Ironman8848

BTCUSD - H1 - CORRECTIVE MOVE ONLY !!!

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
Following my previous analysis, just published a couple minutes ago, I will go more in depth on shorter time frame
and I am going to explain the price action expected in this 1 hour time frame.

As you can see on the RSI indicator, a bullish divergence took place and it has been done on the long candle ( hammer ) and
also around the TS ; such kind of price action should continue slightly to the North with an upside pretty limited.

Indeed, KS (56'900) ahead of MBB (57'500) will be the first significant resistance levels on this time frame !!!
Please note that MBB coincides also with the double top trigger level mentioned in my previous analysis...

CONCLUSION :

For the time being, BTCUSD remains a SELL on rally on strategic view and short term countertrend trading opportunities should
be exploited with a disciplinated approach in adopting a serious risk management monitoring !!!!

All the best

Have a nice trading day

Ironman8848
Comment: 61.8 % Fibonacci retracement @ 58'129 filled... BTCUSD went up slightly higher than expected :-)
Looks like ready for a downside reversal !

Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/private-analysis/