Hey, here comes a little imagination post.
I would like to highlight some of the higher levels if the current move get’s a next leg momentum!
Today, we catch a pretty good move after we made a breakout from the short-term and after we made a breakout from the chart pattern “Falling Wedge”. The short-term target was the last resistance at $3,410 and currently, the price has stopped in this area. (the last idea post is bottom of the current idea post)
Positive signs are consistent buyers – hopefully, I can say it like this because we haven’t seen this for a while. The hourly candle, which drives us through the resistances, was pretty powerful and it ended up almost without a wick – also a rare case.
Now, from the bigger picture, we have made also a breakout from the bigger . It started to form from the end of the November and now the breakout has confirmed with pattern on the bottom – .
Several signs from the bottom and the TradingView starts to flowing full of ideas but we can’t rush too much ahead because we still don’t have any significant Higher Highs on the chart.
The first bigger higher high comes after the break above the light-blue and it would be confirmed after we get a close above the $3,650. From there we can say that the BTC’ could make a little Christmas rally which is supported with the .
The pattern shows us that the first leg target should be around $4,200 but we reach into this area only then when the FOMO kicks in. Currently, there are not so much FOMO opportunities, all the attempts to go higher has been slowly faded – no consistency from buyers, no from buyers and etc. FOMO players do not have even a significant chance to jump in. Hopefully, here is the opportunity and the market makes a little Christmas present for us, which would be a nice gift 🙂
The next resistance areas are:
1. The thin light-blue line $3,410
2. The semi-round number $3,500. This area is more than just a semi-round number because after the break (at least a 1H candle close above the $3,500) will confirm short-term higher high, which is a little indication because we have seen those short-term higher highs which dosn’t work very well.
3. The light-blue area around the $3,600-3,650. As mentioned, a close above the area will confirm new higher high on the market and from there, things start to go interesting.
4. Strong resistance $3,875 – it has worked as a strong and as a strong . So, this has to be on the chart
5. The round number $4,000 and just above the round number should have the current target!
So, the next confirmation comes after the semi-round number break but at some point we have to make a little throwback (movent downwards) and I think if we want to make a new higher high (on the 4H chart), then we have to make a throwback before we make new HH because then the higher high doesn’t last very long (currently, hard to say). If we go immediately higher then $3,650 then the throwback may be a pretty big but we don’t want to see this again, the market has to breathe sometimes and it would be healthier when it makes a little throwback before the $3,650. $3,500 break, a candle close above the $3,500 which is also new short-term higher high and after that the price retest the $3,410 level – this would be a perfect scenario to break $3,650 😉
I just wanted to point out some of the higher levels which should play a significant role IF we make a little Christmas rally.
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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 Mon, 17 Dec 2018 15:41:20 +0000
