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Today we should see a movement or at least a little bit bigger movement which has been on previous days and this is because of the Triangle tip on the 1H chart. Is it a manipulation move or a real move but move it is! :)
Triangle tip act as an indication that the price is smashed together and it will be probably ready to make a move but on which way!? This depends on the breakout direction.
The triangle has drawn from the bodies to remove the market noise which will be in the place if we start to draw it from the wicks. It has started to form since 13. January and the real triangle tip comes into play today so, be ready. As always I try to make short-term updates about the price movement.
Which are the obstacles to make a breakout to either direction?
Let's start from the resistances - bullish view:
The next resistance is simple, the triangle upper trendline. It has worked multiple times as a good and strong resistance and the candles haven't got a close above of it since 14. January.
The next price action criteria which should act as resistance is on the 1H timeframe EMA100 (blue line), almost equally on the trendline. Actually, it has not shown us some significant price direction changes after we touch EMA100 but together with trendline in the same area it could change and it becomes stronger.
Some positive signs:
+ The price is still above the strong area at $3,575
+ The price is still above the Fibonacci golden pocket retracement level 62%-65%
- We have been way too long on the perfect bounce area which decreases the bounce chances.
So, to confirm some bullishness we have to get a close above the triangle and from price wise, it is close around $3,625.
The support levels - bearish view:
The whole market is bearish and recently, the market doesn't show any bullish momentums and volume - this should be the biggest bearish viewpoint.
From the price action perspective the move downwards should get a confirmation if we got a candle close below the strong area and below the triangle bottom trendline, a candle close below $3,570 should be the first confirmation.
After that we have still the semi-round number $3,500, it has worked nicely as a support level and if we get a candle close below it then it would be almost the last bearish confirmation.
Almost?!
As You see, we are on the big down-channel and the channel middle point has worked as a support level, two times already. So the last(!) bearish confirmation should come after the candle close below the $3,450 then the trend is your friend and it will probably guide us to the new low which is around $2,800-$2,900. Different patterns show that this could be the next major support. Definitely some pumps on the road here and there ($3,350 is the first one and the current lowest low is the next one) but overall the mentioned area should be the new LL (lower low) price level.
So, to confirm bearishness, firstly we have to get a candle close below the triangle and below the strong area. From there I'll make those updates and hopefully, together we manage to find the direction confirmations.
Please, don't forget to DESTROY THE LIKE BUTTON :)
Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
If You read and enjoyed my idea then kill, smash, destroy the "LIKE" button, let's start it:
Today we should see a movement or at least a little bit bigger movement which has been on previous days and this is because of the Triangle tip on the 1H chart. Is it a manipulation move or a real move but move it is! :)
Triangle tip act as an indication that the price is smashed together and it will be probably ready to make a move but on which way!? This depends on the breakout direction.
The triangle has drawn from the bodies to remove the market noise which will be in the place if we start to draw it from the wicks. It has started to form since 13. January and the real triangle tip comes into play today so, be ready. As always I try to make short-term updates about the price movement.
Which are the obstacles to make a breakout to either direction?
Let's start from the resistances - bullish view:
The next resistance is simple, the triangle upper trendline. It has worked multiple times as a good and strong resistance and the candles haven't got a close above of it since 14. January.
The next price action criteria which should act as resistance is on the 1H timeframe EMA100 (blue line), almost equally on the trendline. Actually, it has not shown us some significant price direction changes after we touch EMA100 but together with trendline in the same area it could change and it becomes stronger.
Some positive signs:
+ The price is still above the strong area at $3,575
+ The price is still above the Fibonacci golden pocket retracement level 62%-65%
- We have been way too long on the perfect bounce area which decreases the bounce chances.
So, to confirm some bullishness we have to get a close above the triangle and from price wise, it is close around $3,625.
The support levels - bearish view:
The whole market is bearish and recently, the market doesn't show any bullish momentums and volume - this should be the biggest bearish viewpoint.
From the price action perspective the move downwards should get a confirmation if we got a candle close below the strong area and below the triangle bottom trendline, a candle close below $3,570 should be the first confirmation.
After that we have still the semi-round number $3,500, it has worked nicely as a support level and if we get a candle close below it then it would be almost the last bearish confirmation.
Almost?!
So, to confirm bearishness, firstly we have to get a candle close below the triangle and below the strong area. From there I'll make those updates and hopefully, together we manage to find the direction confirmations.
Please, don't forget to DESTROY THE LIKE BUTTON :)
Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Komen:
30 min checkpoint:
We got a pretty nice rejection candle back into the triangle which is really great because the rejection came from the strong price levels. As I said today is the action day and the volume is increased because the triangle tip comes closer and closer. Now 30 min to go to get a first 1H candle close after the small action!
We got a pretty nice rejection candle back into the triangle which is really great because the rejection came from the strong price levels. As I said today is the action day and the volume is increased because the triangle tip comes closer and closer. Now 30 min to go to get a first 1H candle close after the small action!
Komen:
The 1H candle has closed and we got a nice rejection candle from FIB level, from strong support and from the triangle bottom trendline.
The candle ended up almost like a Hammer candlestick pattern, almost, because of the current price area. It is a middle of the range not on the bottom. Hammer should be valid if it occurs on the bottom of the trend but still a pretty good rejection.
Now depends on the buyers, do they have that momentum and power to guide the price above the triangle upper trendline or it was their last effort to hold the price up, at least we some action on the market!
The candle ended up almost like a Hammer candlestick pattern, almost, because of the current price area. It is a middle of the range not on the bottom. Hammer should be valid if it occurs on the bottom of the trend but still a pretty good rejection.
Now depends on the buyers, do they have that momentum and power to guide the price above the triangle upper trendline or it was their last effort to hold the price up, at least we some action on the market!
Komen:
Yes, the first attempt to go lower has failed. The 4H candle close gave us even bigger rejection confirmation and this candle is actually pretty solid. Volume wise nothing special but still we are in the triangle and the rejection has been great and to be bullish we need momentum and it has to come from buyers. Lately, they are sleeping but let's see.
Still, we don't have any confirmation to rate the further direction.
Still, we don't have any confirmation to rate the further direction.
Komen:
The triangle tip coming closer and also a possible move.
After the "manipulation" candle several hours ago, we didn't get the buyers moment - which was needed to make any breakouts upwards - and after that, the price has tested the trendline, it has tested the strong area and got rejections from them. So, the pressure is down, sellers keep trying and trying and buyers keep holding!
Still, we have to wait for confirmation but damn, the volume is pathetic!
Please, do not forget to SMASH the "LIKE" button, kill it!! ;)
Soon we can celebrate the round number - 3000 Followers. Thank You and You and You!
CHEERS!
After the "manipulation" candle several hours ago, we didn't get the buyers moment - which was needed to make any breakouts upwards - and after that, the price has tested the trendline, it has tested the strong area and got rejections from them. So, the pressure is down, sellers keep trying and trying and buyers keep holding!
Still, we have to wait for confirmation but damn, the volume is pathetic!
Please, do not forget to SMASH the "LIKE" button, kill it!! ;)
Soon we can celebrate the round number - 3000 Followers. Thank You and You and You!
CHEERS!
Komen:
We got a triangle breakout confirmation on 1H after that it made a retest and currently looks like the buyers slowly comes into the playground!
Worked out nicely!
Worked out nicely!
Komen:
New BTC Analysis:
Support the idea by hitting the "LIKE"
All the best and have a great weekend!
Cheers!
All the best and have a great weekend!
Cheers!
Komen:
NEW BTC analysis, another triangle breakout opporunity:
Komen:
Rejection back into the triangle would be nice but 40 min. to go to get first bigger confirmation!
Support my analysis by smashing the "LIKE" button!
Thank You!