DAILY (D1)
Yesterday's price action triggered a "DOJI" candle with its closing level, exactly at the daily clouds bottom level !
Today's ongoing price action, is for the time being, showing a potential reversal in progress, which, of course, needs to be confirmed on a daily basis closing (either by
a dark cloud cover or even better by a bearish engulfing pattern).
RSI is moving sideways with a little bias to the downside.
First support level, to look at, on a daily basis is @ 41'500 (minor congestion zone, after the Marubozu sharp upside breakout which occurs on Feb 4th) ahead of the next significant
important support @ 40'882 (TS).
A failure to hold above the Tenkan-Sen, would confirm this trend reversal and reopen the door for the 39'000 area (cluster support) ahead of the ongoing uptrend support line, currently @ 38'500
UPSIDE :
Only a clear upside breakout of the former high @ 45'500, on a daily basis closing would allow further upside towards the 48'000 (78.6% Fibo extension) ahead of the top of the daily clouds resistance zone
@ 49'500
4 HOURS (H4)
A RSI bearish divergence detected yesterday triggered a small trend reversal which went down towards the Kijun-Sen (43'238) and the Mid Bollinger Band (43'076) which both of them, so far, in this 4 hours time frame act very well as a support areasin rejecting
several downside breakout attempts.
Last H4 candle which closed a few minutes ago @ 43'853 is roughly at the junction of both the former uptrend support line and the ongoing downtrend line resistance; therefore upcoming closing level candle should give additional information on which way the BTC will go ...
A failure to hold above the cluster (KS & MBB) would open the door for the following targets :
1) 41'972
2) 40'882
3) 39'792 (this level being the middle of the H4 clouds support area !)
UPSIDE :
A successful upside breakout of the Tenkan-Sen (44'101) would neutralise temporarily the ongoing downside risk and would put the focus on the daily clouds resistance area, currently between 44'500 and 49'500.
1 HOUR (H1)
Watch the clouds which also worked perfectly well..so far.. in rejecting downside breakout attempts.
A failure to stay and hold above the 43'300 area on a hourly closing basis would be the first warning.
Ironman8848 @ Jean-Pierre Burki
Yesterday's price action triggered a "DOJI" candle with its closing level, exactly at the daily clouds bottom level !
Today's ongoing price action, is for the time being, showing a potential reversal in progress, which, of course, needs to be confirmed on a daily basis closing (either by
a dark cloud cover or even better by a bearish engulfing pattern).
RSI is moving sideways with a little bias to the downside.
First support level, to look at, on a daily basis is @ 41'500 (minor congestion zone, after the Marubozu sharp upside breakout which occurs on Feb 4th) ahead of the next significant
important support @ 40'882 (TS).
A failure to hold above the Tenkan-Sen, would confirm this trend reversal and reopen the door for the 39'000 area (cluster support) ahead of the ongoing uptrend support line, currently @ 38'500
UPSIDE :
Only a clear upside breakout of the former high @ 45'500, on a daily basis closing would allow further upside towards the 48'000 (78.6% Fibo extension) ahead of the top of the daily clouds resistance zone
@ 49'500
4 HOURS (H4)
A RSI bearish divergence detected yesterday triggered a small trend reversal which went down towards the Kijun-Sen (43'238) and the Mid Bollinger Band (43'076) which both of them, so far, in this 4 hours time frame act very well as a support areasin rejecting
several downside breakout attempts.
Last H4 candle which closed a few minutes ago @ 43'853 is roughly at the junction of both the former uptrend support line and the ongoing downtrend line resistance; therefore upcoming closing level candle should give additional information on which way the BTC will go ...
A failure to hold above the cluster (KS & MBB) would open the door for the following targets :
1) 41'972
2) 40'882
3) 39'792 (this level being the middle of the H4 clouds support area !)
UPSIDE :
A successful upside breakout of the Tenkan-Sen (44'101) would neutralise temporarily the ongoing downside risk and would put the focus on the daily clouds resistance area, currently between 44'500 and 49'500.
1 HOUR (H1)
Watch the clouds which also worked perfectly well..so far.. in rejecting downside breakout attempts.
A failure to stay and hold above the 43'300 area on a hourly closing basis would be the first warning.
Ironman8848 @ Jean-Pierre Burki
