Ironman8848

BTCUSD - WEEKLY - THREE WHITE SOLDIERS !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Good morning to all of you.
Today we are going to look closely at the weekly picture in drawing several trading zones :

I : BREAKOUT TRADING ZONES
II : BULLISH ZONE
III : SUPPORT ZONE

BREAKING ZONES :

In looking at the last three weeks price action, a "Three white soldiers" pattern has been identified and each weekly closing level confirmed an upside breakout

BULLISH ZONE :
Current weekly closing will give an important indication about further development. Indeed, a weekly closing above 59'600/60'000 would be the first signal of an upside continuation move,
calling for 62'250 ahead of the 65'000 area, former ATH

SUPPORT ZONE :
A failure to hold, on a weekly closing, above 59'600/60'000 would trigger a renewal selling pressure and would open the door for the 55'000 area as an intermediate first support target (former congestion zone) ahead of the 52'000 area (September former tops)
Below the Tenkan-Sen (conversion line) is currently @ 51'260

CONCLUSION :
While a "Three white soldiers" should be seen and considered as a strong reversal signal, it is usually followed by a consolidation phase and this should be closely monitored in watching upcoming price action on shorter time frames (Daily and intraday !!)
In acting accordingly you will be able to detect early warning and early signal (s) of a potential trend reversal.
Watch also technical indicators, such as RSI to also detect divergence (s)





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