BITCOIN - Can The Perfect Fibonacci Level Hold Us?

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BTC' price is almost on the same price level as yesterday but we have gathered more information from the current level and currently, those signs are short-term bullish indications.

Yesterday, the lowest point was around $6,330 where the price touched the perfect Fibonacci retracement level of 62% and it bounced upwards. After the bullish bounce on the 4h chart, we got a bullish candlestick pattern called "Marubozu" which will indicate that we may see a continuation move upwards. Currently, Bitcoin' has broken above the April low level and now it fighting with strong resistance area around $6,460.

From the price structure perspective, this bounce occurred from a 'healthy' place, because Bitcoin' made a short-term HL (higher low) which is very important if we want to see a short-term bullish BTC'

In the shorter timeframes, we could see a nice bullish chart pattern called "Inverted Head & Shoulders".

It shows that we have the momentum from the perfect Fibonacci level and it works nicely as a support level. The price made also a breakout from the neckline and technically it is ready to go higher but there is nothing clear before we are above those well-known resistance levels (Blue line- strong resistance, $6,500 round number which works as a resistance and March low level which work also starts to work as a resistance).

If BTC' manage to break above those resistance levels and it gets a close on the green box then we are out of the risky area which will indicate that we might go and test the higher levels.
The first target would be the strong resistance at $6767 and the second target would be around $7000 (between those levels are the well-known Fibonacci level 62% around $6900, lot's of people guessing that this might be the place where we go down again but I think no, because this is just SO well-known price level so, everybody knows it and as You know they don't act as everybody thinks, if it reaches into this area then it flies above!)

To give to You bearish confirmations then it would be those red 'boxes'. First one is a break below the major counter trendline, if we get a break below the trendline then it will show that the short-term up trendline doesn't work as is should and the down pressure is still pretty massive and the second confirmation is a close below those strong support blue line. If the price reaches there then please be cautious because we might and go test the very low levels and try to be away from the market if it happens!

Hopefully, this quick overview helps You out a little bit to confirm Your own analysis and levels!
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*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!

註釋

Hey! Like You see we have a pretty nice bullish chart pattern "Inverted Head&Shoulders"! Currently, the price is stuck between the strong resistance and the pattern neckline. This is a good sign that the price has made a retest after the breakout from the neckline. So, it is ready to go to higher levels but as You know those higher levels are full of resistances but let's see what we get from here but currently, it looks promising!

註釋

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註釋

As I said it looks promising and after the 4 failed attempts to break above the blue resistance line the fifth attempt was successful. Two out of four resistances are down, now we have the round number $6500 which has worked historically pretty well and it plays a very big role for the bullish view if we manage to break above the mentioned level!
Currently, this move upwards is supported by several good price action patterns and this attempt could be successful!

註釋

We got a 4h and 1h candle close, both of them above the $6500 level, so three is down and one more to go. The close was exactly below "the one" below the March low level which has worked in August and in September as a support and resistance (currently resistance) plus the close was exactly below the 200 EMA on the 1h chart. So, the level is hard to break and if the FOMO doesn't kick in then we might see a throwback (a movement downwards) or a consolidation but if we see some power to go above that March low level (the volume was pretty big in the last candle) and if the altcoins starts to move up a little bit (currently, they wait for something which is not a good sign) then we are on the green area which will guide us to the higher level, possibly after consolidation!

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註釋

It is not a good sign, the resistance level worked, the 200 EMA worked and the altcoins don't show any signs that they want to go higher! Nothing confirmed!

註釋

Now, we could see that the altcoins follows that BTC last hour upwards move and the breakout could be on the table again!

註釋

Hello!
Yesterday, we discovered a bullish chart pattern called "Inverted Head & Shoulders", the right and the left shoulders located exactly on the perfect Fibonacci retracement level at 62% and after we made a break above that blue support/resistance line the price made a pretty nice jump upwards. From the price structure perspective, this bounce occurred from a 'healthy' place, because Bitcoin made a short-term HL (higher low) which is very important if we want to see a short-term bullish BTC.

So, this pattern worked almost perfectly and the BTC price reaches to $6560 but now it has a second phase, we started to make a retest to the pattern neckline. On the night we got a retest and after that, on the one-hour timeframe, it forms a bullish candlestick pattern "Hammer", a little bounce upwards above the $6,500 and the momentum stops. Currently, we are approaching second time this strong support area (blue line) and the Fibonacci 38% retracement area but let's see do this level holds the price because there are technically some bad signs, we are below the short-term up-trendline and this could start playing a role in this bounce.
I try to keep You posted! Have a nice day!

註釋

ALERT! On the 15 min. chart we could see that another small bullish pattern is on the table "Inverted H&S".
On the 1h chart, You could see that the blue line has held us nicely and no close below that line and now the strong resistance area is the trendline and the $6500 cross area which both work as a resistance. If we see a breakout then it confirms bullish price action and the altcoins also show some growth which confirms that breakout opportunity!
Currently, good signs and we can make a breakout upwards from the trendline and from the round number $6500!

註釋

After I mentioned the neckline double retest on the yesterday's post, BTC made a very strong move upwards. It breaks above the well-known resistance levels and more than that, now we are above the trendline which is the channel upper trendline and the current price is $6,720. Bitcoin reaches almost to our mentioned first target at $6,767 which is also historically a very strong resistance level.

On the one-hour chart, we have a golden cross between the EMA's and it should be a pretty good statement. Further, we have to wait and watch how the "Ascending Triangle" plays out. The ascending triangle is a bullish chart pattern which indicates that the price has a bigger advantage to break upwards, plus we have this golden cross which should support that move upwards to the higher levels and those higher levels are, almost immediately the $6,767 strong resistance and our major target would be the $7000. There are several price action criteria crossing area: the round number $7,000 and the minor trendline crossing area and there is the May low level which also starts to work as a resistance but firstly we have to see a break above the ascending triangle and break above the strong resistance.

If the price doesn't find that power to go upwards and it breaks below the ascending triangle and breaks below the current trendline where is the current price right now then it will be a sign that we might see a little throwback (move downwards) and if we start to make a little throwback then technically a good opportunity for reversal would be around $6,570, there is the short-term up-trendline, different EMA's starts to work as the support and different Fibonacci levels start to work as a support levels. The bearish sign/confirmation would be the break below the short-term up-trendline!

交易結束：目標達成

Target 1 reached!

註釋

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