Yesterday we got a little bounce from BTC almost to the mentioned level $3,500 ($3,486) but nothing more than that.
After the second touch above the $3,480 the price came down and it found a support from the blue trendline which is pulled from 2. December and the second touch is on the image (wick to wick).
The price got a rejection and this rejection ended up with a bullish “Hammer” candlestick pattern.
Around the trendline were also the Fibonacci retracement level 62% which acts as a support.
Currently, there is nothing much to say besides the triangle pattern which is forming since 7. December bottom. Triangle pattern is a pattern where the price takes a direction after the breakout either direction. So currently, we have to wait for a breakout from the triangle to make any bigger decisions.
Yes, we have higher lows on the chart since 7. December but that’s not a big indication because we have also lower highs. Soon we will be on the triangle tip and from there we could see a move, an important move. The price range and the volume has been pretty low, so, we could assume that if the price approach into the triangle tip where the price is smashed together and it is ready to make a move. This move will be a pretty big move and it shows – can it make some higher highs after the breakout upwards or do we see this year lowest price levels after the break downwards.
Do not enter into the market before You haven’t seen a breakout from the triangle! 1H candle close outside the triangle is the first confirmation and 4H close is the final confirmation!
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*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
ALERT! We have a break below the triangle. As I said earlier the triangle breakout will confirm the short/term direction and now we have 1H and 4H candle close below the triangle and below the counter trendlines. Only who still might play some support role is the blue trendline since 2. December but I will do not hope anything significant from it, let’s see.
But looks like we have made an important move and the momentum will be downwards and the targets would be the previous low $3,220 and the round number $3,000!
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As You see we touched exactly the target 1 area at $3,220. On the previous low, we have still some buyers left and they pushed the price pretty quickly up. It found a resistance from the blue trendline and now, we have a smaller triangle, descending triangle. This will indicate that the percent wise the bigger opportunity is to break below the triangle but as You already know the triangle have two breakout points. If we can make a breakout upwards and we get a candle close above the blue trendline then we might go to test the bigger triangle lower trendline which now starts to work as a resistance, around $3,350 but if we make a now lowe then we go down to the $3,000.
Act only then when You see a candle close above or below the mentioned levels!
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