BITCOIN: Bullish Falling Wedge Reversal

已更新

Let’s take a look at current BTC situation. Support at 6.5K was broken and donwtrend continue. It also means that previously performed “Descending Triangle” is not valid now.

New LL was created, so I can see now new pattern “Falling Wedge”. It is bullish pattern. Also, look at RSI + Stoch, both of them indicates possible trend reversal. Now, Fib Retr is important too. The price of BTC is approaching important Fib Retr level at 5.9K. If the price moves near significant Fib Retr level and RSI is oversold, it is possible trend reversal indication too.

Possible price movements are mentioned in TA.

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交易進行

So, upward! Bulls need to close above $6600, possible bullish engulfing candlestick pattern performing. But we need to wait for next candle confirmation. RSI + Stoch indicates bullish trend continuation.

Safe entry - above $6.800 resistance and after 19.5K trendline resistance.

註釋

At 12H TF BTC is performing "Bearish Flag" pattern. If BTC breakout this pattern, it will restest 5.9K level. Good supply and demand area is located at around this level.

註釋

Bearish Flag is still in shape.

註釋

Symmetrical Triangle at 1H TF - triangle can be broken in both direction. We have to see significant volume for bullish breakout.

註釋

We saw upward breakout occured by Symmetrical Triangle. BTC was stopped at $6.7. At this price level resistance is located.

At 1H TF BTC seems to be bullish - TK-Cross above Ichi clouds means strong bullish signal. EMA200 is below us now. But RSI is overbought and Stoch IS also very high.

1TF:

At 4H TF BTC bullish trend haven’t been confirmed yet. Ichi is still bearish and most of important resistances and trend lines are above us. RSI is heading strong resistance - the last successful breakthrough occurred more than a month ago. During that time, we have seen many unsuccessful attempts. Breaking this resistance will be an indication of possible trend reversal.

4H TF:

In conclusion - pay attention to 4H TF. BTC need to close daily above $6.6 or even beter $6.8 and followed by bullish candlestick. Due to RSI and Stoch I expect consolidation now - sideway movements. To confirm trend reversal, 19.5K resistance must be broken.

註釋

Everything goes according to plan :D

註釋

The moment of truth is coming ... BTC is heading 19.5K trend resistance. The next 12 hours will be important for determining the future trend.

註釋

The next 12 hours will be very important for price future of BTC. Because of 19.5K trend resistance is aproaching. For successful breakout we need to close daily above $7.800.

BUT, looking at 4H TF, bearish TK-Cross is performing. It is a strong signal which predicts thep rice of BTC will dropped down. If BTC close below $6.700, more downtrend will be more realistic.

註釋

So, dropdown! BTC hit last LOW at $5800 and now is trading at around $6100. Where is located bottom line of Falling Wedge. 19.5K trend resistance havn’t been broken yet. Now, BTC is very unpredictable. Let’s see what happen in next 2 days.

註釋

So, what a amazing day :-) BTC successfully finished Head and Shoulders pattern and the price hit $7420 mark. We are have profit aprox. 20% now.

During the pump, BTC flew with grace through several resistances - $6720, $7120 and was stopped by resistance at $7500. If we look at Fib Retr - 23.6% was broken, 36.2% is testing from the bottom. The same aplies to EMAs - EMA21 and EMA50 were broken. EMA100 is located at $7430 and EMA200 at $7800. Volume was amazing!
RSI and Stoch look good.

In my opinion - BTC will rise. I will look forward to area between $7500 and $7700. But before that happens, I expect a small price drop and re-test $6950 - $7100 price zone.

註釋

o far, things are following my previous BCT price TA. The price marked $7186 today and now, BTC is consolidating around $7400 area, where 38.2% Fibonacci level lies. Stoch has crossed at its high levels, which can tell about an overbought market (a bearish sign). This possible overbought market idea is also confirmed by RSI. BTC looks like it will test $7100 - $6900 area for support soon again. The right shoulder needs to be built over the next few days.

I am still aim for $7800 area, where I expect BTC to complete inverse Head and Shoulders pattern.

註釋

Bitcoin is at very interesting zone - encountering the descending trend-line started at the beginning of March, while BTC was a little less than and BTC is slowly approaching the top line of Bullish Falling Wedge Pattern.
As of now, BTC is still consolidating and BTC stuck on market flat between $7600 - $7400.

I expect the BTC price hit $7100 area again, before BTC go upward and test the top line of Bullish Falling Wedge pattern.

It will be interesting to watch the price action at the beginning of the week.

註釋

Let’s take a look at 1D TF BTC chart today - as we all may have seen, BTC had a very nice breaking-up green candle with significant amount of trading volume. BTC got through Global-downtrend resistance (see red line) and EMA100 (see violet line). Finally BTC was stppped by the top-line of Falling Wedge pattern at $7790. Attempts to get through it have been unsuccessful.

Ichimoku is forming bullish TK-Cross (see red and green lines cross). EMA50/200 Golden cross was confirmed at lower TF - 1H and 4H. RSI and Stoch are very high, which indicate that the market is overbought (possible bearish sign).

From bear side, major support level lies at $7400 (EMA100 and Fib 38,2%) and the other is $7100. From bull side, major resistance level lies at $7950 (EMA200 and Fib 50%) and the other is $8200.

What we can expect to happen now? My guess is, that we propably can expect price drop at $7100. Because of BTC stuck on market flat between two strong trend lines EMA200 and EMA100. EMA200 is stronger than EMA100 and I bet that EMA200 will win and reflect BTC below EMA100.

註釋

6.07.
Hi Friends, there is BTC’s analysis update. Two days before, BTC hit $8500 mark, one month maximum. But since then, the price has fallen steadily. Now,BTC is testing support at $8000, where EMA200 lies and also good support/demand zone can be located there. RSI and Stoch become more bearish. Ichi is still bearish. In my opinion, the correction started and BTC is going to test support at around $7000, with stop-over at around $7300.

註釋

Let’s take a look at my favourite 1D TF chart - As of now, BTC is still consolidating in good supply/demand zone between $8200 - $7900. EMA200 holds the BTC price above $7900.

Ichimoku is bearish and the BTC’s price is inside the cloud. RSI and Stochastich indicators are very high.

From Bull side, major resistance lines lie at $8400 (short-term AHT) and $8900. From bear side, major support lines lie at around $7300.

Until BTC remains in mentioned supply/demand zone, it is difficult to predict next BTC’s price movement. Anyway, be ready for possible re-test of $7100 - $6900 price zone, as i mentioned a few days before.

註釋

So, since my previous BTC price analysis has not changed much. BTC still moving in a small price range, between $8295 - $8130. BTC has difficulties breaking up this area.

RSI is bouncing 75 level from the bottom, at 1D BTC chart. If you look at the other TF, RSI is in downtrend now. Stoch is still very high at 1D BTC chart. But on the other frames is decreasing.

Strong resistance at $8200 is valid, next one lies at $8500 as a short-term AHT from 25.07. and the last one lies at $8900. Supports lies $7800, $7500 and the last one lies at $6900.

I wouldn’t be suprised If BTC try to hit price area between $8500 - $8900. To confirm this idea, BTC should close at $8250 or above. However, I still expect a drop below $8000.

註釋

Hi Fellows, BTC hit $8000 a few hours ago and was stopped by EMA200 lies at $7900. Now, BTC is back below $8000 and it is testing $8200 resistance area from bottom.

As BTC’s TA, posted yesterday, is active: “I wouldn’t be suprised If BTC try to hit price area between $8500 - $8900. To confirm this idea, BTC should close at $8250 or above. However, I still expect a drop below $8000.”

註釋

Hi Guys, as we all may have seen, BTC had huge breaking-down red candle with significant amount of trading volume. BTC dropped back below $8000 and the BTC’s price is still under sellers presure. EMA200 support is broken. TEMA21 indicates downtrend continuation. RSI and Stoch are bearish.

So, my previous TA is still active. 1st point of possible trend reverse i expected at around $7500. Next support lies at $7000. Between $7400 - $6900 area is good supply and demand area.