Ironman8848

BTC - W1 - BEARISH ENGULFING! EN ROUTE FOR 30'000...THEN LOWER !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Last week price action (black candle) triggered, on a closing basis, a BEARISH ENGULFING pattern !
Ongoing bearish price action will continue to weigh on the BTC in opening the door for a retest of former lows
of 31'025, 30'066, psychological 30'000 support level , for the next significant target of 27'169, being the 61.8% Fibonacci
retracement of the 3'850-64895 rally.

Interesting to note that this target coincides also with the weekly clouds support area (27150-22925) and which should be seen as a very
strong support zone in this time frame.
Watch shorter time frame for validation or invalidation of this expected scenario.
BTC is currently far away of KS or pivot level @ 45'363 !
In order to neutralise this ongoing selling pressure, BTC should at least, recover above the primary downtrend line resistance ahead of KS , previously
mentioned.
Some tactical trading opportunities will, in due course, of course occur; offering countertrend buying opportunities which should be seen as
a corrective move only on a broad bear trend !
PLEASE KEEP IN MIND TO PROTECT YOUR COUNTERTREND EXPOSURE WITH TIGHT TRAILING STOP LOSS !!
Have a nice trading week.
All the best and take care
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Ironman8848
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
Email : contact@ironman8848.com

Comments

Glad you are back. I missed your clean and unbiased analysis this past week. 👍
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Ironman8848 peterhammer
@peterhammer, Ironman8848 is back :-)…
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Ironman as always good analysis
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Ironman8848 JordanMCXXII
@JordanMCXXII, many thanks for your compliment :-) ! Iam not always right but at least I try to do my best…
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Well no one is right all the time. I don’t necessarily “trade” off of your analysis but I really like when you come out with an idea that matches my trade analysis! Especially when I’m already sitting in it wondering if I should take some portraits or ride it longer. Almost always I take profits, because of counter trend reversals. Just adds an extra opportunity
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Profits*
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Ironman8848 JordanMCXXII
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