BTC - DAILY - WARNING !VERY THIN DAILY CLOUDS SUPPORT...
WEEKLY (W1)
Last week price action, long white candle, could be seen, as first glance as a positive signal, in this time frame.
The only negative point is that the BTC did not manage to recover above the high of the previous week (42'592) !. indeed the high seen was slightly lower @ 42'405
Therefore, this failure is still confirming the STRATEGIC BEARISH STRUCTURE in the WEEKLY TIME FRAME
RSI is below 50, @ 45.60
LAGGING LINE is still in the clouds and also below both the TS and KS
LEVELS TO WATCH ON WEEKLY CLOSING BASIS ARE THE FOLLOWING :
UPSIDE : MBB @ 45'209 & CLOUDS TOP @ 45'937
DOWNSIDE : TS @ 39'400 & CLOUDS BOTTOM @ 37'710
DAILY (D1)
Yesterday's price action triggered a long black candle (bearish engulfing pattern) with an intraday low reached @ 40'930, slightly above the THIN DAILY CLOUDS SUPPORT AREA, which was yesterday between 40'817 and 40'268 and which is currently between 40'238 and 39'772.
MID BOLLINGER BAND, currently @ 40'219 should once again be seen as a very good indicator for further development, following slightly below by the Tenkan-Sen @ 39'986 and finaly by the Kijun-Sen @ 39'828.
Last but not least this CLUSTER SUPPORT coincides also exacly with the DAILY CLOUDS and therefore should not be underestimated on both side, respectively firstly as THE DAILY SUPPORT AREA and if broken as the new resistance area to look at.
In order to neutralise this ongoing downside risk the BTC, should at least recover and hold on a daily closing basis above 41'750. which is the middle of the yesterday's bearish candle as such kind of price action would trigger a PIERCING LINE and therefore, would neutralise this ongoing downside risk in reopening, potentially the door for a new attempt of crossing over the former highs (42'405 &4 2'592)
On the downside, a failure to hold above the CLUSTER previously mentioned would add further selling pressure and put the focus on lower levels towards 39'400 (TS weekly), then towards the former daily congestion support (37'600-37'000)
RSI slightly above 50, @ 51.58
LAGGING LINE currently in the middle of the clouds and still above both the KS and TS
4 HOURS (H4)
The target (40'703) of the double top pattern, I mentioned yesterday in my previous analysis has been reached and the 50% Fib ret @ 40'558 too, intraday low being @ 40'516.
After this recent downside move and those short term targets reached, a recovery attempt took place, which has been triggered by a RSI bullish divergence triggered on shorter time frame (H1).
Watch 41'238 - 41'680 as short term recovery targets.
H4 MID BOLLINGER BAND IS @ 41'461 and a H4 closing above this level would be the first warning signal of a short time bottom in place
On the other side, a failure to hold above the 40'500 area would put the focus towards the H4 clouds support around the psychological 40'000 level (50% Fibonacci retracement @ 39'986 and 61.8% @ 39'415, which also coincides with the weekly tenkan-sen @ 39'400
1 HOUR (H1)
Watch the CLOUDS as resistance level (roughly the Fib ret too)
IRONMAN8848 & Jean-Pierre Burki
Last week price action, long white candle, could be seen, as first glance as a positive signal, in this time frame.
The only negative point is that the BTC did not manage to recover above the high of the previous week (42'592) !. indeed the high seen was slightly lower @ 42'405
Therefore, this failure is still confirming the STRATEGIC BEARISH STRUCTURE in the WEEKLY TIME FRAME
RSI is below 50, @ 45.60
LAGGING LINE is still in the clouds and also below both the TS and KS
LEVELS TO WATCH ON WEEKLY CLOSING BASIS ARE THE FOLLOWING :
UPSIDE : MBB @ 45'209 & CLOUDS TOP @ 45'937
DOWNSIDE : TS @ 39'400 & CLOUDS BOTTOM @ 37'710
DAILY (D1)
Yesterday's price action triggered a long black candle (bearish engulfing pattern) with an intraday low reached @ 40'930, slightly above the THIN DAILY CLOUDS SUPPORT AREA, which was yesterday between 40'817 and 40'268 and which is currently between 40'238 and 39'772.
MID BOLLINGER BAND, currently @ 40'219 should once again be seen as a very good indicator for further development, following slightly below by the Tenkan-Sen @ 39'986 and finaly by the Kijun-Sen @ 39'828.
Last but not least this CLUSTER SUPPORT coincides also exacly with the DAILY CLOUDS and therefore should not be underestimated on both side, respectively firstly as THE DAILY SUPPORT AREA and if broken as the new resistance area to look at.
In order to neutralise this ongoing downside risk the BTC, should at least recover and hold on a daily closing basis above 41'750. which is the middle of the yesterday's bearish candle as such kind of price action would trigger a PIERCING LINE and therefore, would neutralise this ongoing downside risk in reopening, potentially the door for a new attempt of crossing over the former highs (42'405 &4 2'592)
On the downside, a failure to hold above the CLUSTER previously mentioned would add further selling pressure and put the focus on lower levels towards 39'400 (TS weekly), then towards the former daily congestion support (37'600-37'000)
RSI slightly above 50, @ 51.58
LAGGING LINE currently in the middle of the clouds and still above both the KS and TS
4 HOURS (H4)
The target (40'703) of the double top pattern, I mentioned yesterday in my previous analysis has been reached and the 50% Fib ret @ 40'558 too, intraday low being @ 40'516.
After this recent downside move and those short term targets reached, a recovery attempt took place, which has been triggered by a RSI bullish divergence triggered on shorter time frame (H1).
Watch 41'238 - 41'680 as short term recovery targets.
H4 MID BOLLINGER BAND IS @ 41'461 and a H4 closing above this level would be the first warning signal of a short time bottom in place
On the other side, a failure to hold above the 40'500 area would put the focus towards the H4 clouds support around the psychological 40'000 level (50% Fibonacci retracement @ 39'986 and 61.8% @ 39'415, which also coincides with the weekly tenkan-sen @ 39'400
1 HOUR (H1)
Watch the CLOUDS as resistance level (roughly the Fib ret too)
IRONMAN8848 & Jean-Pierre Burki
