DAILY (D1)
Yesterday's price action triggered a LONG WHITE CANDLE which intraday broke briefly the top of the DAILY CLOUDS RESISTANCE AREA (@ 42'524) but failed to hold and more important to close above it !
Today's ongoing price action is, currently showing the level of the BITCOIN, below the bottom of the daily clouds and below the TENKAN-SEN (41'250) too, with a LAGGING LINE which crossed again below the TENKAN-SEN.
The 38.2% Fibonacci retracement @ 42'520 of the 37'169-42'592 recent rally has already been filled, intraday low, so far, being @ 42'054.
Next support to look at is the psychological 40'000 level ahead of the 50% Fib ret @ 39'880 and then 39'240 (61.8% Fib ret).
RSI currently still above the 50 level, @ 51.10
THE DAILY PICTURE IS SHOWING A BROAD TRIANGLE PATTERN IN PROGRESS !
ONLY A SUSTAINABLE MOVE ABOVE 42'524 (daily closing above it !) (TOP OF THE DAILY CLOUDS RESISTANCE AREA) WOULD FORCE TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS
4 HOURS (H4)
Below the H4 clouds and still above both TENKAN-SEN (40'367) and KIJUN-SEN (39'880) and above the MID BOLLINGER BAND (39'609)
RSI @ 54.49 and LAGGING LINE in the H4 clouds and already below the KIJUN-SEN.
A failure to hold on H4 closing basis above 40'367 would be the first warning signal, calling for further downside towards 39'880 /39'609.
1 HOUR (H1)
Above the H1 very thin clouds support area (39'804-39'294) with the KIJUN-SEN, currently under attack for a downside breakout !
Interesting to note the corroboration between the levels highlighted on the DAILY analysis and those mentioned on the hourly analysis
Do you like my analysis and do you find it bring added value on your trading activity ?
If YES, please do not forget, firstly to like it and for those who do not follow me yet, please also add IRONMAN8848 on your following list.
Last but not least for those who do not have access to TRADING VIEW yet (the best charting application available for the moment :-) please sign up in clicking on the following link :
www.tradingview.com/gopro/?share_your...
Have a nice trading day and all the best.
Take care.
IRONMAN8848 & Jean-Pierre Burki
Yesterday's price action triggered a LONG WHITE CANDLE which intraday broke briefly the top of the DAILY CLOUDS RESISTANCE AREA (@ 42'524) but failed to hold and more important to close above it !
Today's ongoing price action is, currently showing the level of the BITCOIN, below the bottom of the daily clouds and below the TENKAN-SEN (41'250) too, with a LAGGING LINE which crossed again below the TENKAN-SEN.
The 38.2% Fibonacci retracement @ 42'520 of the 37'169-42'592 recent rally has already been filled, intraday low, so far, being @ 42'054.
Next support to look at is the psychological 40'000 level ahead of the 50% Fib ret @ 39'880 and then 39'240 (61.8% Fib ret).
RSI currently still above the 50 level, @ 51.10
THE DAILY PICTURE IS SHOWING A BROAD TRIANGLE PATTERN IN PROGRESS !
ONLY A SUSTAINABLE MOVE ABOVE 42'524 (daily closing above it !) (TOP OF THE DAILY CLOUDS RESISTANCE AREA) WOULD FORCE TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS
4 HOURS (H4)
Below the H4 clouds and still above both TENKAN-SEN (40'367) and KIJUN-SEN (39'880) and above the MID BOLLINGER BAND (39'609)
RSI @ 54.49 and LAGGING LINE in the H4 clouds and already below the KIJUN-SEN.
A failure to hold on H4 closing basis above 40'367 would be the first warning signal, calling for further downside towards 39'880 /39'609.
1 HOUR (H1)
Above the H1 very thin clouds support area (39'804-39'294) with the KIJUN-SEN, currently under attack for a downside breakout !
Interesting to note the corroboration between the levels highlighted on the DAILY analysis and those mentioned on the hourly analysis
Do you like my analysis and do you find it bring added value on your trading activity ?
If YES, please do not forget, firstly to like it and for those who do not follow me yet, please also add IRONMAN8848 on your following list.
Last but not least for those who do not have access to TRADING VIEW yet (the best charting application available for the moment :-) please sign up in clicking on the following link :
www.tradingview.com/gopro/?share_your...
Have a nice trading day and all the best.
Take care.
IRONMAN8848 & Jean-Pierre Burki
