BITCOIN - 16 DAYS, We Have Been In This Area, Finally It ENDS!
Diupdate
Hello followers and other Trading View users!
This is a long time and this is a long consolidation box. A lot of pumps, a lot of dumps: " Now we make a breakout - NO, ok NOW we make a breakout - NO". Those words and expectations have sent this area through the time!
We do not know the fire that has stayed forever on the flames and we don't know the asset that has stayed forever in the same place :) So, let's jump into the action.
Let's start from the chart pattern - Ascending Triangle
Since we reached into this area (08.08.18) until today, the chart has drawn to us a nice bullish pattern which is Ascending Triangle! This means we have the same resistance all the time but if we drop/bounce back from resistance then those lows are all the time a little bit higher and we get a higher low's, the buyers kicks in always a bit earlier than before! We have two fakeouts from this Triangle, the second one was a pretty significant but sellers pushed the price back down to the triangle and at the moment we don't have any fakeouts to the downside only wicks (quick try to escape from triangle but failed). BUT, now, we are close to the triangle tip and this means that watch out, soon we could see a move either direction! Why either direction? Because we are on the triangle, yes, we are on the bull-ISH triangle but from the triangle, we can expect a breakout either direction at the moment, we expect a little bit more upwards move!
Big Triangle (a light red area on the chart, borders are two trendlines)
The bottom trendline (black line) are carried us through the consolidation time and held us pretty nicely! Yesterday we got one candle on the 4h chart, interesting candle, it touches $6500 and $6362, and $6362 was exactly this trendline which is pulled from daily candle bodies since 15.09.2017
So, this makes our decision a little bit easier if we make a breakout downside, a candle close below this trendline and below the ascending triangle will confirm bearish leg down and obv. it's easier to say that we go down because the pressure is massive!
At the moment the current price trades above all our marked S&R areas - April low, Oct high, Round number $6500 and last which matches almost with ascending triangle upper line is March low $6533. If we take down this level then we COULD see a leg upwards. Could because the volume is very low at the moment and if we want to make a confirmed breakout then we have to see a little bit bigger volume bars! But we have a very nice price structure that this breakout could be successful, nice hh's and hl's and nice candles on this level!
Hopefully, this helps You out a little bit to confirm Your own analysis! Definitely make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
To get updates - click the FOLLOW button and don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!
This is a long time and this is a long consolidation box. A lot of pumps, a lot of dumps: " Now we make a breakout - NO, ok NOW we make a breakout - NO". Those words and expectations have sent this area through the time!
We do not know the fire that has stayed forever on the flames and we don't know the asset that has stayed forever in the same place :) So, let's jump into the action.
Let's start from the chart pattern - Ascending Triangle
Since we reached into this area (08.08.18) until today, the chart has drawn to us a nice bullish pattern which is Ascending Triangle! This means we have the same resistance all the time but if we drop/bounce back from resistance then those lows are all the time a little bit higher and we get a higher low's, the buyers kicks in always a bit earlier than before! We have two fakeouts from this Triangle, the second one was a pretty significant but sellers pushed the price back down to the triangle and at the moment we don't have any fakeouts to the downside only wicks (quick try to escape from triangle but failed). BUT, now, we are close to the triangle tip and this means that watch out, soon we could see a move either direction! Why either direction? Because we are on the triangle, yes, we are on the bull-ISH triangle but from the triangle, we can expect a breakout either direction at the moment, we expect a little bit more upwards move!
Big Triangle (a light red area on the chart, borders are two trendlines)
The bottom trendline (black line) are carried us through the consolidation time and held us pretty nicely! Yesterday we got one candle on the 4h chart, interesting candle, it touches $6500 and $6362, and $6362 was exactly this trendline which is pulled from daily candle bodies since 15.09.2017
So, this makes our decision a little bit easier if we make a breakout downside, a candle close below this trendline and below the ascending triangle will confirm bearish leg down and obv. it's easier to say that we go down because the pressure is massive!
At the moment the current price trades above all our marked S&R areas - April low, Oct high, Round number $6500 and last which matches almost with ascending triangle upper line is March low $6533. If we take down this level then we COULD see a leg upwards. Could because the volume is very low at the moment and if we want to make a confirmed breakout then we have to see a little bit bigger volume bars! But we have a very nice price structure that this breakout could be successful, nice hh's and hl's and nice candles on this level!
Hopefully, this helps You out a little bit to confirm Your own analysis! Definitely make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
To get updates - click the FOLLOW button and don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!
Catatan
Nice to see that the volume bar shows us growing signs, we need this because we are very close to making a breakout!...and please don't forget to hit the LIKE button! Thank You!
Catatan
The last 4h candle close takes down all the resistances which were on our way!So, we have a nice platform to go higher from here, let's see what the price offer to us. Perfect scenario would be retest the $6500 and bounce from there forms a nice candle on the 1h chart! ;)
Catatan
Catatan
The volume is low but we had that power to close the 1h candle above today's 1h candle closes - which is a pretty good sign that we don't need so much power to do this!Catatan
Actually a pretty good opportunity that we may go upwards from here!Catatan
Looks like we got a "shooting star" candlestick pattern on the 1h chart!Also, we got a candle close from the higher timeframes:
2h - green candle but second bounce downwards from the 200EMA
3h - green candle but "shooting star"
4h - long-legged doji and bounce back from 50EMA
So, those buyers are on the wait list at the moment because all those candles indicate short-term trend reversal!
Catatan
...and looks like the pullback has started!Catatan
Catatan
BUY NOW :DCatatan
Had a very nice momentum and a very nice 1h candle close, but zzzzz...nothingCatatan
Finally the bulls are here and our "BUY now" works almost nicely!!Have a nice weekend!!
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