Yesterday's recovery price action, triggered on a closing basis, a "SHOOTING STAR". Indeed, after a failure to
recover above the bottom of the weekly clouds and above the daily Tenkan-Sen, the BTC closed @ 36'829.
Such kind of price action is, once again confirming this ongoing persisting downward pressure which is clearly showing
a mode of SELL ON RALLY and not yet a buy on dips, having in mind, of course, a STRATEGIC VIEW.
Nevertheless, it is quite clear that in this strategic and persisting downtrend price action there are plenty of tactical countertrend
trading opportunities which should be monitored accordingly in applying a strict Risk Reward approach !!!
DAILY (D1)
Yesterday's shooting star (similar scenario seen in Dec 24th and 27th) is weighing on the BTC which is likely to go lower in this daily time frame; first level
to watch is @ 35000 ahead of former low @ 32'950
Strategic target remains @ 30'000 ahead of the VERY, VERY, VERY IMPORTANT SUPPORT LEVEL @ 28'600 (former low of June 2021 and also double top trigger level !!!)
4 HOURS (H4)
Once again the clouds worked perfectly well in rejecting the upside breakout attempt (38'946) !
Since this rejection, the Bitcoin went down towards a low of 35'774, (50% Fib Ret filled @ 35'947) a couple of hours ago and is currently
trying to recover, caught, actually between the Kijun-Sen (35' 948) and the Mid Bollinger Band (36'398).
If the Mid Bollinger Band is broken on H4 closing basis, the next resistance level to watch is the Tenkan-Sen & Conversion line @ 37'240 ahead of the most important area to break,
which is once again the CLOUDS RESISTANCE AREA (37'650-38910); and last but not least the ongoing downtrend line resistance, currently @ around 40'300.
1 HOUR (H1)
Hourly clouds, for the time being hold and a downside breakout of the bottom of hourly clouds (@ 35'500) would open the door for lower levels (35'240 61.8% Fib ret ahead of 34'233 78.6% Fib ret extension).
CONCLUSION .
Monitor closely price action on the hourly chart and watch the clouds which will show you the direction :-)
Have a nice trading day
Ironman8848 & Jean-Pierre Burki
recover above the bottom of the weekly clouds and above the daily Tenkan-Sen, the BTC closed @ 36'829.
Such kind of price action is, once again confirming this ongoing persisting downward pressure which is clearly showing
a mode of SELL ON RALLY and not yet a buy on dips, having in mind, of course, a STRATEGIC VIEW.
Nevertheless, it is quite clear that in this strategic and persisting downtrend price action there are plenty of tactical countertrend
trading opportunities which should be monitored accordingly in applying a strict Risk Reward approach !!!
DAILY (D1)
Yesterday's shooting star (similar scenario seen in Dec 24th and 27th) is weighing on the BTC which is likely to go lower in this daily time frame; first level
to watch is @ 35000 ahead of former low @ 32'950
Strategic target remains @ 30'000 ahead of the VERY, VERY, VERY IMPORTANT SUPPORT LEVEL @ 28'600 (former low of June 2021 and also double top trigger level !!!)
4 HOURS (H4)
Once again the clouds worked perfectly well in rejecting the upside breakout attempt (38'946) !
Since this rejection, the Bitcoin went down towards a low of 35'774, (50% Fib Ret filled @ 35'947) a couple of hours ago and is currently
trying to recover, caught, actually between the Kijun-Sen (35' 948) and the Mid Bollinger Band (36'398).
If the Mid Bollinger Band is broken on H4 closing basis, the next resistance level to watch is the Tenkan-Sen & Conversion line @ 37'240 ahead of the most important area to break,
which is once again the CLOUDS RESISTANCE AREA (37'650-38910); and last but not least the ongoing downtrend line resistance, currently @ around 40'300.
1 HOUR (H1)
Hourly clouds, for the time being hold and a downside breakout of the bottom of hourly clouds (@ 35'500) would open the door for lower levels (35'240 61.8% Fib ret ahead of 34'233 78.6% Fib ret extension).
CONCLUSION .
Monitor closely price action on the hourly chart and watch the clouds which will show you the direction :-)
Have a nice trading day
Ironman8848 & Jean-Pierre Burki
