BITCOIN - 8 Criteria That We Could See a Possible Throwback!?
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After we made a breakout from the triangle (watch my last Bitcoin Idea post), Bitcoin' has shown some strength so as the overall crypto market, enjoy Your profits!! ;)
It has broken above all the main resistances in this area and now it could possibly make a retracement on the blue area ($6767-$6900) and let's count those criteria:
1. We have historically worked S&R level at $6767
2. Fibonacci 50% retracement level at $6747
3. The perfect Fibonacci 62% retracement level at $6900
4. If we move just a little bit sideways then the trendline since 24 July comes into this blue area and the trendline starts to work as a resistance
5. Slight RSI divergence on the four-hour chart
6. And now the EMA resistance party:
* Daily chart 50EMA at $6673
* 12h chart 100EMA at $6675
* 8h chart 200EMA at $6754
* 6h chart 200EMA $6673
So, if we 'want' those EMA's, which has lower then the current price, name it resistances then the price has to make a throwback TODAY. If the candles closes like the current price ($6736) then three of those EMA's starts to work as a support levels and it would be confirmed as bullish signs (because we have a break above the mentioned EMA's) and the 8h chart EMA still works as a resistance!
7. We need to watch closely what the price action offers to us, some chart pattern, some candlestick pattern, some smaller counter trendline breakout and etc. to confirm that seventh criterion!
8. If the FOMO kicks in then we possibly can touch even the round number which starts to work as a resistance at $7000
If we start to make a throwback then the healthy throwback would be around the round number area at $6500. Like You know this is historically a pretty strong level to beet and if the market wants to stay bullish, then this is the perfect retest area where it can continue the climb upwards.
So, the whole market had an amazing pump upwards but as we have seen, then those pumps are not lasting very long and my recommendation is, start to take out some profits!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis and levels!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice weekend!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
It has broken above all the main resistances in this area and now it could possibly make a retracement on the blue area ($6767-$6900) and let's count those criteria:
1. We have historically worked S&R level at $6767
2. Fibonacci 50% retracement level at $6747
3. The perfect Fibonacci 62% retracement level at $6900
4. If we move just a little bit sideways then the trendline since 24 July comes into this blue area and the trendline starts to work as a resistance
5. Slight RSI divergence on the four-hour chart
6. And now the EMA resistance party:
* Daily chart 50EMA at $6673
* 12h chart 100EMA at $6675
* 8h chart 200EMA at $6754
* 6h chart 200EMA $6673
So, if we 'want' those EMA's, which has lower then the current price, name it resistances then the price has to make a throwback TODAY. If the candles closes like the current price ($6736) then three of those EMA's starts to work as a support levels and it would be confirmed as bullish signs (because we have a break above the mentioned EMA's) and the 8h chart EMA still works as a resistance!
7. We need to watch closely what the price action offers to us, some chart pattern, some candlestick pattern, some smaller counter trendline breakout and etc. to confirm that seventh criterion!
8. If the FOMO kicks in then we possibly can touch even the round number which starts to work as a resistance at $7000
If we start to make a throwback then the healthy throwback would be around the round number area at $6500. Like You know this is historically a pretty strong level to beet and if the market wants to stay bullish, then this is the perfect retest area where it can continue the climb upwards.
So, the whole market had an amazing pump upwards but as we have seen, then those pumps are not lasting very long and my recommendation is, start to take out some profits!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis and levels!
Please, don't forget to LIKE!
Thank You for your support!
Have a nice weekend!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
ノート
Another 4h candle has closed and we got a bounce from the strong resistance level at $6767. As You know we could find also the Fibonacci 50% retracement in this area, so, we could assume that Bitcoin may start a make a little pullback because on the 1h timeframe it has bearish candlestick patterns. This will show us that the current momentum is weakened and be careful if You want to buy some coins, they will make the throwbacks! Those are just a signs not full confirmations!!If You find that it was helpful, then please hit the LIKE button!
Thank You for your support and have a nice weekend!
ノート
Watch out!! Bearish signs from the chart:1. “Head & shoulders” chart pattern on the 15 min. timeframe
2. “Shooting star” candlestick pattern on the 4h chart
Those patterns are on my mentioned strong resistance area so, those signs are pretty remarkable, watch out!!
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Here is my NEW IDEA/POST!...and please don't forget to hit the LIKE button ;)
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