The technical target (41'108) of the double top formation mentioned yesterday in my previous analysis has been filled (intraday low @ 41'077).
Yesterday's price action, third black candle in a row is confirming the expected trend reversal.
The BTC is currently , roughly in the middle of the DAILY CLOUDS SUPPORT AREA, close to the MID BOLLINGER BAND @ 40'729 ahead of the CLUSTER
of KS and TS, respectively @ 40'087 and 39'828; the latter level also coincides with the 50% Fibonacci retracement of the 34'324-45'332 recent rally.
VERY IMPORTANT TO NOTE THAT THE BOTTOM OF THE DAILY CLOUDS CURRENTLY @ 39'565 IS SLIGHTLY BELOW THE TENKAN-SEN AND SHOULD BE SEEN AS
THE MOST SIGNIFICANT SUPPORT LEVEL IN THIS DAILY TIME FRAME.
Indeed, A FAILURE TO HOLD 39'565 on a DAILY CLOSING BASIS, would weigh further on the BTC and would open the door for much lower levels towards
the former congestion support area around the 37'000 level.
RSI is still above 50, @ 51.22... but converging to the downside.
LAGGING LINE is below the clouds and close to the Tenkan-Sen.
A sustainable recovery above 42'524 (top of the daily clouds) would neutralise temporary the ongoing downside risk.
4 HOURS (H4)
Below :
1) The Mid Bollinger Band
2) The Tenkan-Sen
Currently attempting to breakout the Kijun-Sen support.
A breakout of the Kijun-Sen (@ 41'400) , on a H4 closing basis, would add further selling pressure and would put the focus
on the H4 CLOUDS SUPPORT AREA, CURRENTLY BETWEEN 38'000 AND 37'340
RSI below 50 @ 42.36, converging to the downside
LAGGING LINE still above the clouds, Tenkan-Sen and Kijun-Sen.
1 HOUR (H1)
Below :
1) the clouds
2) the Kijun-Senb
3) the Mid Bollinger Band
4) The Tenkan-Sen
In this time frame, next support to look at is @ 40'192 (61.8% Fib ret of the last move from 37'015 toward 45'332 ahead of 38'794 which is
the 78.6% Fib extension retracement.
RSI below 50, @ 27'98, converging to the downside, no bullish divergence yet.
LAGGING LINE is currently attempting to breakout the H4 clouds bottom level @ 41'225.
CONCLUSION :
As usual watch an monitor very closely intraday shorter time frames price action which will firstly validate or invalidate the implications previously mentioned in longer time frames and secondly
those shorter time frames will give you clues regarding potential BULLISH DIVERGENCES which if seen should be used as a TACTICAL TRADING OPPORTUNITIES and therefore MANAGED WITH A DISCIPLINED
RISK MANAGEMENT APPROACH (Risk Reward Ratio depending on your time frame !)
If you like my analysis and you find it is valuable for you, please do not forget to like it and for those who do not follow me yet, please, also add Ironman8848 on your following list.
Last but not least, for those who do not have access to Trading View yet, (one of the best trading application available at the moment, you can sign up in clicking on the following link :
www.tradingview.com/gopro/?share_your...
Have a nice day
All the best and take care
Ironman8848 & Jean-Pierre Burki
Yesterday's price action, third black candle in a row is confirming the expected trend reversal.
The BTC is currently , roughly in the middle of the DAILY CLOUDS SUPPORT AREA, close to the MID BOLLINGER BAND @ 40'729 ahead of the CLUSTER
of KS and TS, respectively @ 40'087 and 39'828; the latter level also coincides with the 50% Fibonacci retracement of the 34'324-45'332 recent rally.
VERY IMPORTANT TO NOTE THAT THE BOTTOM OF THE DAILY CLOUDS CURRENTLY @ 39'565 IS SLIGHTLY BELOW THE TENKAN-SEN AND SHOULD BE SEEN AS
THE MOST SIGNIFICANT SUPPORT LEVEL IN THIS DAILY TIME FRAME.
Indeed, A FAILURE TO HOLD 39'565 on a DAILY CLOSING BASIS, would weigh further on the BTC and would open the door for much lower levels towards
the former congestion support area around the 37'000 level.
RSI is still above 50, @ 51.22... but converging to the downside.
LAGGING LINE is below the clouds and close to the Tenkan-Sen.
A sustainable recovery above 42'524 (top of the daily clouds) would neutralise temporary the ongoing downside risk.
4 HOURS (H4)
Below :
1) The Mid Bollinger Band
2) The Tenkan-Sen
Currently attempting to breakout the Kijun-Sen support.
A breakout of the Kijun-Sen (@ 41'400) , on a H4 closing basis, would add further selling pressure and would put the focus
on the H4 CLOUDS SUPPORT AREA, CURRENTLY BETWEEN 38'000 AND 37'340
RSI below 50 @ 42.36, converging to the downside
LAGGING LINE still above the clouds, Tenkan-Sen and Kijun-Sen.
1 HOUR (H1)
Below :
1) the clouds
2) the Kijun-Senb
3) the Mid Bollinger Band
4) The Tenkan-Sen
In this time frame, next support to look at is @ 40'192 (61.8% Fib ret of the last move from 37'015 toward 45'332 ahead of 38'794 which is
the 78.6% Fib extension retracement.
RSI below 50, @ 27'98, converging to the downside, no bullish divergence yet.
LAGGING LINE is currently attempting to breakout the H4 clouds bottom level @ 41'225.
CONCLUSION :
As usual watch an monitor very closely intraday shorter time frames price action which will firstly validate or invalidate the implications previously mentioned in longer time frames and secondly
those shorter time frames will give you clues regarding potential BULLISH DIVERGENCES which if seen should be used as a TACTICAL TRADING OPPORTUNITIES and therefore MANAGED WITH A DISCIPLINED
RISK MANAGEMENT APPROACH (Risk Reward Ratio depending on your time frame !)
If you like my analysis and you find it is valuable for you, please do not forget to like it and for those who do not follow me yet, please, also add Ironman8848 on your following list.
Last but not least, for those who do not have access to Trading View yet, (one of the best trading application available at the moment, you can sign up in clicking on the following link :
www.tradingview.com/gopro/?share_your...
Have a nice day
All the best and take care
Ironman8848 & Jean-Pierre Burki
