BITCOIN - Technically The Good Areas For Trading!Hello dear followers and other TradingView users!
I would like to point out one technically good reversal point (bullish) and one confirmation needed the bearish point!
Bullish Reversal point consist (green box $7630-$7750):
1. 24.07 we had a breakout from the main trendline almost the last down trendline which was pretty significant and now we start to go and retest this area again. So, like the textbook says: if You see some breakout wait for some retest and You are ready to go! :)
2. 23.07 we break back above the minor trendline (blue) and this green box is located almost perfectly the major and the minor trendline crossing area!
Crossing areas are pretty strong areas and there we need some power to push it down if we don't see this power then it's the perfect spot, but that's not all...
3. The trendline crossing area is exactly on the Fibonacci retracement level 62%-70.5%! So we have now three confirmations!
4. Also in this area, we could find the 200EMA , yes if the price goes a little bit sideways then it will be rise but not so significantly that we can't count this as a confirmation!
5. And the last confirmations I put in the same topic because those are not so strong and not so confirmed (a little bit sloppy) but there is a small green trendline with two touches and there is green line exactly on the Fibonacci level! 2in1 resistance becomes a support and the thin green trendline!
6. Little sign is also RSI Divergence but this is so little because this divergence is almost everywhere and does not work very well lately!
So, we got 6 price action criteria from this area and if we get also from this area some candlestick patterns then it would be a nice setup! We could see there some bounce but how big that's the question because the whales start to lower the price and they want also jump on the board :)
First targets would be then around $8200
Confirmations to confirm bearishness (red box $7410-$7490) we need at least 1h candle close in this area, if we got oue candle close in this area then:
1. We have break the round number area $7500
2. We have break below the main trendlin
3. We are back below the minor trendline
4. We have a break below the small green trendline
So, we have a lot of 'breaks below'!
First targets would be around $7000
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, I like feedbacks!
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Thank You very much!
