The Bitcoin price has moved higher from the well-known price level of $8,000. $8k offered pretty good trading opportunities:
- We caught a correction from 8k to 6,7k (candlestick pattern indications on the strong resistance levels)
- We caught a breakout from the triangle and currently, the price has stopped around $8,800
The price has stopped just below the round number $9,000. There are a couple of criteria which will be signs that the price can make a little correction:
- Yesterday's candle gave us a bearish candlestick pattern called Shooting Star. Yes, it is pretty valid candlestick pattern but it is not so powerful. Firstly, compared to other pump candles range it was smaller and secondly, it was green. Shooting Star itself shows that sellers started to enter into the market and they pushed the price down, just a little bit to form Shooting Star but the green means that still, yesterday was a bullish candle, the price closed higher than it opened and in the bigger picture bulls have won a little battle. So, bearish candlestick which is worth to mention but not so significant.
- We have two parallel ascending channels. Both are drawn from the low of the candle bodies! The smaller one (orange lines) matching exactly with the area where it landed on Sunday. The upper trendline should work as a resistance level and actually, it has already worked.
- The strong price level at $8,775. Historically this level has worked multiple times as resistance level or as a support level, several rejections. Overall pretty decent level. It is not a clean resistance level but definitely, it was worth to mention it because as you remember on my previous post - the first arrow was drawn exactly into this area and because of that and now, it matches exactly with the channel upper trendline.
- ABC equal waves C point is perfectly in this resistance area.
So, we have three price level indications and one candlestick pattern indicates that we might see a slight correction downwards but still, do not rush to short it. This area is more like a take profit area if you are on the short-term long side (let's say even a partial(!) take profit area). The trend and the breakout have just happened from the $8,000 and the pump may take just a little breathing time. My major short-term target area stays still around the $10,000 and soon I will give you a confirmation area/box.
If the correction starts then definitely I start to talk more about the bounce areas but currently, looks like the $8,000-$8,200 is pretty strong price level. Obviously, it depends on how the market reacts if the price starts to fall and how strong the candles are.
Green Box - Bullish Confirmation Area
It stays just above the $9,000 and slightly above the channel upper trendline which has worked actually as a resistance line and as a support line. Break and candle close inside the green box will trigger the last leg upwards into the $10,000. We should act as saying: "The trend is your friend" which means we trade breakouts into the trend directions and the green area is exactly there where our "friend" is. The breakout which has occurred from the triangle shows even higher targets than the $10,000 but always be less greedy than others and we should be satisfied with 10k level plus the bigger parallel channel should act as a resistance level which should slow the price gains.
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Cheers!
Previous analysis:
- We caught a correction from 8k to 6,7k (candlestick pattern indications on the strong resistance levels)
- We caught a breakout from the triangle and currently, the price has stopped around $8,800
The price has stopped just below the round number $9,000. There are a couple of criteria which will be signs that the price can make a little correction:
- Yesterday's candle gave us a bearish candlestick pattern called Shooting Star. Yes, it is pretty valid candlestick pattern but it is not so powerful. Firstly, compared to other pump candles range it was smaller and secondly, it was green. Shooting Star itself shows that sellers started to enter into the market and they pushed the price down, just a little bit to form Shooting Star but the green means that still, yesterday was a bullish candle, the price closed higher than it opened and in the bigger picture bulls have won a little battle. So, bearish candlestick which is worth to mention but not so significant.
- We have two parallel ascending channels. Both are drawn from the low of the candle bodies! The smaller one (orange lines) matching exactly with the area where it landed on Sunday. The upper trendline should work as a resistance level and actually, it has already worked.
- The strong price level at $8,775. Historically this level has worked multiple times as resistance level or as a support level, several rejections. Overall pretty decent level. It is not a clean resistance level but definitely, it was worth to mention it because as you remember on my previous post - the first arrow was drawn exactly into this area and because of that and now, it matches exactly with the channel upper trendline.
- ABC equal waves C point is perfectly in this resistance area.
So, we have three price level indications and one candlestick pattern indicates that we might see a slight correction downwards but still, do not rush to short it. This area is more like a take profit area if you are on the short-term long side (let's say even a partial(!) take profit area). The trend and the breakout have just happened from the $8,000 and the pump may take just a little breathing time. My major short-term target area stays still around the $10,000 and soon I will give you a confirmation area/box.
If the correction starts then definitely I start to talk more about the bounce areas but currently, looks like the $8,000-$8,200 is pretty strong price level. Obviously, it depends on how the market reacts if the price starts to fall and how strong the candles are.
Green Box - Bullish Confirmation Area
It stays just above the $9,000 and slightly above the channel upper trendline which has worked actually as a resistance line and as a support line. Break and candle close inside the green box will trigger the last leg upwards into the $10,000. We should act as saying: "The trend is your friend" which means we trade breakouts into the trend directions and the green area is exactly there where our "friend" is. The breakout which has occurred from the triangle shows even higher targets than the $10,000 but always be less greedy than others and we should be satisfied with 10k level plus the bigger parallel channel should act as a resistance level which should slow the price gains.
Feel free to support my effort by hitting the "LIKE" button, it is my only fee from You!
Have a nice day
Cheers!
Previous analysis:
Commentaire:
New BTC idea post - really strong bounce area:
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All the best!
All the best!
There is a strong price level at $8,200, some Fibonacci retracement levels, old resistance becomes support and the channel bottom trendlines. Acutally pretty decent level which should hold it but let's see how the market reacts.