s posted in previous idea BTC not only came to 6.9k but also broke it. It has broken long term support line (red dotted line),
on daily chart and now that is working as resistance. Also it has broken purple MA , if you look closely, that red dotted line and purple line both were following same path.
Breaking both is highly bearish signal. RSI and StocRSI has some room to go down further in near term. It needs to come back above 6.9k to not fall sharply but that needs good volume and will both from Bulls.
We have another big support around 5k area (green dotted line). Which is also the target of bear flag plan posted in previous idea.
Lets analyze it on lower time frame :-
on daily chart and now that is working as resistance. Also it has broken purple MA , if you look closely, that red dotted line and purple line both were following same path.
Breaking both is highly bearish signal. RSI and StocRSI has some room to go down further in near term. It needs to come back above 6.9k to not fall sharply but that needs good volume and will both from Bulls.
We have another big support around 5k area (green dotted line). Which is also the target of bear flag plan posted in previous idea.
Lets analyze it on lower time frame :-
Trade active
On 4H chart, we can see that we have medium term resistance (red line) just above the current price, further big fat resistance above it along with long term resistance (red dotted line) RSI and StocRSI has reached to bottom so there is possibility to go little bit up or sideways in near term. For downside first support at 6.4k and second at 6k. Check those green lines.Note
On 15 mins chart, a bear flag or pennant is building, whose first target is around 6.4k and second around 6.1k . Remember to wait for confirmation of flag breakout with candle close below the pole before opening trade while trading bear flag, pennant to avoid fakeout and increase your winning percentage. Note
Tried to break twice that red resistance line but got rejected.Trade active
So BTC fell from the rising channel , tested again the red resistance line and rejected again. Hope you shorted there and made some profit. Now got support at long term strong support line and making another bear flag. First it needs to break pivot point and then can go to test 6700 level again. On downside we have S3 and mid term support around 6100. So breaking that long term support (green dotted line) may take us as 6100 . Trade active
It went to test Pivot point and rejected from there , then fell below the long term support line(green dots) . Got some bounce from 6325 , it may come back to test that long term support line, if able to cross and stay above then we can expect 6700 where the red resistance line is. On downside target is still same.Note
How what that guys? Called for 6100 where S3 and mid term support line both exists and price reached to 6103 :DNote
Actually it reached to 6097 . So you all must have made some good profit.Note
It needs good volume to go up now as you can see we have triple resistance above:1. long term green dots line
2. Pivot
3. Teal color line
Note
Below we have mid term green line as support around 6300.Note
This price action looks similar to what happened around 7700 last week, this may happen this weekend as well. Stay alert guys.Note
Called for 6300 around 14 hours ago, if you shorted at rejection from pivot point then you must have made some good profit. You can see from above update that we have made profitable calls consistently.Related publications
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.