Yesterday's price action triggered a nice recovery (medium white candle ) with its closing (@41'147), firstly above the clouds and secondly just slightly below the weekly TENKAN-SEN @ 41'279, mentioned in my previous analysis, as an important level to break for an upside move continuation.
So, what next ?
Well, no secret in the cards !
A sustainable move and a DAILY CLOSING LEVEL ABOVE 41'279 would be seen as a confirmation for further recovery towards 42'383, the latter level being roughly the double bottom target (42'368) of the pattern detected yesterday in my last analysis (UP or DOWN !). Above this first significant resistance area, the next one will be the KiJUN-SEN or base line @ 43'726.
On the downside, once again the very thin DAILY CLOUDS AREA (40'100 - 39'900) will continue act as THE SUPPORT ZONE and will still be THE KEY PIVOT ZONE in this DAILY TIME FRAME.
4 HOURS (H4)
Yesterday's afternoon price action (long white bullish candle) triggered a cross over of TS, MBB and on its way also broke the double bottom trigger level @ 40'691, which activate this bullish formation for a target of 42'368.
Recent and current price is showing some uncertainty and indecision (small candles !) around this important level of 41'279.
Therefore, in order to validate further upside the BTC should, firstly hold sustainably above 41'279 and secondly should, concretely show more conviction with bigger white candles...
The RSI is slightly higher than 50, @ 51.68 and the LAGGING LINE is, for the time being far below the clouds and still below both TS and KS
1 HOUR (H1)
The BTC managed to recover above the hourly clouds which should, on short term perspective, be seen as a positive signal.Nevertheless, watch carefully, price action over the upcoming next trading hours (potential RSI bearish divergence in progress and also watch the LAGGING LINE which is currently exactly on the top of the hourly clouds resistance area.
IRONMAN8848 - Jean-Pierre Burki
So, what next ?
Well, no secret in the cards !
A sustainable move and a DAILY CLOSING LEVEL ABOVE 41'279 would be seen as a confirmation for further recovery towards 42'383, the latter level being roughly the double bottom target (42'368) of the pattern detected yesterday in my last analysis (UP or DOWN !). Above this first significant resistance area, the next one will be the KiJUN-SEN or base line @ 43'726.
On the downside, once again the very thin DAILY CLOUDS AREA (40'100 - 39'900) will continue act as THE SUPPORT ZONE and will still be THE KEY PIVOT ZONE in this DAILY TIME FRAME.
4 HOURS (H4)
Yesterday's afternoon price action (long white bullish candle) triggered a cross over of TS, MBB and on its way also broke the double bottom trigger level @ 40'691, which activate this bullish formation for a target of 42'368.
Recent and current price is showing some uncertainty and indecision (small candles !) around this important level of 41'279.
Therefore, in order to validate further upside the BTC should, firstly hold sustainably above 41'279 and secondly should, concretely show more conviction with bigger white candles...
The RSI is slightly higher than 50, @ 51.68 and the LAGGING LINE is, for the time being far below the clouds and still below both TS and KS
1 HOUR (H1)
The BTC managed to recover above the hourly clouds which should, on short term perspective, be seen as a positive signal.Nevertheless, watch carefully, price action over the upcoming next trading hours (potential RSI bearish divergence in progress and also watch the LAGGING LINE which is currently exactly on the top of the hourly clouds resistance area.
IRONMAN8848 - Jean-Pierre Burki
