BITCOIN – A Little Overview!

BITCOIN – A Little Overview!

Again, I would like to give some confirmation areas, lately those are worked out pretty well – as on my last idea post, I pointed out one consolidation area around 5k, the price made a breakout upwards, it got a candle close confirmation and the BTC price reached into the first target which was the recent high at $5,345, so, a pretty nicely worked opportunity.

After every day, after every hour, we get more data around the 5k level and this is great because we need history to read out some patterns and areas which should work and which not.
Currently, we have an ascending channel , or at least we can draw it. The bottom trendline is set but the upper trendline is a bit subjective but still, I can set it pretty clearly from the 2. April high.

At the moment, the channel middle line works perfectly as a resistance, two times it has got a rejection from it and if it breaks then we can add it easily into our bullish confirmation list:
The bullish movement should be confirmed after the 1H candle close:
– above the channel middle line (red)
– above the recent high (2019 high)
Let’s say a candle close above $5,355, needed is the 1H candle close but perfect would be 4H candle close!

There are some minor targets but can’t predict any higher targets than the 2018 July low at $5,777. Overall, the area around $5,800 should act as pretty strong resistance.

Okay, a bullish confirmation area is set but for next – bearish confirmation areas.
As said, the channel middle line has worked nicely as resistance and if it gets a bigger rejection from the current levels then first bearish confirmation may come from altcoins. Look what they do, and if they start to go averagely below -2% to -3% (Daily) then prepare for the next bearish confirmation. The next bearish confirmation should come after the candle close below the ascending channel . Yes, it is pretty far but there are some minor support levels before it and can’t give any bigger confirmations above that, above $5,120.
So, a bearish confirmation comes after the 1H candle close below the ascending channel . Rising Wedge is ascending and it is a bearish pattern and so as ascending channel but it triggers after the breakout!!

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Have a nice day,
Best regards!

*This information is not a recommendation to buy or sell, it is used for educational purposes only!

Previous analysis:

Published at Mon, 08 Apr 2019 06:42:00 +0000