BITCOIN BEARISH CONFIRMATIONS!!!
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Good morning!
Almost 3-4 days we have seen BTC sideways movements, little exceptions here and there! But if we move sideways it doesn't mean that we don't break or don't see some price action patterns.
Yesterday we break one significant support - curve support, this is for us a little bearish confirmation. 4 hours ago we got also another bearish confirmation when 1-hour & 4-hour candle close was below the magic number $6666 and break through the EMA's!
So at the moment, we have three bearish confirmations:
1. Break below curve support
2. Break below EMA's
3. Break below a decent support $6666
To be more confident about BTC bearishness then You can see the red area, if we close from there then we have a trendline break (blue),
back to below the red trendline since 17.12.2017 and we have two bearish confirmations more and 3+2= FIVE BEARISH PRICE ACTION criteria's!
After those breaks, we have only left a round number support which is $6500 and I think it doesn't hold us!
To be bullish:
1. We have to break EMA's again
2. We have to break three strong trendlines
3. We have to break strong support area
4. Long story short we have to break $6800
Almost 3-4 days we have seen BTC sideways movements, little exceptions here and there! But if we move sideways it doesn't mean that we don't break or don't see some price action patterns.
Yesterday we break one significant support - curve support, this is for us a little bearish confirmation. 4 hours ago we got also another bearish confirmation when 1-hour & 4-hour candle close was below the magic number $6666 and break through the EMA's!
So at the moment, we have three bearish confirmations:
1. Break below curve support
2. Break below EMA's
3. Break below a decent support $6666
To be more confident about BTC bearishness then You can see the red area, if we close from there then we have a trendline break (blue),
back to below the red trendline since 17.12.2017 and we have two bearish confirmations more and 3+2= FIVE BEARISH PRICE ACTION criteria's!
After those breaks, we have only left a round number support which is $6500 and I think it doesn't hold us!
To be bullish:
1. We have to break EMA's again
2. We have to break three strong trendlines
3. We have to break strong support area
4. Long story short we have to break $6800
Nota
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Nota
....and we are in the critical level zone! Pretty big candle down, sellers volume kicks in! At the moment start selling Your alts!Nota
All bearish price action criteria's are lined up in this picture below (no candle close yet, no candle close yet):*Breakout from a curve trendline
*Breakout from a decent support $6666
*Breakout from a blue trendline
*Break below a round number $6500
*Break below EMA's
*Back to below the trendline from 17.12.2017 second touch 05.05.2018
Nota
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Nota
Last hope for the bulls! Round number $6500 works as a support is STILL ALIVE! :D1-hour and 4-hour candles closed both at $6501!
Nota
Like I said in the comment section 50 min. ago: "But we are still in the red zone area so that means this would be only matter of time when this support breaks"And now we are pretty deep already and 1 hour candle close is definitely below $6500 ;) so that means IT SMASHED the support levels!
Nota
Technically we just have to come down to the $5000-$5500 area! Then we have taken out some dips and we have a nice and clean platform to start climbing again upwards! But this could take a while!
Below You can see some of the strongest support areas or the strongest slow down points what I saw in the fast overview!
Nota
Possible Elliott Wave theory exist also in this downtrend!Possible scenario:
Nota
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Nota
And here it is, bus stop nr. 2 we could stay here for a while and maybe even we go and retest 6300 area but next stop - stop nr. 2 - around $5500Nota
Hello!First of all sorry for he no updates and at the moment I’m also on my phone!
And I make quickly, et the moment we have a triangle chart pattern. This pattern means this that we could breakout either direction. In 15 min chart to break above we also have to break two main EMA’s 50 & 100. But i think we probably stay here for some time and we may see some upward movements/correction...butbutbut if price start climbing upwards then do not rush to buy, this is technically not the low what we want ro see, price have to come down to $5000, to be bullish again.
All the best to You!
Have a nice weekend!!
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