BITCOIN – Price Ranges With Descriptions Until Friday!

BITCOIN – Price Ranges With Descriptions Until Friday!

Hey!
Something different from me, hopefully, You keep the pace and You will understand what I would like to mean.

Here are the colored price areas with some confirmations inside boxes until Friday.

Let’s start from bearish confirmation areas: Red, mid-red and light-red

The red area:
If the price reaches into this area then it would be very ugly drop because it should happen fast and the drop confirmations are:
1. Break below the blue trendline (pulled 19. Nov- 24. Nov)
2. Break below the round number $3,500
3. Break below the current counter trendline (black trendline )
+4. If the drop is sharp then break below the channel trendline

The first target would be $3,000

The mid-red area/consolidation area:
You have to wait for the breakout either direction to get confirmation
Bullish confirmation – break above the channel
Bearish confirmation – break below the round number and the break below the round number will guide us to…

The mid-red area/ smoother falling area:
1. Break below the round number $3,500
2. Break below the current counter trendline (black trendline )
3. New LL’s (lower lows)

This channel will guide us again into the $3,000 support level but this road is smoother and painful because of the bull traps (probably)

Now the bullish confirmation areas. Firstly we can’t even search something lower than the channel upper trendline break . This channel trendline has acted as a super strong resistance with multiple attempts to break above the channel but all those are failed attempts:

Light green box/first bullish confirmation area:
1. The price is above the lower blue trendline
2. Break above the channel, FINALLY
3. Another confirmation comes after the candle close above the dark-gray area

The dark gray area and the channel upper trendline makes this area super strong around $3,850 so, this means a lot of buying power to break those resistances.

The first target would be $4,000-$4,100

Green box, a possible second bullish leg confirmation area:
1. Break above both blue trendlines (since the drop from $6,5k)
2. Break above the $4,000
3. New HH (higher high) area
+4. Stronger confirmation comes after the candle close above the gray area

After the candle close above the gray area we could find that momentum which will guide us above the $4,500

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All the best!

*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!

Published at Tue, 27 Nov 2018 13:38:05 +0000