

So if we don't get from there bullish price action (Some bullish candlestick pattern etc.) and if we break below this area then we are again back in our good old downtrend! Because we have broken through the Rising fedges patterns and etc.

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"You are amazing! Once you updated the idea, BTC started to go lower in a minute or so!) The best analyzes I've ever seen! Thank you for your hard work!"
Thank You for Your feedback guys! The main reason why I do this are those comments!

Thank You!

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"* Trendline since 14.05 - yesterday we break this and now retest opportunity"
We made our retest - and price bounce up from this area!

At the moment we have 15 min to close the last 4h candle! Maybe the buyers wants to push the price back up to the rising channel and if they do that then we get a bullish Hammer candlestick pattern! But if they can't push that price up to the channel then this is another bearish confirmation!
15 MIN. TO GO!

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No, they can't push the price back up to the channel!
And in 15 min. chart we got a Tweezer which is a bearish candlestick pattern - Price bounced back from the same price $6598

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Those are just little confirmations/signs because this is a small timeframe but in the 15 min. chart we could see a possible bear flag formation:

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Maybe the last post today! I widened a little bit this bear flag and marked up that area where we have a lot bearish confirmations!
Red box bearish criteria:
1. Breakout downwards from a smaller and the bigger rising wedge
2. Break below the round number $6500 which works as a support level
3. Back below the short-term trendline (red line on the image below)
4. + we have a smaller timeframe bearish chart patterns.

I don't give to You the bullish confirmations, because there is resistance after resistance and no clear market overview where we heading and like they say...TREND IS YOUR FRIEND! :D

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Wowww....I'm now the TOP 3 author today!
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Just have to update! This update comes from my phone :D
Into the bear flag is appeared the triangle ;)
This confirms our bearishness - when we see one candle close below this bear flag and below the triangle bottom trendline!
So, watch it closely!

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Like we expected - in the 15 min. Chart we have a breakout downwards! Now we need to confirm this with 1h candle close!

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Damn we didn't get our 1h candle close confirmation, price is back on the flag!

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Good morning!
Yesterday the whole day we counted again the bearish signs and finally we got our move and this move was like we had planned!

Red box bearish criteria:
1. Breakout downwards from a smaller and the bigger rising wedge
2. Break below the round number $6500 which works as a support level
3. Back below the short-term trendline (red line on the image below)
4. + we have a smaller timeframe bearish chart patterns.

We got exactly our bearish confirmation close on this red area, next hour we retest the trendline and then price rallied downwards to the first support area at $6410. At the moment the price bounced up from there and it is still between the $6410-$6500
Soon, I make a NEW topic because this looks like too long :)
Soon I can give You better overviews

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NEW UPDATE and I continue there!

BITCOIN DANCE BETWEEN THE BULLISH AND BEARISH AREAS

VaidoVeek

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