BITCOIN - Over 10 Days Sideways Movements Start To End?!
Updated
Hello followers and other TradingView users!
We have moved sideways now a little bit more than 10 days and this start to be end soon! Why?
First of all, we have finally one bullish candlestick pattern on the weekly chart, the weekly candle close gave us a nice "Hammer" candlestick pattern!
This could show us or indicates us to watch this week for more bullish bias, at least so far when the price action doesn't show us differently!
At the moment the price is under the super-strong resistance area where we have so many monthly lows and monthly highs + round number $6500!
If we want to break this then we have to find that same volume what is on the bearish candles! At the moment we could see that high volume occurs only on the bearish candles, if we watch bullish candles volume then those definitely are not so strong!
The price is between the two strong area. Over the 10 days lasted sideways movement have printed the new strong support line (fat blue) around $6250 and if we want to make it even more complicated, then between the two strong area we have the minor trendline since 15.09.2017!
Over the 10 days lasted sideways movement have printed also some mixed chart patterns, I didn't draw those but there is a small Ascending Triangle, there is a bigger Descending Triangle and etc.
To be bullish we have to break this trendline (black line) and obviously this blue trendline (very-minor:)) + those massive resistance levels - April low, March low, Oct. high, Round number
If we can get a bounce from here then this move has supported with weekly bullish candle pattern so, we could see a finally some movements over the $6550!
"The volume is big only the bearish candles!"
So, it could mean that we have still a very strong pressure down. To confirm some bearishness we have to break that strong support area which is around $6250 and heading to the minor support level (which was before shoulders on the H&S pattern) $6141 + round number area $6000
Hopefully, this helps You out a little bit to confirm Your own analysis! DEFINITELY make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
We have moved sideways now a little bit more than 10 days and this start to be end soon! Why?
First of all, we have finally one bullish candlestick pattern on the weekly chart, the weekly candle close gave us a nice "Hammer" candlestick pattern!
This could show us or indicates us to watch this week for more bullish bias, at least so far when the price action doesn't show us differently!
At the moment the price is under the super-strong resistance area where we have so many monthly lows and monthly highs + round number $6500!
If we want to break this then we have to find that same volume what is on the bearish candles! At the moment we could see that high volume occurs only on the bearish candles, if we watch bullish candles volume then those definitely are not so strong!
The price is between the two strong area. Over the 10 days lasted sideways movement have printed the new strong support line (fat blue) around $6250 and if we want to make it even more complicated, then between the two strong area we have the minor trendline since 15.09.2017!
Over the 10 days lasted sideways movement have printed also some mixed chart patterns, I didn't draw those but there is a small Ascending Triangle, there is a bigger Descending Triangle and etc.
To be bullish we have to break this trendline (black line) and obviously this blue trendline (very-minor:)) + those massive resistance levels - April low, March low, Oct. high, Round number
If we can get a bounce from here then this move has supported with weekly bullish candle pattern so, we could see a finally some movements over the $6550!
"The volume is big only the bearish candles!"
So, it could mean that we have still a very strong pressure down. To confirm some bearishness we have to break that strong support area which is around $6250 and heading to the minor support level (which was before shoulders on the H&S pattern) $6141 + round number area $6000
Hopefully, this helps You out a little bit to confirm Your own analysis! DEFINITELY make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
Note
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Note
A little bit bigger picture! Like You see around the $6500 is line after line - super - strong area!Note
On the 1h chart, we could see that all EMA's works as resistance at the moment, also, there is a trendline which works as a resistance and there is an April low which works as a resistance!So, the first obstacle is here let's see how the price manages with this level...
Looks like we get a Shooting Star after this hour ends!
I keep You posted!
Note
From 08.08.18:19 failed attempts
2 successful attempts BUT quickly back below
This is a statistic from the 4h chart how much we have tried to break the resistance which is $6500-$6533!
...and again we tested those strong levels which area: April low, Oct high, Round number and reject happened below the March low + new trendline!
We have a pretty good trendline which has worked recently very well (above the current price thin blue line)
A pretty good because we find a nice confirmation from the trendline if we manage to break above this + our strong levels!
At the moment we got a pretty bad candle on the 4h chart because historically when we have bounced back from those levels we have a continuation drop after rejection!
Let's see how the price reacts and I try to keep You posted!
Note
On the 5 min chart, we could see a triangle and a breakout from triangle! Time-frame is just ridiculous but it would send a sign to us that this bad 4h candle starts to works and we go a little bit lower!Don't forget to LIKE!
Thank You for your support
Note
1h candle close was below the strong levels and below the EMA's (50,100,200)Note
After the shooting star candlestick pattern on the 4h chart, the buyers manage to hold the price steady - good sign for BTC, but just a sign because this price level is like thin ice!Note
Hello!Finally, we have a breakout from thought and from a very strong consolidation box (lasted over 13 days)! Like I said that this "Shooting star" on the 4h chart looked so bearish but after several hours bulls manage to hold the price up not like before where sellers immediately sell off after strong resistance bounce!
"First of all, we have finally one bullish candlestick pattern on the weekly chart..."
Now, over a long time, we can search some trade opportunities. The last weekly candle close shows us that we might see move upwards and we got this, no we want to jump into the wave. Soon, I will post a first trading opportunity!
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