Ironman8848

BTC/USD - D1 - YESTERDAY'S CLOSING TRIGGERED A DOJI PATTERN !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
D1 : In a broad bear trend downtrend channel , yesterday's price action triggered a "doji", which close
just above the important support level of Kijun-Sen.
Today's ongoing price action, broke KS and former low of 44151 in reaching a new intraday low @ 43782 !
Indicators are still pointing to the South.
In addition, current price action is showing that BTC is traded below the middle of the donwtrend channel.
Next important support to look at is @ 43577 (50% Fib ret) and a breakout of that level would put directly the
focus on the 42000 area (former high of Jan 8th) ahead of the psychological level of 40'000 (40089 being the
61.8% Fib ret)
Last but not least the 43500-40000 is very fragile (long white bullish candle of Feb 8th, thanks to Elon !) and therefore
should be quickly broken...
In order to neutralise the current downside risk in this bearish price action, BTC should recover at least above KS , currently @ 46868.

Watch and monitor carefully H4, H1, M15 and M5 for intermediate validation or invalidation of this expected bearish scenario
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
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