BITCOIN (BTC) IS ON THE STRONG RESISTANCE AREA!!
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Good morning/evening/afternoon my dear followers and other TradingView users!
Finally, I'm back from my vacation and ready to read the Bitcoin chart! After collecting some bearish/bullish criteria we have had a very nice
predicted moves from the past and at the moment my "Head & Shoulders" chart starts to gain some popularity but let's jump into the action!
Bitcoin has shown a very nice growth in last week (over $1000) and closed below (!) the round number $7500!
So, we could see some reaction from this level, actually, we already have a sideways movement from this price level, sideways move to the strong crossing area (strong resistance)!
The strong resistance area in numbers would be @ $7680-$7830.
"Strong Resistance Area" consists of several different bearish criteria:
1. We have a down trendline since 20.01.2018 and now we are waiting for the fourth touch/bounce or breakout!
2. We have a strong and clean resistance @ $7745
3. We have a weekly candle close below the round number $7500
4. We have two bearish candlestick patterns from this area in the daily chart (Hammer and Doji)
5. Above the $7745 is the 200EMA waiting for us
6. We have a minor trendline upwards with bounces
7. We have a massive RSI Divergence on the daily chart
8. And if we want to complete almost symmetrical Head and Shoulders pattern then we have to come down and come down at least $7000-$7100
So, here are a lot of bearish confirmations - who have a short-term long (BUY) positions open You have to be VERY CAUTIOUS!
In the update section, as usual, I make smaller timeframe updates to get better and faster understanding where the price is heading!
To get updates - click the FOLLOW button and don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!
Finally, I'm back from my vacation and ready to read the Bitcoin chart! After collecting some bearish/bullish criteria we have had a very nice
predicted moves from the past and at the moment my "Head & Shoulders" chart starts to gain some popularity but let's jump into the action!
Bitcoin has shown a very nice growth in last week (over $1000) and closed below (!) the round number $7500!
So, we could see some reaction from this level, actually, we already have a sideways movement from this price level, sideways move to the strong crossing area (strong resistance)!
The strong resistance area in numbers would be @ $7680-$7830.
"Strong Resistance Area" consists of several different bearish criteria:
1. We have a down trendline since 20.01.2018 and now we are waiting for the fourth touch/bounce or breakout!
2. We have a strong and clean resistance @ $7745
3. We have a weekly candle close below the round number $7500
4. We have two bearish candlestick patterns from this area in the daily chart (Hammer and Doji)
5. Above the $7745 is the 200EMA waiting for us
6. We have a minor trendline upwards with bounces
7. We have a massive RSI Divergence on the daily chart
8. And if we want to complete almost symmetrical Head and Shoulders pattern then we have to come down and come down at least $7000-$7100
So, here are a lot of bearish confirmations - who have a short-term long (BUY) positions open You have to be VERY CAUTIOUS!
In the update section, as usual, I make smaller timeframe updates to get better and faster understanding where the price is heading!
To get updates - click the FOLLOW button and don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!
Nota
That was fast - we are touching now the main trendline since 20.01 and in the daily timeframe, we touched almost the 200EMA! So here is a very important minutes/hours and possible sell opportunity!Nota
Don't look those red candlestick boxes on the last image, those are from the daily chart!Nota
A very interesting 1h candle stuck between two trendlines and at the moment fighting with the strong resistance area! We got close above that but bounced quickly after trendline touch! So there was a nice short/term sell opportunity!https://ttps://www.tradingview.com/x/FvmnfAB5/
Nota
Nota
In the 1h timeframe, we have a nice bearish RSI Divergence and we trade below the key resistance level $7745! Let's see how this works when we are in the main trendline and in the key resistance area! Looks promising at the moment :)Nota
4h candle closed below the key resistance level and at the moment on the 15 min. chart we can see the triangle pattern! One candle closes below the $7650 and we have a bearish confirmation!Nota
Soon we will see some action! We are into the triangle tip and ready to breakout!Nota
Nota
We got our breakout! The triangle pattern means that if we are on the tip then breakout could go either direction! At the moment, if we would have a breakout from downwards then it would be an amazing trade because we had so much breakout confirmations but,but... at the moment we got breakout upwards with no volume at all so this could be mean just a short-term pump so be ready and don't BUY at the moment if You don't have an inside info :) because we have a strong resistance and strong trendline above us!More updates coming...
Nota
In the 15 min. chart we have one bullish pattern - Ascending Triangle!Yes, it's a bullish pattern but we still have a very strong resistances and lot of bearish signs!
To confirm bullishness we need definitely a candle close above the key resistance level at $7752 and even stronger confirmation if we close above the main trendline around $7800
To confirm bearishness we need a candle close below the triangle bottom trendline around $7690 and in 1h timeframe we have a bearish candlestick pattern "Hanging man" + other bearish sings (You can find those in the first post)
Nota
Wowww nice action from bulls and bears but we still don't have the 1h candle close confirmation! The price is still in our triangle and we don't have a clear confirmation!Nota
Another great example - wait the candle close, wait the candle close! Minimum candle close confirmation is from 1h chart and the best is 1h+4h close at the same time!Nota
Be ready, be ready, short-term bearish confirmation is coming!Nota
Brekout below the ascending triangle confirmed! Imo pretty good sign for bearishness!Nota
Yesterday, we got our bearish confirmation but the market was thinking differently!There was more than TA. at the moment because this was almost the last down trendline in pretty significant level!
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All the best and here is my latest update:
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