On the edge of channel. Time for bulls to wake up or things will get messy soon.
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To close a trap and avoid continuation bulls need to take out 9100 and 9300$ area.
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see hiphothesis on chart.
see hiphothesis on chart.
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That's a start.
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Bulls filed to recover 9300$, we've witnessed some mere pullback and the channel is lost already.
We can see a further falling wedge here, meaning another pullback to the lower limit of the original channel is possible.
Furthermore, we have this fragile light blue support.
If that fails a move down to main area of support around 8100$ is likely.
Moreover, a breakdown may expose the price to a Chuvashov fork pattern, meaning theoretical possibility of a correction down to 6800$.
Mind the fact that around the 8000$ mark alone bears may try to achieve a double top confirmation, hence be careful on any further weakness from now onwards.
For now let's see whether bulls will be able achieve some bounce, in order to alleviate the risk. Even temporarily.
We can see a further falling wedge here, meaning another pullback to the lower limit of the original channel is possible.
Furthermore, we have this fragile light blue support.
If that fails a move down to main area of support around 8100$ is likely.
Moreover, a breakdown may expose the price to a Chuvashov fork pattern, meaning theoretical possibility of a correction down to 6800$.
Mind the fact that around the 8000$ mark alone bears may try to achieve a double top confirmation, hence be careful on any further weakness from now onwards.
For now let's see whether bulls will be able achieve some bounce, in order to alleviate the risk. Even temporarily.
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One more support and adjusted lines.
All in all i think 8400$ mark is the key level bulls should try to hold on close, in order to avoid moving into pretty troublesome waters.
All in all i think 8400$ mark is the key level bulls should try to hold on close, in order to avoid moving into pretty troublesome waters.
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Here you can see that falling wedge doing its own job:
Point is, if bulls manage to achieve just a pullback to cannel they basically just buy time. They should do better than that.
Point is, if bulls manage to achieve just a pullback to cannel they basically just buy time. They should do better than that.
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We have CME futures expiration in 2 days, mind thge colatility and use caution.
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here we are, pullback achieved.
Moment of truth fo bulls, as bears will tray a short from there.
Moment of truth fo bulls, as bears will tray a short from there.
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Bulls still struggling on the edge of previous ascending channel, now resistance.
If they succeed to recover over that (on weekly close ) that would be bullish.
So far we don't see volume, there's still risk of pullback and correction.
Come on bulls.
If they succeed to recover over that (on weekly close ) that would be bullish.
So far we don't see volume, there's still risk of pullback and correction.
Come on bulls.
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What bulls need would be a breakout of 9700$, hence chance of an ascending triangle.
In cas of pullback 8850$ / S1 should hold or this attempt would be wated.
In cas of pullback 8850$ / S1 should hold or this attempt would be wated.
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My guess is it will attack resistance area once again though. Matter of time.
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Here we go, attacking resisteance area again.
Channel recovered.
Bulls are awake.
Channel recovered.
Bulls are awake.
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Once MA20/W will cross MA50/W we'll get agai to pre COVID-19 rocket setup.
Mind this january analysis:
Press play, see the Covid "pocket" and support recovery.
Mind this january analysis:
Press play, see the Covid "pocket" and support recovery.
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And this as well,dating back november 2019.
Play and see.
Hopefully we'll get some nice and of year.
Play and see.
Hopefully we'll get some nice and of year.
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And S1 got tested a last.
It's crucial for that support to hold, important days ahead.
It's crucial for that support to hold, important days ahead.
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If that crumbles bears will take control and look for an ABC.
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NIce fakeout:
Failed ABC and licely bear trap.
Failed ABC and licely bear trap.
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Awaiting first BLUE DOT after halving.
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Bitcoin on an inverted price scale.
I'd say we're going to visit those ""lows" again ;)
Patience deserved though.
I'd say we're going to visit those ""lows" again ;)
Patience deserved though.
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Would like to see a breakout of 9600$ witin the next few days in order to avoid a further test of 9000$ area.
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Hash Ribbons:
Moon?
Moon?
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Waiting.
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Textbook example of support relisiency.
See the long wicks.
On lower TF we can appreciate as well methodic suppression of highs by some whale abusing the low volume.
If bulls manage to overcome the selling pressure for the next 24-48 the may have the upper hand and ignite a decent bounce.
See the long wicks.
On lower TF we can appreciate as well methodic suppression of highs by some whale abusing the low volume.
If bulls manage to overcome the selling pressure for the next 24-48 the may have the upper hand and ignite a decent bounce.
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If you're LOng have a TP/SL under support as that's a pretty riscky area.
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Next idea here:
![[Watch it][Short Term] BTC trying to breakout.](https://s3.tradingview.com/d/d9bnGxZV_big.png)
Price looking for an exit route form wedge.