[BITCOIN SHORT-TERM MIXED SIGNS] - BEARISH? BULLISH?
Updated
Hello!
Yesterday I made a little bit bigger view for this that we have to touch the 5k for some reasons! If You want to know what those reasons are then please go and check this out on my profile!
But today I continue to do the short-term updates and trying to read the chart just from price action perspective!
At the moment is there so much mixed signs if the price escape from either direction then it would be again a little bit easier to trade!
Let's start with the bullish signs:
1. We have a bounce from $5760 and after that price reached $6350 - from there we could see price slowly moves downwards and forms a continuation pattern "Falling Wedge"
2. Yesterday we touched $6000 round number, bounced up from 62% Fibonacci level and this formed a sloppy inverted "Head & Shoulders" chart pattern (did not draw it on the chart - too much noise)
But to be bullish, we have to breakout from the very strong resistance levels:
1. There is a Triangle upper trendline
2. There is a THE BIG trendline since 17.12.2017
3. In 1h chart here is a 50,100,200 EMA's
4. There is a very strong area which crosses with those trendlines and EMA's - $6214
So, to breakout through from there, we just have to see a very-very strong volume from buyers to escape from this area!
Now the bearish signs:
1. So strange as it may seem but in the bullish "Falling Wedge" we have a bearish "Rising Wedge" (blue line)
2. We bounced back yesterday from triangle upper trendline which works as a resistance
3. Bounce back forms a bearish "Shooting Star" candlestick pattern
4. Bounce back was from 62% Fibonacci retracement level
5. And bounce back was from near the strong area (green line) $6214
To give You some numbers:
To be bullish we have to see at least 1h close above the red trendline and above the $6214
To be bearish we have to see at least 1h candle close below the $6000
Summary:
I'm slightly bearish because at the moment I don't see this power from buyers which will crush us through the strong resistance areas!
Yesterday's bounce was pretty solid but not so convincing from the buyers perspective!
So do not trade at the moment - trade with a confirmation!
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!
Yesterday I made a little bit bigger view for this that we have to touch the 5k for some reasons! If You want to know what those reasons are then please go and check this out on my profile!
But today I continue to do the short-term updates and trying to read the chart just from price action perspective!
At the moment is there so much mixed signs if the price escape from either direction then it would be again a little bit easier to trade!
Let's start with the bullish signs:
1. We have a bounce from $5760 and after that price reached $6350 - from there we could see price slowly moves downwards and forms a continuation pattern "Falling Wedge"
2. Yesterday we touched $6000 round number, bounced up from 62% Fibonacci level and this formed a sloppy inverted "Head & Shoulders" chart pattern (did not draw it on the chart - too much noise)
But to be bullish, we have to breakout from the very strong resistance levels:
1. There is a Triangle upper trendline
2. There is a THE BIG trendline since 17.12.2017
3. In 1h chart here is a 50,100,200 EMA's
4. There is a very strong area which crosses with those trendlines and EMA's - $6214
So, to breakout through from there, we just have to see a very-very strong volume from buyers to escape from this area!
Now the bearish signs:
1. So strange as it may seem but in the bullish "Falling Wedge" we have a bearish "Rising Wedge" (blue line)
2. We bounced back yesterday from triangle upper trendline which works as a resistance
3. Bounce back forms a bearish "Shooting Star" candlestick pattern
4. Bounce back was from 62% Fibonacci retracement level
5. And bounce back was from near the strong area (green line) $6214
To give You some numbers:
To be bullish we have to see at least 1h close above the red trendline and above the $6214
To be bearish we have to see at least 1h candle close below the $6000
Summary:
I'm slightly bearish because at the moment I don't see this power from buyers which will crush us through the strong resistance areas!
Yesterday's bounce was pretty solid but not so convincing from the buyers perspective!
So do not trade at the moment - trade with a confirmation!
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
When I look this over and over again, then I see one a mistake on my chart!This blue lined continuation pattern is not "Rising Wedge" this is more like a "Bear Flag"!
Thank You!
Note
Currently the price fight with a 200EMA on the 15 min. chart!Still wait for some confirmation!
And here is also the correct Bear Flag ;)
But the longer the sideways movement continues the weaker this bear flag gets!
Note
Today we have already the three bearish candlestick pattern formations:*Shooting Star
*Engulfing (not the perfect only engulfs the body)
*Evening Star - with a small shooting star on the top (got a bounce from 50EMA's)
Let's see at the moment support is the trendline and the strong area $6093
Note
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To be clearer - those candlestick patterns are just a little confirmations/indications! Need more to confirm the bearishness - firstly 1h candle closes below the bear flag bottom trendline and candle close below the green box/line area!Note
Now we have another little confirmation for the bearishness!We are closed 1h candle below the bear flag bottom trendline but, but...there is so small gap between the trendline and the strong green area! At the moment the price react a little bit from there! Perfect confirmations would be a candle close also below the strong area! Let's continue to monitaring this but at the moment another small(!) bearish confirmation! Must have confirmation for bearishness - we have to take down the green box area!
Note
And now we are stuck between the bear flag bottom trendline and the strong area! Got small bounce upwards from the strong area but found resistance from trendline!Soon we will see some action!
To be continued!
Note
uaahhh...we got also another 4h candle close and what we see from there!We have touched and bounced 5 times from this strong green area!
So, that means IF we get a candle close below this green area then we are definitely bearish but as I said on the major post above - mixed signs, mixed signs!
Last 4h candle looks like a "Hammer" candlestick pattern this could mean that we could see some bulls on the market! But as You can see the last 4h candle is red so that means sellers still won this 4h fight!
Note
Still stuck between the bear flag bottom trendline and the strong area but we got another bearish candle close in 1h chart! Now we have four bearish candlestick patterns today! The last one is a second Shooting Star, it got a bounce from 50 EMA's and from the trendline!Note
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Thanks to You all!
Note
Today is a candlestick day but also here is one breakout trade example:This last candle (Shooting Star) is also a perfect breakout trade from the blue trendline!
The perfect breakout trade should look like:
*Solid candle close below the breakout area (we got our candle close below the trendline)
*Wait for the retest (we got our retest and retest forms a bearish shooting star candlestick pattern)
The only bad sign is this green box at $6093, we just have to break through from this area to confirm completely our bearishness so far we only have bounced back from there!
If we bounce higher and chart forms a higher high then sellers just don't have the power to push the price down!
Note
Here is a very important example! NEVER open a trade when at least 1h candle is not closed! You get fooled! At the moment we touched this red confirmation area but ONLY touched we need a close there!! It’s almost a funny that the area is so tight between the trendline and the green box but yet we have a 5th candle close in this darker yellow area :) And this candle shows us again bulls are there and bulls alerted but sellers keeps trying! Interesting interesting ;)
Note
Hello hello again!The price is almost at the same price level when it was in the morning yet so much things has happened and for someone, hopefully, I have shared some educational poitns to get a little bit better in trading!
Meanwhile we have a new 4h candle close and this is on our already known area. This was 6th attempt to break through from strong support level. Price has moved sideways almost a whole day but today or in the night (GMT +3) something happens definitely because the triangle tip comes closer and closer!
The whole day we have collected the bearish signs after another, no real movement yet, we have tried to breakout from support area but never touched and even start to go to touch the main resistance levels. So if bulls can't hold those sellers back anymore then we drop and we have two confirmations areas what confirms bearishness (You already know those)
But when whales starts to fool in this market (because retail traders don't have this power to buy up the market at the moment), maybe they do it right now when they give us bearish signs after another, they can buy this price up but they need a hell of a power to break through from the THREE major support levels:
1. triangle trendline
2. the main big trendline
3. resistance area $6214
so, good luck with those levels :D
So todays bearish signs:
1. 4 bearish candlestick patterns in 1h chart
2. Break below the bear flag
Bullish sign is only this that we don't break below from a support level which is $6093
Please hit the LIKE button and have a nice time when You watch the football world cup! :D
Best regards!
Note
BOOOOM!! Watch it closely watch it closely! 11 min to close!Note
FINALLY!! We break this green strong support area uuuhhh....what a day! But as You saw bulls reacted quickly but didn’t manage to push the price higher - a good bearish sign!Note
...and also 7th attempt to break this level (green strong support) on 4h chart was successful! Only bad sign is this that we have still inside the triangle, to the super confirmation we needed a little bit lower close but still at the moment we take it down!Note
NB: Triangle is the yellow area!Note
Last update today! The whole day work is on the image and this work is those last red candles!Bearish confirmations for the lower red box is on the image!
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Thank You, good night!
Note
Good morning!I’m on the 7th place in today’s s top authors list (TOP 6 are in first page)
Thank You for that followers/Tradingview user!
But let’s do the final push TO THE TOP.....
Note
...hit the LIKE/SHARE button! GoGo TOP 6 :DNext update about an hour later!
Note
Good morning!At the moment trying to figure out what is going on! This is clear that we have stuck between the two new green strong areas. Those areas definitely tightening on the time but at the moment those are placed like the picture below! Price just rallied up and down to touch both support/resistance and forms a sloppy Engulfing candlestick pattern (sloppy because the wicks are just tooooo long)
Also, we have a tiny-tiny Triangle pattern and we got breakout upwards from there!
So at the moment two bullish signs escape from the triangle and escape from the triangle with an engulfing candle. Actually, three bullish signs because we bounced from the $5800 support very quickly!
Let's see, let the price draw to us a little bit better confirmations at the moment they are so tiny and sloppy!
It is very likely that we move sideways for a while between those two strong areas!
Note
On the 15 min. chart we have a decent (decent because this is a smaller timeframe, better confirmations and retest are made on the higher timeframes) breakout setup!So, short-term bullish sign maybe!
But we have a super strong resistance zone - round number and bottom black trendline crossing area!
Note
Just can't make a screenshot grrrhh.....Slowly but steadily we collect data from this price level between the $5,8k-6k to make a better decision in the future! Already have some minor area around $5,9k soon we can check what chart patterns and candlestick patterns shows to us! Stay there... ;)
I have some time to answer Your questions if something is incomprehensible!
Note
Still can't make a screenshot but I can say this at the moment we have three the bearish candlestick patterns! "Hammer", "Tweezer", "Railroad tracks"! Last two area two in one! :D Hopefully soon I can show this to You!Note
Bearish Tweezer and railroad tracks confirmed!!Bounced back from minor area at $5900!
So we now collect again bearish confirmations let's see how the bulls react!
Note
FINALLY! Here are this dark yellow minor area and bearish candlestick patterns!Sorry about that! But now You can see...
Note
The price ranging at the moment between two support resistance areas! I tightened this lower greed support area to confirm exactly the strong level! If we close below this green area and below this blue trendline then we get two bearish confirmations:*We close below the strong area
*We close below the trendline
And for the bulls the first object what we have to take down is the minor resistance area!
To be continued!
Nice to collect some data from this price level! ;)
Note
3th attempt with a bigger volume to break through from support and from trendline have failed! Looks like a yesterday's scenario when the bears tried to push the price below several times and findally successfully. Buyers steem goes only to push the price back up and nothing more then that no rallies upwards! Let's see which level breaks first is this aresistance at $5900 or support $5844. Support is definitely harder to break!Note
ooo....there is some kind of continuity from buyers!Pushed the price back upwards - FOUR green 15. min candle in the row! :D
Let's see if they have enough power to push through the resistance and triangle upper trendline which works also as a resistance.
Note
This topic is almost like a book already, I have to end this!At the moment looks like the bulls wants to push the price upwards through the resistance. One possible scenario is also a little pullback to the support and the trendline crossing area + fibo level 62% on the 15 min. chart!
Also I have marked out the bearish confirmation area, when at least 1h candle closes there or below this then it could be mean an another leg down!
Note
I end this topic here! Thank You for following me here and if You haven't readed this "book" (updates) yet then do it right now hopefully You find something for yourself!Please let me know how can I improve my charts what do You want to see more and what do You want to see less!
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