As expected and mentioned in my previous analysis the failure to hold above the psychological support level of 60'000, triggered a downside acceleration which pushed the BTCUSD towards
a low so far of 58'573; my first technical target of 57'765 has not been reached yet...
So what next ?
Well, it is likely to see further downside in the cards ! Indeed, looking at the H4 price action, there is no bullish divergence detected yet and therefore, for the time being, any recovery should be
seen as a corrective move only in a broad new downtrend = SELL ON RALLY !
In this H4 time frame, a downtrend channel took place, from the top of 69'000 (confirmed by the failure to upside breakout clouds resistance on Nov 15th !); currently below the cluster of TS, KS and
MBB and last but not least the Lagging line is far below the clouds...
RSI is confirming NO BULLISH DIVERGENCE YET and is showing some small recovery in a broad bear trend.
The former support zone(62'700-63'000) of what I called "RED ZONE" in my previous analysis should now be seen as the first significant resistance area if the BTCUSD achieved to recover firstly and hold
sustainably above the 60'000 area.
On the downside, on the daily picture, the clouds support area (58'000-53'300 should be seen as an important support zone; by the way, 54'295 is also the 50% Fibonacci retracement of the 39'590-69'000 rally and last
but not least the TS in the weekly time frame
CONCLUSION :
As already mentioned, several times, plenty of short term countertrend trading opportunities could be exploited if you monitor very, very closely shorter time frames to detect early reversal signal (s); do not forget to apply
a disciplinated risk management in placing stop losses accordingly :-)
Have a great trading day and all the best.
"May your long goes up and your short goes down"
Last but not least, if you like my work and you find my analysis valuable for you,(any feedback welcome :-), please do not forget to like it first and for those who do not follow me yet, please also add Ironman8848 on your following list.
Many thanks in advance.
Take care.
Ironman8848
a low so far of 58'573; my first technical target of 57'765 has not been reached yet...
So what next ?
Well, it is likely to see further downside in the cards ! Indeed, looking at the H4 price action, there is no bullish divergence detected yet and therefore, for the time being, any recovery should be
seen as a corrective move only in a broad new downtrend = SELL ON RALLY !
In this H4 time frame, a downtrend channel took place, from the top of 69'000 (confirmed by the failure to upside breakout clouds resistance on Nov 15th !); currently below the cluster of TS, KS and
MBB and last but not least the Lagging line is far below the clouds...
RSI is confirming NO BULLISH DIVERGENCE YET and is showing some small recovery in a broad bear trend.
The former support zone(62'700-63'000) of what I called "RED ZONE" in my previous analysis should now be seen as the first significant resistance area if the BTCUSD achieved to recover firstly and hold
sustainably above the 60'000 area.
On the downside, on the daily picture, the clouds support area (58'000-53'300 should be seen as an important support zone; by the way, 54'295 is also the 50% Fibonacci retracement of the 39'590-69'000 rally and last
but not least the TS in the weekly time frame
CONCLUSION :
As already mentioned, several times, plenty of short term countertrend trading opportunities could be exploited if you monitor very, very closely shorter time frames to detect early reversal signal (s); do not forget to apply
a disciplinated risk management in placing stop losses accordingly :-)
Have a great trading day and all the best.
"May your long goes up and your short goes down"
Last but not least, if you like my work and you find my analysis valuable for you,(any feedback welcome :-), please do not forget to like it first and for those who do not follow me yet, please also add Ironman8848 on your following list.
Many thanks in advance.
Take care.
Ironman8848
