BTC - W1 - WATCH CLOSING PRICE AT THE END OF THE WEEK...
W1 : For the second consecutive week, the closing price of last week has been below the downtrend line resistance level;
the shape of the candle (small body and long upside and downside shadows is confirming uncertainty !)
Important to note the importance of TS which worked perfectly well again as a leading indicator in holding so far
3 times, rejecting downside breakout attempts...
Therefore, this week closing price will probably tell more about the future...
Indeed, as the level of the downtrend line resistance move down every weeky the area to break now is currently
roughly @ 34000 vs 36000, the week before !
Nevertheless, an alone upside breakout of the downtrend line will not be sufficient to confirm, that we are out of the woods !
A strategic trend reversal would only be confirmed by a move, first of all above the 36'000 area (open level of the second
black candle) ahead of 38'000 (open level of the first black candle)
Such kind of move would neutralise the current ongoing downside risk.
On the downside, a weekly closing below the closing level of the second black candle @ 32288 would confirm further downside
in the cards.
Finally, TS, currently @ 29784, is the key pivot level; a failure to hold on a weekly closing above that level would directly put the
focus on my first strategic target of 27426 (38.2% Fib ret / (3850-42000) !
D1 : Watch carefully D1 price action to get clues for further intermediate signals over the coming sessions.
the shape of the candle (small body and long upside and downside shadows is confirming uncertainty !)
Important to note the importance of TS which worked perfectly well again as a leading indicator in holding so far
3 times, rejecting downside breakout attempts...
Therefore, this week closing price will probably tell more about the future...
Indeed, as the level of the downtrend line resistance move down every weeky the area to break now is currently
roughly @ 34000 vs 36000, the week before !
Nevertheless, an alone upside breakout of the downtrend line will not be sufficient to confirm, that we are out of the woods !
A strategic trend reversal would only be confirmed by a move, first of all above the 36'000 area (open level of the second
black candle) ahead of 38'000 (open level of the first black candle)
Such kind of move would neutralise the current ongoing downside risk.
On the downside, a weekly closing below the closing level of the second black candle @ 32288 would confirm further downside
in the cards.
Finally, TS, currently @ 29784, is the key pivot level; a failure to hold on a weekly closing above that level would directly put the
focus on my first strategic target of 27426 (38.2% Fib ret / (3850-42000) !
D1 : Watch carefully D1 price action to get clues for further intermediate signals over the coming sessions.