BITCOIN - An Important Sign From ATH!
Atualizado
Hi,
First of all, followers and other TradingView users, I'd like to thank you for the support, it looks and it feels awesome to be TOP 1 analyst (author) and TOP 1 post owner on TradingView, so, thank you very much for that!
Now, let's take a look at the current Bitcoin chart.
After my call to buy BTC at $7930, the price has broken above my prementioned resistance levels and the mid-term bearish bias has postponed because the price has made a new higher high which is now $9,388!
To be said, I was looking at this chart for a while and currently, there are not any significant trading ideas but I'd like to point out one very strong resistance area where we might get it. This resistance area is pretty wide but definitely, it is strong and it should work as a profit-taking area if you are in a mid-term long position.
The Green Box | $9,500 - ~$10,000
The area where you should take out some long position stays into the green box. There are some minor reversal criteria and one significant criterion.
Let's start to count those criteria which stays into the green box and which should work as resistances:
1. If the price has taken some direction into a specific direction, currently upwards, then very often it moves in the parallel channels and as you see, currently the Bitcoin price is on the upwards channel. Channel trendlines are pretty wide but no problem, the channel upper trendline should act as a resistance area (light-blue "line")
2. There are two Fibonacci Extension 127% levels at $9,754 & $10,033. They should work as resistance levels and they are usually great places where to take out some profits.
3. The movements consist of waves and pretty often those waves are on equal size. Into the green box, I have pointed out two Equal waves C points. Blue starts from 25. April low and the C point is at $10,000. Orange starts from 17. May low. and the C point is at $9,913. They should work also as reversal criteria.
4. The psychological number $10,000 should act as a strong resistance level.
5. The semi-round number $9,500 is also in this area but this should play a more important role in the selling opportunity if we get some nice bearish candlestick patterns in this box (more about those below of this post).
6. There is previously worked resistance level, really strongly worked resistance level on 5. May 2018
Now, the most important criterion...
7. Fibonacci retracement 38% ($9,532), PULLED FROM ATH at $19,891 (all-time high) to the 2018 low at $3,128.
This is the first important Fibonacci retracement level after the ATH and 2018 low. It matching almost perfectly with the other short-term reversal criteria.
So, a pretty strong price zone and that's why this green box has to be your partial (at least) take profit area.
If the price stays there for a while and if it doesn't fly higher than this then we might pick up short-term sell trades because the area is very strong. We need only one confirmation and it is a Daily candlestick pattern on the green area (in some cases the 4H candlestick pattern would be also great confirmation).
Hopefully, this analysis was helpful, now you know where my eyes are pointed and let's wait for our opportunities around the mentioned level, be patient!
Feel free to support my effort by hitting the "LIKE", it is my only fee from You!
Best regards,
Vaido - Analysts for Swipex
First of all, followers and other TradingView users, I'd like to thank you for the support, it looks and it feels awesome to be TOP 1 analyst (author) and TOP 1 post owner on TradingView, so, thank you very much for that!
Now, let's take a look at the current Bitcoin chart.
After my call to buy BTC at $7930, the price has broken above my prementioned resistance levels and the mid-term bearish bias has postponed because the price has made a new higher high which is now $9,388!
To be said, I was looking at this chart for a while and currently, there are not any significant trading ideas but I'd like to point out one very strong resistance area where we might get it. This resistance area is pretty wide but definitely, it is strong and it should work as a profit-taking area if you are in a mid-term long position.
The Green Box | $9,500 - ~$10,000
The area where you should take out some long position stays into the green box. There are some minor reversal criteria and one significant criterion.
Let's start to count those criteria which stays into the green box and which should work as resistances:
1. If the price has taken some direction into a specific direction, currently upwards, then very often it moves in the parallel channels and as you see, currently the Bitcoin price is on the upwards channel. Channel trendlines are pretty wide but no problem, the channel upper trendline should act as a resistance area (light-blue "line")
2. There are two Fibonacci Extension 127% levels at $9,754 & $10,033. They should work as resistance levels and they are usually great places where to take out some profits.
3. The movements consist of waves and pretty often those waves are on equal size. Into the green box, I have pointed out two Equal waves C points. Blue starts from 25. April low and the C point is at $10,000. Orange starts from 17. May low. and the C point is at $9,913. They should work also as reversal criteria.
4. The psychological number $10,000 should act as a strong resistance level.
5. The semi-round number $9,500 is also in this area but this should play a more important role in the selling opportunity if we get some nice bearish candlestick patterns in this box (more about those below of this post).
6. There is previously worked resistance level, really strongly worked resistance level on 5. May 2018
Now, the most important criterion...
7. Fibonacci retracement 38% ($9,532), PULLED FROM ATH at $19,891 (all-time high) to the 2018 low at $3,128.
This is the first important Fibonacci retracement level after the ATH and 2018 low. It matching almost perfectly with the other short-term reversal criteria.
So, a pretty strong price zone and that's why this green box has to be your partial (at least) take profit area.
If the price stays there for a while and if it doesn't fly higher than this then we might pick up short-term sell trades because the area is very strong. We need only one confirmation and it is a Daily candlestick pattern on the green area (in some cases the 4H candlestick pattern would be also great confirmation).
Hopefully, this analysis was helpful, now you know where my eyes are pointed and let's wait for our opportunities around the mentioned level, be patient!
Feel free to support my effort by hitting the "LIKE", it is my only fee from You!
Best regards,
Vaido - Analysts for Swipex
Nota
Finally, at least we have something - a breakout from the triangle:Nothing significant but the breakout candle was pretty strong, into the trend direction and breakout from the continuation chart pattern triangle. Those signs can be indications that the price may go into my mention box, let's see, as said at least we have something - be patient, be patient!
Best regards,
Vaido
Nota
RIPPLE confirmation area for further growth:
Regards!
Nota
New BTC analysis:![BITCOIN [$9,500-$9,650] Keep an Eye On It!](https://s3.tradingview.com/7/7dsCX5hh_mid.png)
Regards!
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