BITCOIN - COMPLETE BREAKDOWN!! (Monthly to the 4h Timeframe)
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Monthly chart:
On the monthly chart, we could see that there is a significant level around $6100. The price has founded a support from the blue line (~$6100) six times (Last year November and this year February, June, July, August & September). This will show that currently, a monthly candle close below the $6100-$6300 guides us definitely to the lower levels and that confirms also the chart pattern called "Descending Triangle" which will indicate bearishness on the monthly timeframe! To be bullish on the monthly chart we just have to break above the upper trendline, easy to say but hard to achieve it but let's find out how hard it would be!
Weekly chart:
Two weeks ago we got a bullish candlestick pattern called "Hammer", we lost the momentum and now, the last week brought us a bearish candlestick which is "Hanging Man" but this "Hanging Man" doesn't look as bearish as it looks. As You know, after the impulse wave (Hammer week) comes always a pullbacks/throwbacks(previous week) and so as now, we got a bullish "Hammer", we got a nice and healthy throwback (movement downwards) and we got a nice bounce-back upwards from the perfect Fibonacci retracement level 62%! So, this "Hanging Man" is not so bad as it looks!
Daily chart:
On the daily chart, we could see that the bounce on the weekly chart from the perfect Fibonacci level brought us an opportunity to draw a counter trendline (short-term trendline upwards). The price moved upwards and it came down again Saturday, and the following is almost same as on the weekly chart. The bounce came from:
* The Fibonacci golden ratio of 62%
* From the round number $6500 which worked as a support level
* From the mentioned trendline
* ...and after the bounce, we got a bullish "Hammer" candlestick pattern.
Currently, on the daily chart, the price fights with the 50EMA, this is our first obstacle what we have to take down before we can start to climb higher!
Four-hour chart (the main image):
As You already know and as You already have seen then the Bitcoin' price is on the big "Ascending Triangle". Yesterday evening we got a candlestick pattern which guides us again above the all-important EMA's and again this pattern is "Hammer". So, we have a hammer on the weekly chart, we have a hammer on the daily chart and we have a hammer on the 4h chart. The hammer on the 4h chart got a bounce upwards from the triangle bottom trendline (the major counter-trendline) and again from the perfect Fibonacci retracement level 62%. So, currently, the market moves symmetrically upwards from the golden Fibo retracement levels.
This all indicates that we might see an upwards breakout from the "Ascending Triangle".
Bearish confirmation:
In the bigger picture (monthly chart), the overall trend is down and that's why I think it is simple and easier to break downwards from the current triangle. If we see a candle close below the triangle trendline and below the blue line, let's say around $6,420, then it would be a bearish confirmation. It confirms that the bullish momentum is gone and the strong support level doesn't work anymore and the next stop would be on the major counter trendline which is around $6,300. Be careful in this scenario!
Summary: Monthly timeframe is only one who has a bearish pattern, so, this could show us that, to invest long term You have to wait a little bit to get better confirmations but in the short-timeframes, we have several bullish signs and if they start to work nicely then we could find a momentum and start to climb upwards. So, short-term and technically, I would like to say that I'm bullish ;)
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis!
If You want to see the altcoins reviews, then visit "CryptoComes" profile in the TradingView!
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!
Monthly chart:
On the monthly chart, we could see that there is a significant level around $6100. The price has founded a support from the blue line (~$6100) six times (Last year November and this year February, June, July, August & September). This will show that currently, a monthly candle close below the $6100-$6300 guides us definitely to the lower levels and that confirms also the chart pattern called "Descending Triangle" which will indicate bearishness on the monthly timeframe! To be bullish on the monthly chart we just have to break above the upper trendline, easy to say but hard to achieve it but let's find out how hard it would be!
Weekly chart:
Two weeks ago we got a bullish candlestick pattern called "Hammer", we lost the momentum and now, the last week brought us a bearish candlestick which is "Hanging Man" but this "Hanging Man" doesn't look as bearish as it looks. As You know, after the impulse wave (Hammer week) comes always a pullbacks/throwbacks(previous week) and so as now, we got a bullish "Hammer", we got a nice and healthy throwback (movement downwards) and we got a nice bounce-back upwards from the perfect Fibonacci retracement level 62%! So, this "Hanging Man" is not so bad as it looks!
Daily chart:
On the daily chart, we could see that the bounce on the weekly chart from the perfect Fibonacci level brought us an opportunity to draw a counter trendline (short-term trendline upwards). The price moved upwards and it came down again Saturday, and the following is almost same as on the weekly chart. The bounce came from:
* The Fibonacci golden ratio of 62%
* From the round number $6500 which worked as a support level
* From the mentioned trendline
* ...and after the bounce, we got a bullish "Hammer" candlestick pattern.
Currently, on the daily chart, the price fights with the 50EMA, this is our first obstacle what we have to take down before we can start to climb higher!
Four-hour chart (the main image):
As You already know and as You already have seen then the Bitcoin' price is on the big "Ascending Triangle". Yesterday evening we got a candlestick pattern which guides us again above the all-important EMA's and again this pattern is "Hammer". So, we have a hammer on the weekly chart, we have a hammer on the daily chart and we have a hammer on the 4h chart. The hammer on the 4h chart got a bounce upwards from the triangle bottom trendline (the major counter-trendline) and again from the perfect Fibonacci retracement level 62%. So, currently, the market moves symmetrically upwards from the golden Fibo retracement levels.
This all indicates that we might see an upwards breakout from the "Ascending Triangle".
Bearish confirmation:
In the bigger picture (monthly chart), the overall trend is down and that's why I think it is simple and easier to break downwards from the current triangle. If we see a candle close below the triangle trendline and below the blue line, let's say around $6,420, then it would be a bearish confirmation. It confirms that the bullish momentum is gone and the strong support level doesn't work anymore and the next stop would be on the major counter trendline which is around $6,300. Be careful in this scenario!
Summary: Monthly timeframe is only one who has a bearish pattern, so, this could show us that, to invest long term You have to wait a little bit to get better confirmations but in the short-timeframes, we have several bullish signs and if they start to work nicely then we could find a momentum and start to climb upwards. So, short-term and technically, I would like to say that I'm bullish ;)
Hopefully, this breakdown helps You out a little bit to confirm Your own analysis!
If You want to see the altcoins reviews, then visit "CryptoComes" profile in the TradingView!
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!
Note
...and also if You don't understand some of my points or I miss calculate something wrong 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 for your support!
Note
On the 1h chart, the volume is rising and we are testing the triangle trendline! A pretty crucial moment, do we go lower than this trendline or it holds us!?I keep You posted!
Note
We got a bounce upwards from the trendline and it forms us the "Longlegged Doji", the close was below the 200 EMA on the 4h chart but in the 1h chart the close was above the 200EMA and it worked nicely as a support.We have still EMA golden cross on the 1h chart and 50 100 EMA golden cross on the 4h chart.
Let's see how this longlegged doji starts to work, overall this indicates that the price can't find the direction and if this is on the bottom/top of the trend it will show us that the reversal COULD be on the 'table'.
Note
Looks like they just want to bring the price below the triangle trendline!Today the lowest candle close on the 1h chart and we are really on the edge!
Note
Nothing has confirmed until we don't have at least a 1h candle close below the triangle trendline!!Note
LOL and nothing confimed, because we got a bounce from the round number at $6500 and we are back above the triangle trendline, You see how important this level is! Plus we got a nice bullish candlestick, soon we will find out how it works but currently, we are still on the edge but this quick move down was good for the price because this shows that the buyers were alerted and they don’t want to see the lower prices!Note
Good morning!The Bitcoin price slides on the triangle trendline. As you’ve seen on the four-chart we don't have a candle close below the important trendline, the triangle trendline. Yesterday, the price touched exactly the round number area at $6,500 which worked nicely as a support and it bounced quickly back to the triangle. This showed, that buyers were alerted and they catch this move pretty quickly and they manage to push the price back above the trendline and after that, we have small green candles but those small green candles are slowly climbing above the EMA's. We still have a golden cross between the 50 and 100 EMA's.
If we look at the daily chart then again, we got a bullish candlestick pattern called "Hammer" (hammers are everywhere), this is the second hammer in the three days period and it shows that buyers have the power to hold the price up even if sellers tried to push it down multiple times.
Now, is a question, do the bulls have the power to hold the price up and they can start to climb higher or they are out of steam and the bears finally win the battle and soon we will see a candle close below the trendline which is bearish confirmation. It confirms that the bears dominate this market and we could see a leg downwards. We are really on the edge and anything can happen but as I said, technically it looks more bullish than bearish.
Note
A little bit mixed signs, currently, we have two doji's in the row which is not the best sign BUT two times we have touched the 200 EMA and two times we have rejected upwards. So, we are still above the EMA's, above the trendline in the green area. Now we need just a little bit bulls power and we are ready to climb ;)Note
ALERT! Watch out we are in the very crucial area, currently, our only support is the 200EMA on the 1h chart and the small trendline which now becomes a support!Note
Just in case, stay away from the market! I'm out from the altcoins and now we got a close below the triangle and below the 200EMA. Just in case!Note
The first frustration is over, back above the trendline! :)Next hour we get a 4h candle close and we can make deeper analysis!
Note
I tried to draw this 4h trendline as precise as I can and, we have a candle close below the trendline!! Plus, those candlesticks are bearish more side.We have a close below the triangle (breakout), we have a close below the 200 and 50 EMA and we are back below the minor trendline (blue line).
So, technically I would like to say that stay away from now on, let the things settle and there would be better opportunities to stay in the market or stay in the altcoins!
Note
If we get from the current 4h candle a candlestick pattern called "Engulfing" then I consider to enter the market again but other ways not.See what is the "Engulfing" pattern and how it works (also other important candlesticks are mentioned on the idea post below):
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The topic is already too long but hopefully, that's not a problem! We got another 1h candle close and from a technical perspective, this was important. As You know we have a breakout and now we have the retest and rejection from the trendline which now becomes a resistance and the 1h candle close was also below the 200EMA! Looks like technically, we are ready to go down!
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Hopefully You like my today's thoughts and if You find something helpful then perfect jobe from me! :DI'm out, 'see' You tomorrow!
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NEW update, NEW post!!Do not forget to hit the LIKE button, hopefully, it is helpful!
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