Looking at the intraday hourly price action, a TRIANGLE PATTERN has been identified !
Indeed, after having reached a high @ 44'981 which triggered a RSI BEARISH DIVERGENCE, the BTC moved in a sideways, slightly down price action, in making a TRIANGLE PATTERN which is currently in a downside breakout progress (watch pullback !) which will validate or invalidate this triangle formation.
A breakout confirmation would open the door for a technical target @ 42'280 !
38.2% Fibonacci retracement @ 41'937 (37'015-44'981 rally)
50 % Fibonacci retracement being @ 40'998 (also the KIJUN-SEN) which is also the hourly clouds bottom support area and which should be seen as a PIVOT LEVEL in this short term hourly time frame.
Interesting to note that 41'110 is currently the level of the MID BOLLINGER BAND on the 4 HOURS time frame
A CLEAR BREAKOUT OF THE 41'000 WOULD PUT THE FOCUS AGAIN ON THE 39'000-37'000 FORMER CONGESTION SUPPORT AREA
IRONMAN8848 & Jean-Pierre Burki
Indeed, after having reached a high @ 44'981 which triggered a RSI BEARISH DIVERGENCE, the BTC moved in a sideways, slightly down price action, in making a TRIANGLE PATTERN which is currently in a downside breakout progress (watch pullback !) which will validate or invalidate this triangle formation.
A breakout confirmation would open the door for a technical target @ 42'280 !
38.2% Fibonacci retracement @ 41'937 (37'015-44'981 rally)
50 % Fibonacci retracement being @ 40'998 (also the KIJUN-SEN) which is also the hourly clouds bottom support area and which should be seen as a PIVOT LEVEL in this short term hourly time frame.
Interesting to note that 41'110 is currently the level of the MID BOLLINGER BAND on the 4 HOURS time frame
A CLEAR BREAKOUT OF THE 41'000 WOULD PUT THE FOCUS AGAIN ON THE 39'000-37'000 FORMER CONGESTION SUPPORT AREA
IRONMAN8848 & Jean-Pierre Burki
