BITCOIN - A Possible Bounce Area For Buyers, TP For Shorts!
Updated
Just in case (if the Bitcoin price starts to fall quickly) I would like to share the nearest higher probability bounce area. As said, "higher", not the highest because some great reversal criteria are missing from the gray area but still, do your own research and if this analysis becomes helpful to you then you are ready to take an action.
Yesterday's idea post was successful, BTC price made a breakout from the Descending Triangle into the more favorable direction and now I would like to share a possible bounce area, short holders it would be a take profit area. As always, my idea posts are for short-term movements.
This area stays valid only then when another leg downwards comes before than new short-term Higher Highs. Complicated? Simplified, the Bitcoin price can't make any significant bounces upwards before it reaches into the gray area. As said, this idea post is made just in case because things can change quickly and the sudden drop can come quickly.
Blablablaa...let's count those reversal criteria which stays into the gray area!
Gray area | ~$8800 - $9300 (perfect area $8,900)
1. The round number $9,000 should act as a support level
2. AB=CD from the top.
3. Fibonacci Extension 127%
4. The trendline since 29. April, second touch 9 June.
5. Daily EMA50 should act as a support level
6. Previously worked support level on 16-19 June
7. Previously worked resistance on May, becomes support
8. Two thin green dotted horizontal lines should mark a strong area.
Wait for bullish price action from the gray area because the current market situation is a bit risky and this is the first bigger test; how the technical analysis reversal areas work after the rally!?
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
Previous analysis:
Yesterday's idea post was successful, BTC price made a breakout from the Descending Triangle into the more favorable direction and now I would like to share a possible bounce area, short holders it would be a take profit area. As always, my idea posts are for short-term movements.
This area stays valid only then when another leg downwards comes before than new short-term Higher Highs. Complicated? Simplified, the Bitcoin price can't make any significant bounces upwards before it reaches into the gray area. As said, this idea post is made just in case because things can change quickly and the sudden drop can come quickly.
Blablablaa...let's count those reversal criteria which stays into the gray area!
Gray area | ~$8800 - $9300 (perfect area $8,900)
1. The round number $9,000 should act as a support level
2. AB=CD from the top.
3. Fibonacci Extension 127%
4. The trendline since 29. April, second touch 9 June.
5. Daily EMA50 should act as a support level
6. Previously worked support level on 16-19 June
7. Previously worked resistance on May, becomes support
8. Two thin green dotted horizontal lines should mark a strong area.
Wait for bullish price action from the gray area because the current market situation is a bit risky and this is the first bigger test; how the technical analysis reversal areas work after the rally!?
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
Previous analysis:
Note
The BTC price has started to move upwards. The 9k setup stays the same if the price doesn't break that black trendline.If the black counter trendline breaks then the setup becomes invalid (if this isn't a manipulation move).
Currently, it is on the retest area (remember my yesterday's post about the descending triangle) and it may get a rejection downwards. Definitely, do not buy because it is on the heavy resistance level, you can consider it after the 4H candle gets a close above the black counter trendline! Currently, stay calm and watch it from the side.
Note
As you see, currently a classic retest:Do not FOMO, do not buy blindly, you need to find high probability setups to stay alive in the trading world!
Note
The "rally" started just a little bit too early and the mentioned gray area is invalid."...you can consider buying after the 4H candle gets a close above the black counter trendline."
We got a candle close above the counter trendline and since then the price has increased $750, which is great. Again another example of how good the counter trendline breakouts are.
Soon I will make an update, about certain levels and let's see, maybe we can find some high probability trading area.
Regards!
Note
Currently, the price is on the Fibonacci levels. On 1H we have the Evening Star on the current top, the $11,500 has worked perfectly as resistance levels but still, I can't see any clear directional signs. So, I have to wait for further price action to give some great areas.$12,000 COULD be the rejection area but to say it honestly I'm a bit confused. That's why I need to wait for further price action which should give more information!
Note
The most logical scenario - a 15 min. candle close above the black counter trendline, above the blue line and the target $11,800 - $12,000Note
Note
The most logical scenario played out pretty nicely ;)Regards!
Note
New BTC Idea Post:
All the best!
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