Ironman8848

BTCUSD - D1 - KEY PIVOT LEVEL @ 57'500

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
DAILY PICTURE :

57'500 which is the double top trigger level should still be seen as a KEY PIVOT LEVEL for further development.

In addition, slightly below this level we can see the Tenkan-Sen or Conversion line, currently 57'368.

As already mentioned, a daily closing below both levels mentioned would add further selling pressure and put the
focus to lower levels towards the daily clouds bottom, currently around 53'300, which also coincides with the former
uptrend support line (in green !)

Price action over the coming hours should be monitor very closely and as already mentioned several times, shorter time frames
will give you early signal (s) such bullish divergence which would trigger short term reversal, in a first time, in a corrective move and
if confirmed in longer time frames may become a strategic trend reversal...

RSI indicator still below 50 !

Globally in this time frame and in order to neutralise the ongoing downside move, the BTCUSD should recover, firstly above the daily clouds which
should be confirmed by an upside breakout of the ongoing downtrend line resistance (in red)

INTRADAY PICTURE :

4 HOURS

In an ongoing downtrend channel , currently in its middle level, caugh between the Kijun-Sen on the upside and the Tenkan-Sen & Mid Bollinger Band on the downside.
Watch breakout of one of those points.

1 HOUR :

Upside breakout attempt failed; for the time being it hold above the Kijun-Sen and the MBB . On the upside, watch the top of the clouds and the KS as levels to break while on
the downside a failure to hold above the H1 clouds bottom would put the focus for lower level towards former low around 56'000 first and then lower.

Have a nice trading day.

All the best and take care.

Ironman8848




Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/private-analysis/