![Bitcoin [btc/usd] - waiting a bounce around $3,805-$4,000!](https://ohiobitcoin.com/storage/2018/11/7cEtNX.png "Bitcoin [btc/usd] - waiting a bounce around $3,805-$4,000!")
![Bitcoin [btc/usd] - waiting a bounce around $3,805-$4,000!](http://ohiobitcoin.com/storage/2018/11/7cEtNX.png "Bitcoin [btc/usd] - waiting a bounce around $3,805-$4,000!")
Hey followers and other TradingView users!
Current bitcoin’ price action displays so different signs on the different timeframes. Some days ago we got a pattern which might indicate that we have found a short-term bottom – we even maid several HL’s on the shorter timeframes – but still, we didn’t catch that HH which will be the turning point for the current situation.
Yesterday the price made a break below the counter and as I said we might start for another leg down. So, currently, it has started and we did a several ‘break-below’ after that (also break below the Inside par pattern on the , which will indicate that we see lower prices).
Yesterdays evening we got a candle close on the confirmation area (below the light blue and below the daily strong area) and the momentum guides us to the $4,100. Still, we don’t have taken out or touched the round number below us which is $4,000 and I assume we might see a touch IF the price stays on the channel!
The channel downwards is pulled from Lower Highs, copy-paste and dragged into lower lows. It should act as a support and now it depends on the downwards movements. Do we get a bounce from the strong area where is the round number $4,000, two daily strong support levels from 2017 and this channel bottom trendline? Those all together makes a crossing area which should act as a strong support and a possible V shape have to occur on around $3,805-$4,000.
If we fall down almost right away then this area would be much stronger because of the bottom which should match with the round number and strong daily area.
Currently, why I think that we get a bounce back into the gray area is because of the light blue since March 30 and the second touch 24. June. Over the night we made a break below from the and now it should act as a resistance (a classical example about the retest).
If we get a rejection from current then I wait for a bounce from the gray area. It would be perfect when the bounce would be quick and sharp. Touching all the and support levels and gets a rejection upwards which forming a V shape (also search some patterns on the mentioned area) a small breath out from the channel upper and another move upwards from $4,100 which forms a inverted pattern.
If we find a strong buying power right away and this break below the light blue was just a fake out then bullish confirmation comes from the green area which is above the channel upper . It would be a first sign that the price want’s to see finally some higher prices and it is ready to climb but remember, this confirmation comes after the break upwards from upper .
Bearish confirmation comes after the break below the gray area which is currently the strong where we should get a rejection.
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*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Published at Fri, 23 Nov 2018 10:10:18 +0000