Btc pullback or break out
Well it's been a while since I have last posted but it seems like things have changed abit since last post.
We did not reach 28 000 or lower for a retest and drop to lower levels.
But what info do we have right now that can aid us in a decision to know if we will continue to go long or is this a pullback before next drop through the 29000 level.
OK
So let's look first at the obvious info and see what is revealed to us by the market interms of price action and candles.
Diagonal trend line and horizontal support
Support at 29 000
If we look into the past from previous rally point that seems to be a opposite reflection of current market movement
We see a strong support zone that assisted the stop of the drop and coursed the consolidation between 29000 and 43000
We also have a neckline retest that sits nicely on the same as box range at about 40k to 43k
We also know that a diagonal trend line has been keeping the market bearish up to this point on the 4h time frame leading up to the daily.
THE movements are big and lower time frame entries from 15 to 1h in My opinion is not a good idea.
4h time frame to daily currently provide the best entry points.
indicators
Well the ichimoku cloud on the 4h time frame has confirmed very nice resistance during the downwards movement to bottom of box range
The Bollinger band with cloud confirmed these areas nicely.
INDICATED BY RED ARROWS
We also see support zones that turned into resistance that we can look at as strong breakoutzones
INDICATED BY GREEN ARROWS.
WE ALSO HAVE A ASCENDING WEDGE PATTERN BREAKOUT
Along with a three drive pattern confirming the drop
THE elloit wave pattern final wave was not completed
So we cannot be looking at a ending diagonal
Not sure in that case we could be seeing a reversal to bullish.
There is two major levels that was not tested
The daily cloud that confirmed the neckline of a head and shoulders
4h time frame ichimoku cloud that acted as resistance with diagonal trend line.
The rsi is overbought on the 1h and above 50 on the 4h
The adx is showing a bullish turn on the 1h bullish cross over
On the 4h also cross over bullish but the main signal line is to high
So let's look for a turning signal on the 4h time frame a doji with close below
Keep save guys
We did not reach 28 000 or lower for a retest and drop to lower levels.
But what info do we have right now that can aid us in a decision to know if we will continue to go long or is this a pullback before next drop through the 29000 level.
OK
So let's look first at the obvious info and see what is revealed to us by the market interms of price action and candles.
Diagonal trend line and horizontal support
Support at 29 000
If we look into the past from previous rally point that seems to be a opposite reflection of current market movement
We see a strong support zone that assisted the stop of the drop and coursed the consolidation between 29000 and 43000
We also have a neckline retest that sits nicely on the same as box range at about 40k to 43k
We also know that a diagonal trend line has been keeping the market bearish up to this point on the 4h time frame leading up to the daily.
THE movements are big and lower time frame entries from 15 to 1h in My opinion is not a good idea.
4h time frame to daily currently provide the best entry points.
indicators
Well the ichimoku cloud on the 4h time frame has confirmed very nice resistance during the downwards movement to bottom of box range
The Bollinger band with cloud confirmed these areas nicely.
INDICATED BY RED ARROWS
We also see support zones that turned into resistance that we can look at as strong breakoutzones
INDICATED BY GREEN ARROWS.
WE ALSO HAVE A ASCENDING WEDGE PATTERN BREAKOUT
Along with a three drive pattern confirming the drop
THE elloit wave pattern final wave was not completed
So we cannot be looking at a ending diagonal
Not sure in that case we could be seeing a reversal to bullish.
There is two major levels that was not tested
The daily cloud that confirmed the neckline of a head and shoulders
4h time frame ichimoku cloud that acted as resistance with diagonal trend line.
The rsi is overbought on the 1h and above 50 on the 4h
The adx is showing a bullish turn on the 1h bullish cross over
On the 4h also cross over bullish but the main signal line is to high
So let's look for a turning signal on the 4h time frame a doji with close below
Keep save guys
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。