Hey, here is my short update!
Today we could see probably a slightly bullish Bitcoin. We are below the counter trendline which is not a good sign but we didn't get a continuation leg down after the yesterday's counter trendline break which should be a good sign. Actually, from the current market situation, this is a pretty rare case that we didn't get any volume from sellers after the bearish close below the mentioned trendline. Yesterday's candle close was the lowest candle close in this year but luckily there are not so much selling pressure, At The Moment!
Altcoins are slowly climbing upwards and probably this is the biggest indication that we might see a pump at least into the round number area at $3,500 or to the red line which is the strong resistance area $3,628. Confirmation comes after the 1H candle close above the major counter trendline which will indicate that then we are back in the "safe zone". On the early morning, we made a breakout above from the smaller counter trendline.
So, a 1H candle close above the major counter trendline will confirm short-term bullishness, criteria:
1. Back above the major counter trendline/up-trendline
2. We made a breakout above the smaller counter trendline which is down trendline and it was pretty strong resistance line!
3. If the 1H candle gets a close above the major trendline then the EMA 8 & 21 golden cross will confirm short-term bullish momentum.
4. Altcoins are on the daily green ( + side)
If this scenario starts to show some bearish price action criteria (bounce back from current retest area, bearish candlestick patterns etc.) then I will say it on the update section below the idea post!
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really appreciate it!
Have a nice day!
All the best!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Today we could see probably a slightly bullish Bitcoin. We are below the counter trendline which is not a good sign but we didn't get a continuation leg down after the yesterday's counter trendline break which should be a good sign. Actually, from the current market situation, this is a pretty rare case that we didn't get any volume from sellers after the bearish close below the mentioned trendline. Yesterday's candle close was the lowest candle close in this year but luckily there are not so much selling pressure, At The Moment!
Altcoins are slowly climbing upwards and probably this is the biggest indication that we might see a pump at least into the round number area at $3,500 or to the red line which is the strong resistance area $3,628. Confirmation comes after the 1H candle close above the major counter trendline which will indicate that then we are back in the "safe zone". On the early morning, we made a breakout above from the smaller counter trendline.
So, a 1H candle close above the major counter trendline will confirm short-term bullishness, criteria:
1. Back above the major counter trendline/up-trendline
2. We made a breakout above the smaller counter trendline which is down trendline and it was pretty strong resistance line!
3. If the 1H candle gets a close above the major trendline then the EMA 8 & 21 golden cross will confirm short-term bullish momentum.
4. Altcoins are on the daily green ( + side)
If this scenario starts to show some bearish price action criteria (bounce back from current retest area, bearish candlestick patterns etc.) then I will say it on the update section below the idea post!
Please, don't forget to LIKE, COMMENT & FOLLOW!
Thank You for your support, I really appreciate it!
Have a nice day!
All the best!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Komentarz:
Another hour is over and the price is still above the previous strong resistance line, which is nice, the EMA's have a golden gross and altcoins are on the green but we still don't have that biggest confirmation - close above the trendline (last 1H candle was today's highest). Currently it is between the previous resistance line which should act as a support and between the trendline! Price fights pretty hardly with this trendline, wait for confirmation!
Komentarz:
Looks like the move has started, without any volume obviously!
Komentarz:
4H candle confirms that the price is back above the counter trendline. That was very important that we manage to hold away from the drop after it breaks yesterday.
On the 1H chart, we could see that the last hour ended with the bearish candlestick pattern called "Gravestone Doji". The throwback started after the price touched EMA100 which worked as a resistance. Now, the counter trendline starts to work as a support and we could see a throwback into this area - around $3,400. The short-term major target is still $3,500-$3,600!
On the 1H chart, we could see that the last hour ended with the bearish candlestick pattern called "Gravestone Doji". The throwback started after the price touched EMA100 which worked as a resistance. Now, the counter trendline starts to work as a support and we could see a throwback into this area - around $3,400. The short-term major target is still $3,500-$3,600!
Komentarz:
A solid bounce up from the mentioned trendline area which matches exactly with previous resistance area (now support). Higher highs and lower highs on the short term chart and currently, it looks healthy!
The danger zone has marked as a red area on the chart, below the trendline I marked this area because still, we don't have not enough volume to be convincing bounce!
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Thanks!
The danger zone has marked as a red area on the chart, below the trendline I marked this area because still, we don't have not enough volume to be convincing bounce!
Thanks!
Komentarz:
NEW ANALYSIS:
Have a nice day!
Thank You for that!