Ironman8848

BTC - H4 - TWO SUCCESSIVE DOJIS ! = UNCERTAINTY & INDECISION

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Looking at the H4 time frame, we can see 2 successive dojis which took place over the last 2 H4 periods; it could
mean some uncertainty and indecision about further direction.
For the time being, the BTC hold above the former downtrend resistance line which also coincides currently with the level
of the Mid Bollinger Band around the 33'400 area.
So, next H4 closing level should give more clues about upcoming price action and I would strongly suggest to monitor accordingly
price action on shorter time frame which will allow you to detect potential reversal signal (s), such as bearish divergences, breakout
of clouds support zone , etc,
Looking at my previous H1 analysis, the rising wedge breakout occured a couple of hours ago, but clouds support
zone, for the time being
rejected the downside breakout attempt and triggered, for the time being a sideways price action, confirming the uncertainty above mentioned.

Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
Email : contact@ironman8848.com

Comments

In your opinion, will be go back down to the 25-30k range?
+1 Reply
@cschmeer, 23k is the target IMHO
+1 Reply