Currently, the price has found a support level from the 2nd July low at $9,650. The today's bounce and the powerful 4H candle gave us a pretty solid price action which can indicate that in some moment, the Bitcoin price starts to approach higher levels.
The road into higher prices is hard, a lot of criteria which all should work as resistances are located just above the current price but still, I can't share "Sell" signal because the current price action simply doesn't support it.
Firstly, the bounce from the $9,650 was pretty powerful (compared with recent action) and it guided the price back above the psychological number $10,000. Secondly, in general, the price action formation looks like the Morning Star. Yes, it does not consist of three candles as textbook-smarties want to say but yes, it is what it is. In summary, it implies bullish price action. Basically, those are the reasons why I can't share a "Sell" signal on the pretty strong resistance area, but what this level of resistance consists of:
1. The orange counter-trendline compared with the bigger recent trend (it is a short-term down-trendline) can act as a resistance.
2. All important EMA's (50, 100, 200) on the 4H chart are just above the current price and they all act as resistance levels!
3. The blue horizontal price area has been pretty strong and with the EMA100&200 inside of it makes it even stronger!
To be said, despite that resistance I'm short-term more bullish than bearish but still, I watch it from the side. Meanwhile, I still have some scenarios and areas where I want to step into the market.
First scenario:
I would like to jump into the trade when the price breaks that orange counter-trendline, the breakout should be confirmed after 1H candle close above of it, then it needs to get a rejection from the blue area (EMA's) and then I'll wait for a retest around $10k. It should work as a support level and the target is the most powerful area around current levels - $11,000!
Second scenario:
It comes with a new update :)
It is a short-term high probability "Sell" but I need just a bit more date to call it out!
SUMMARY: As said, short-term I'm slightly more bullish than bearish and I have mentioned that scenario when and where I want to enter into the market. Remember, if the breakout gets confirmed and it gets a little throwback from the blue area then watch and wait for a rejection from the green box. It would be great if this rejection can offer a bullish candlestick pattern. Actually, it is almost neede because recently, we haven't seen any bigger manipulation moves, the bigger pressure is downwards and it can be easily as a bull trap but let's see.
If the price can't break above the counter-trendline then I don't care. I have a game plan where and when I want to enter into the market and if the price drops right away then I will search for some other opportunities, simple as that!
"An idiot with a plan can beat a genius without a plan"
- Warren Buffett
Please, take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
The road into higher prices is hard, a lot of criteria which all should work as resistances are located just above the current price but still, I can't share "Sell" signal because the current price action simply doesn't support it.
Firstly, the bounce from the $9,650 was pretty powerful (compared with recent action) and it guided the price back above the psychological number $10,000. Secondly, in general, the price action formation looks like the Morning Star. Yes, it does not consist of three candles as textbook-smarties want to say but yes, it is what it is. In summary, it implies bullish price action. Basically, those are the reasons why I can't share a "Sell" signal on the pretty strong resistance area, but what this level of resistance consists of:
1. The orange counter-trendline compared with the bigger recent trend (it is a short-term down-trendline) can act as a resistance.
2. All important EMA's (50, 100, 200) on the 4H chart are just above the current price and they all act as resistance levels!
3. The blue horizontal price area has been pretty strong and with the EMA100&200 inside of it makes it even stronger!
To be said, despite that resistance I'm short-term more bullish than bearish but still, I watch it from the side. Meanwhile, I still have some scenarios and areas where I want to step into the market.
First scenario:
I would like to jump into the trade when the price breaks that orange counter-trendline, the breakout should be confirmed after 1H candle close above of it, then it needs to get a rejection from the blue area (EMA's) and then I'll wait for a retest around $10k. It should work as a support level and the target is the most powerful area around current levels - $11,000!
Second scenario:
It comes with a new update :)
It is a short-term high probability "Sell" but I need just a bit more date to call it out!
SUMMARY: As said, short-term I'm slightly more bullish than bearish and I have mentioned that scenario when and where I want to enter into the market. Remember, if the breakout gets confirmed and it gets a little throwback from the blue area then watch and wait for a rejection from the green box. It would be great if this rejection can offer a bullish candlestick pattern. Actually, it is almost neede because recently, we haven't seen any bigger manipulation moves, the bigger pressure is downwards and it can be easily as a bull trap but let's see.
If the price can't break above the counter-trendline then I don't care. I have a game plan where and when I want to enter into the market and if the price drops right away then I will search for some other opportunities, simple as that!
"An idiot with a plan can beat a genius without a plan"
- Warren Buffett
Please, take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
Nota
The time has passed and also the setup structure has changed!If it goes then it goes! :)
Meaning: if the 4H candle gets another close above the 10k and above the counter-trendline, let’s say above $10,150, then this could be our chance to jump in but if it gets a close much higher the mentioned number then you should wait for a throwback to get better entry!
It is still the only higher probability scenario for me. It doesn’t mean that the price can’t go lower, it means I trade only this scenario!
Nota
Patient is the key, still waiting!Nota
Obviously, this idea post got me. As I said before in my comment section that this was squeezed out from the market to post something but usually those "somethings" are bad.I have been quiet because the market is quiet. Currently, there are small movements and nothing certain. So, I don't want to post blablablaa...I want to post some creat ideas about certain directions with high probability setups.
Regards!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.