Ironman8848

BTC - H1 - CORRECTIVE MOVE ONLY ! SELL ON RALLY .

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After having reached a low of 31'163 nearly (very close of my first target of 31'025), a bullish divergence
detected on H1 triggered a corrective upside move towards a high so far of 33'240.
As you can see on this hourly chart the Kijun-Sen worked perfectly well as resistance level to break !
In order to neutralise this ongoing selling pressure, BTC needs first to clearly move and hold above KS (currently @ 32'864) which should
be, of course confirmed by a breakout of the clouds resistance area in this H1 time frame, which coincides also to the downtrend line resistance (in red).
CONCLUSION :
No change in my view which is still calling for a move towards the psychological support level of 30'000 ahead of lower levels with the first significant support
level @ 27'169 (61.8% Fib ret 3850-64895)
STRATEGICALLY SPEAKING :BTC REMAINS A SELL ON RALLY AND NOT A BUY ON DIPS YET !
TACTICALLY SPEAKING : IT IS ANOTHER STORY AND A LOT OF VERY SHORT TERM BUYING OPPORTUNITY WILL OCCUR IN DUE COURSE TRIGGERED BY BULLISH DIVERGENCE (S)
ON SHORT TERM TIME FRAMES.
AS ALREADY MENTIONED, I STRONGLY SUGGEST TO PROTECT ANY TACTICAL LONG EXPOSURE TAKE IN USING A DISCIPLINATED RISK MANAGEMENT (TRAILING STOP LOSS !)
Have a great trading day and all the best
Take care
Ironman8848
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
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