BITCOIN - Is It REALLY Ready To Go Upwards?!
Updated
Hello followers and other TradingView users. 'The high volume days' are coming to an end and let's make a little overview of what we will get from the last days of the week! Hopefully, You find something learnable from my post and hopefully, You hit the LIKE button. ;)
Let's start!
First of all, let's make a little throwback to the Monday, remember I said we have an "Inverted Hammer" candlestick pattern on the weekly time frame which will indicate bullishness!? This bullish momentum has to become today(!) because of the weekend low volatilities (we can't forecast that this weekend comes low volatility, we can say that from the historically it has been low but currently the mid-week range is so tight [between high and low is $165] that we never know, maybe this weekend is an exception).
Today is a good day because of yesterday's candle close. Yesterday's candle close gave us a bullish candlestick pattern called "Hammer" and the hammer on the daily time frame is serious staff. First of all, we got this at 4h hour chart (look at my yesterday's idea post) and now the daily. The bounce upwards came from very strong support areas at $6,460 and from the round number $6,500. After this rejection, the price closes above the 19. October low which is a good sign that it didn't make a new lower low and the momentum should continue.
This yesterday's rejection from $6,460 area allows to draw us a continuation chart pattern called "Rising Wedge" and as You see on the chart, we can continue the uptrend after the breakout from the upper blue trendline!
Not far from the Rising Wedge upper trendline is the second chart pattern called the "Triangle". If we get a daily candle close at least above the $6,620 level then it would be a double bullish confirmation:
- We have a breakout upwards from the Rising Wedge continuation chart pattern
- We have a breakout upwards from the Triangle
- ...and this move is supported nicely with the Hammer candlestick pattern!
To discuss a little bit what I afraid then this is the triangle tip, we are a little bit too far from it and it could be possible that the price may want to touch the major counter trendline from August 14. and if the price reach int his area then the hold possibilities are tiny.
First bearish signs would be the candle close below the round number $6,500 and below the strong support at $6,460 and the second confirmation comes from after the breakout downwards from the triangle/counter trendline.
Summary:
Currently, I'm bullish, because of the weekly candlestick pattern and now, because of the daily candlestick pattern. The bullish scenario gets confirmed after the close above the $6,620 (breakout from the triangle and from the rising wedge).
The bearish scenario gets confirmed after the close below the $6,460.
Currently, try to be on the chart if You have investments on the altcoins, because, the things, could change pretty quickly! This week Bitcoin' has a very low price range so, be ready, we may(!) see an explosion!
If You appreciate my work then please hit the LIKE button!
Also, leave a comment with Your thoughts, where You think Bitcoin' price is heading!
Thank You!
Have a wonderful weekend!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Let's start!
First of all, let's make a little throwback to the Monday, remember I said we have an "Inverted Hammer" candlestick pattern on the weekly time frame which will indicate bullishness!? This bullish momentum has to become today(!) because of the weekend low volatilities (we can't forecast that this weekend comes low volatility, we can say that from the historically it has been low but currently the mid-week range is so tight [between high and low is $165] that we never know, maybe this weekend is an exception).
Today is a good day because of yesterday's candle close. Yesterday's candle close gave us a bullish candlestick pattern called "Hammer" and the hammer on the daily time frame is serious staff. First of all, we got this at 4h hour chart (look at my yesterday's idea post) and now the daily. The bounce upwards came from very strong support areas at $6,460 and from the round number $6,500. After this rejection, the price closes above the 19. October low which is a good sign that it didn't make a new lower low and the momentum should continue.
This yesterday's rejection from $6,460 area allows to draw us a continuation chart pattern called "Rising Wedge" and as You see on the chart, we can continue the uptrend after the breakout from the upper blue trendline!
Not far from the Rising Wedge upper trendline is the second chart pattern called the "Triangle". If we get a daily candle close at least above the $6,620 level then it would be a double bullish confirmation:
- We have a breakout upwards from the Rising Wedge continuation chart pattern
- We have a breakout upwards from the Triangle
- ...and this move is supported nicely with the Hammer candlestick pattern!
To discuss a little bit what I afraid then this is the triangle tip, we are a little bit too far from it and it could be possible that the price may want to touch the major counter trendline from August 14. and if the price reach int his area then the hold possibilities are tiny.
First bearish signs would be the candle close below the round number $6,500 and below the strong support at $6,460 and the second confirmation comes from after the breakout downwards from the triangle/counter trendline.
Summary:
Currently, I'm bullish, because of the weekly candlestick pattern and now, because of the daily candlestick pattern. The bullish scenario gets confirmed after the close above the $6,620 (breakout from the triangle and from the rising wedge).
The bearish scenario gets confirmed after the close below the $6,460.
Currently, try to be on the chart if You have investments on the altcoins, because, the things, could change pretty quickly! This week Bitcoin' has a very low price range so, be ready, we may(!) see an explosion!
If You appreciate my work then please hit the LIKE button!
Also, leave a comment with Your thoughts, where You think Bitcoin' price is heading!
Thank You!
Have a wonderful weekend!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Note
The closer look at the 4h chart:Hopefully, You enjoyed it!
Like, Follow, Comment!
Thank You for your support!
Note
Sorry, in the text I say "Rising Wedge" but this has to be "Falling Wedge"!!Note
A very nice rejection from the Fibonacci retracement levels at 50% and 38% (1h time frame). Let's see if we can catch some momentum, the platform is nice!Note
As planned, we got our momentum and the price made a breakout upwards from the continuation pattern "Falling Wedge". Let's see if it makes a retest and bounce, then it would be a nice breakout setup. Also, we have to wait for 4h candle close to get full breakout confirmation! So far it looks good!As always, don't forget to like ;)
Note
On the 1h time frame we are again below the 100 and 200 EMA but currently, the good sign is that the retest area held the price. At the moment we didn't got a bounce but it held :)Note
Bullish “Inverted Head & Shoulders” on the chart!?Currently, the price is again over the Falling wedge upper trendline and if that run is successful then It is supported with H&S pattern! Let’s see, how the hours before the weekend ends! Price action vise, I just can’t see any significant bearish signs, yet ;)!!
To give the final push this topic, please, hit the LIKE button!
Have awesome weekend!!
Also, who have not seen then here is a simple Ethereum trading idea:
![ETHEREUM [ETH/USD] Targets After Breakout From The Triangle!](https://s3.tradingview.com/7/7lziEk2Z_mid.png)
Cheers!!
Note
NEW UPDATE:
Hit the LIKE and all the best to You!
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