Hello!
Technically a very nice setup!
Criteria:
1. Old consolidation box retest and this consolidation box created a very strong resistance which becomes now a support!
2. Fibonacci retracement level 38%
3. Round number bounce $7500
4. The major trendline retest and bounce
5. After bounces - bullish "Hammer" candlestick pattern
6. RSI oversold and bounced from RSI trendline!
7. After bullish "Hammer" next hour close was above the support level and above the 38% Fibonacci!
So, technically a very nice setup! Hopefully, whales don't mess with us!
Hopefully, this helps You out a little bit to confirm Your own analysis! Definitely make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
To get updates - click the FOLLOW button and don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!
Technically a very nice setup!
Criteria:
1. Old consolidation box retest and this consolidation box created a very strong resistance which becomes now a support!
2. Fibonacci retracement level 38%
3. Round number bounce $7500
4. The major trendline retest and bounce
5. After bounces - bullish "Hammer" candlestick pattern
6. RSI oversold and bounced from RSI trendline!
7. After bullish "Hammer" next hour close was above the support level and above the 38% Fibonacci!
So, technically a very nice setup! Hopefully, whales don't mess with us!
Hopefully, this helps You out a little bit to confirm Your own analysis! Definitely make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
To get updates - click the FOLLOW button and don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!
Kommentera:
...and don't forget to hit the LIKE button!
Kommentera:
So far it goes like we had planned! Two hours ago break again above the Fibo 38% and support level, retest and bounced up in the next hour and at the moment nice strong bullish candle!
Kommentera:
At the moment this looks like a healthy pullback! Fibo bounce from 62% and 1h candle close above the support (blue line). Let's see what we got here. If we come down then that was all from the bulls but at the moment no panic!
Kommentera:
Another nice bounce from support (blue line) and from smaller Fibo, also this movement forms us an antoher bullish "Hammer" candlestick pattern!
Kommentera:
At the moment looks like we miss our target just by $20! :(
The price heading into the red area which means bearishness!
I'm out of my office so see You tomorrow!
The price heading into the red area which means bearishness!
I'm out of my office so see You tomorrow!
Kommentera:
Good morning!
Yesterday evening I thought that this trade doesn't work very well but-but it played out very nicely and we reached our first target point which was $7700-$7750!
In the chart, we could see nice W formation (double bottom chart pattern)! We were the red box area but like You know we have to close at least 1h candle in this area so, nice bounce from there and directly to our first target! Veeery nice!
Yesterday evening I thought that this trade doesn't work very well but-but it played out very nicely and we reached our first target point which was $7700-$7750!
In the chart, we could see nice W formation (double bottom chart pattern)! We were the red box area but like You know we have to close at least 1h candle in this area so, nice bounce from there and directly to our first target! Veeery nice!
Kommentera:
...and yes, do not hesitate to hit the LIKE button ;)
Thank You!
Thank You!
Kommentera:
Let's watch what the price action did at this price level before the launch!
If we look lower time frames then there is some noisy action below the support (blue line) and 38% fibo level but in the 4h chart there is no candle close below that almost the whole day we manage to get our second retest from the trendline and 4h candle closed above the round number, Fibo and support level and also the 1 Day candle closed above those level! So, there are possibilities to climb even higher!
But again, let's take it step-by-step!
If we look lower time frames then there is some noisy action below the support (blue line) and 38% fibo level but in the 4h chart there is no candle close below that almost the whole day we manage to get our second retest from the trendline and 4h candle closed above the round number, Fibo and support level and also the 1 Day candle closed above those level! So, there are possibilities to climb even higher!
But again, let's take it step-by-step!
Kommentera:
At the moment the price sitting on our support level and on the Fibonacci 62% level!
4h candle close was bearish after we tried to push through the $7700! Looks like the bulls starts to leave from the market but no clear confirmation only this massive bearish 4h candle, no significant breaks below from the important price levels!
4h candle close was bearish after we tried to push through the $7700! Looks like the bulls starts to leave from the market but no clear confirmation only this massive bearish 4h candle, no significant breaks below from the important price levels!
Kommentera:
Now we have some confirmation! 1h candle close below the support level and in the yellow area which means a pretty strong support level! So, this could be mean some bearishness and bearish moves on the future but again nothing SO significant! to trade at the moment!
Kommentera:
Another bearish confirmation - 1h candle close below the round number $7500 close but still below!
6 1h candles are closed bearish, this makes me a little bit cautious because some moment they have to let out some steam and need some correction!
Bearish scenarios:
1. We go and retest right away the blue line (support/resistance) or even $7600 and we bounce from there and bearish moves continue
2. We close below the $7470 and retest the $7500-$7550 and then we continue with the down-trend!
Why not buy? Because looks like we have tried to push the price up three times now (third time we got our Buy targe which is good) and "failed", and now we could see the massive bear candles on the market and some bearish breaks below from some important levels! So, buy would be risky imo!
6 1h candles are closed bearish, this makes me a little bit cautious because some moment they have to let out some steam and need some correction!
Bearish scenarios:
1. We go and retest right away the blue line (support/resistance) or even $7600 and we bounce from there and bearish moves continue
2. We close below the $7470 and retest the $7500-$7550 and then we continue with the down-trend!
Why not buy? Because looks like we have tried to push the price up three times now (third time we got our Buy targe which is good) and "failed", and now we could see the massive bear candles on the market and some bearish breaks below from some important levels! So, buy would be risky imo!
Kommentera:
I love when a plan comes together! :)
"1. We go and retest right away the blue line (support/resistance) or even $7600 and we bounce from there and bearish moves continue"
"1. We go and retest right away the blue line (support/resistance) or even $7600 and we bounce from there and bearish moves continue"
1. $7700-$7750
2. Around $8000