Hello to everybody, today we are going to look at the 4 hours time frame which is showing a TRIPLE RSI BEARISH DIVERGENCES, coupled with a double top formation in progress with its trigger level @ 41'000. Therefore, I would strongly suggest to watch carefully a the 41'000 area ahead of 40'705 (MMB); indeed, a breakout and a failure to quickly recover above the area above mentioned would first of all : 1) Activate the double top pattern, in opening the door for a target of 39'386 2) Failure to hold and stay above MBB (40'705) and a following breakout of KS (40'473) would be the signal confirmation of a trend reversal, calling for further downside towards the H4 clouds support area 38'300-35'000 (38.2% Fib Ret @ 37'528) In case of an opposite move to the upside, we, now need to see a clear breakout of the former highs (42'411 & 42'614) potential double top previously mentioned, to neutralized the ongoing downside risk. Targets on the upside would be : 1) 42'894 2) 44'800 3) 47'095 Have a nice Sunday afternoon. Here in Switzerland it is the National Holiday (1st August) :-) All the best to all of you and take care Ironman8848
Nice TA! I Can smell >47k before end of next week.
Ironman8848
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@gastseg, maybe, nobody knows the market is always right my friend
peterbhc
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11 hours to go, but so far that is one bullishly strong weekly candle. closing above all 3 (8,13,21 weekly EMAs). MACD is closing in on a curl too. But as you said "watch carefully"
Ironman8848
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@peterbhc, agree with you :-) Indeed, on a weekly basis, it looks quite good; after last week bullish engulfing pattern, the ongoing candle is a long white bullish candle. The only thing which is missing
for me, it is a clear upside breakout of both Mid Bollinger Band (currently @ 44'593) ahead of Kijun Sen (currently @ 46747)... And last but not least we need, first of all to also see a clear breakout of the weekly downtrend
line resistance on a weekly closing level above it ! We will maybe have an answer in a couple of hours my friend.
All the best and take care :-)