As you can see on the Daily chart, the BTCUSD is traded in a sideways price action caught between 45'500 on the downside and 52'000 on the upside.
Inside this trading range, the middle of the sideways channel @ 48'800 should be seen as the barometer (Bullish above and bearish below on a daily closing basis, of course !)
Watch also RSI price action which is for the time being below the 50 area, @ 39.61
A breakout confirmed on a daily closing basis would have the following implications :
ON THE DOWNSIDE :
Next support to look at is the 61.8% Fibonacci retracement @ 44'094 of the 28'700-69'000 rally ahead of the 78.6% Fib ret @ 37'324
ON THE UPSIDE :
As the 52'000 resistance areea is also roughly the 38.2% Fibonacci retracement of the 69'000-41'967 downside move, the next level to look at is @ 55'483 (50 % Fib ret & top of the daily clouds) ahead of 58'673 (61.8 % Fib ret)
Looking briefly to the weekly picture, we can also see that the clouds support area is currently between 44'000 and 37'000 which coincides with the support zones previously mentioned in the daily analysis (corroboration).
CONCLUSION :
Watch the clouds on each time frames; only weekly and monthly pictures are showing the BTCUSD still above the clouds.
On all shorter time frames the BTCUSD is below...
In screening very carefully the intraday time frames you will be able to detect early (tactical short term reversal) which could provide, "very short term countertrend trading opportunities", which should be, if taken, protected accordingly in respecting a strict Risk Reward ratio approach !
Ironman8848 & Jean-Pierre Burki
Inside this trading range, the middle of the sideways channel @ 48'800 should be seen as the barometer (Bullish above and bearish below on a daily closing basis, of course !)
Watch also RSI price action which is for the time being below the 50 area, @ 39.61
A breakout confirmed on a daily closing basis would have the following implications :
ON THE DOWNSIDE :
Next support to look at is the 61.8% Fibonacci retracement @ 44'094 of the 28'700-69'000 rally ahead of the 78.6% Fib ret @ 37'324
ON THE UPSIDE :
As the 52'000 resistance areea is also roughly the 38.2% Fibonacci retracement of the 69'000-41'967 downside move, the next level to look at is @ 55'483 (50 % Fib ret & top of the daily clouds) ahead of 58'673 (61.8 % Fib ret)
Looking briefly to the weekly picture, we can also see that the clouds support area is currently between 44'000 and 37'000 which coincides with the support zones previously mentioned in the daily analysis (corroboration).
CONCLUSION :
Watch the clouds on each time frames; only weekly and monthly pictures are showing the BTCUSD still above the clouds.
On all shorter time frames the BTCUSD is below...
In screening very carefully the intraday time frames you will be able to detect early (tactical short term reversal) which could provide, "very short term countertrend trading opportunities", which should be, if taken, protected accordingly in respecting a strict Risk Reward ratio approach !
Ironman8848 & Jean-Pierre Burki
