Today we are going to look at three time frames :
Firstly the 4 hours where the base of the triangle is currently under attack with an ongoing pullback attempt
Secondly, the hourly to see if there is & are potential reversal signal (s)
Thirdly, the daily picture to have a global overview of what is going on
Let's go to the 4 HOURS CHART :
Currently, after having briefly reached an intraday low of 41'982 (so far !), below the triangle support trend line,
the BTC is attempting to recover with a pullback which should, of course, be confirmed over the coming hours !
A failure to quickly recover within the triangle pattern and above the cluster (@ 42'870/42'930) would confirm further
downside in the cards.
TRIANGLE BREAKOUT GIVES A TECHNICAL TARGET @ 36'732 ( - 13.19 % or - 5586 pts)
Intermediate supports @ 40'800 (former double bottom) ahead of 39'573 former intraday low of Sept 21st
Last but not least, as a gentle remember, the 61.8 % Fibonacci retracement is @ 37'903 and should also be seen, as an important
support level to consider
Should BTC recover sharply and breakout the upside of the triangle, the technical target would be 49'686 ! (unlikely for the time being)
HOURLY:
As for H4, currently in an upside corrective move, currently facing the bottom of the clouds resistance and TS too ! Interesting to note
that the top of the clouds, also coincides with the cluster of KS and MBB, around 43000/43100 which roughly corroborate the resistance area
above mentioned on H4 !
So watch the clouds and monitor closely price action over the coming hours which will help you to get validation or invalidation of the triangle implication previously
explained.
DAILY :
Global picture remains heavy !
Currently traded below the downtrend line resistance and below KS, MBB and TS.
For the time being still in the clouds which is showing a sideways price action and could be seen, in this time frame as NEUTRAL !
LEVELS TO WATCH ON D1 ARE THE FOLLOWING :
Upside : 45'000
Downside : 40'000
Have a nice trading day.
All the best and take care.
If you like my analysis and you find it valuable for your trading strategies, please do not forget to like it and for those who does not follow me yet, also please add me on your following list.
All the best
Ironman8848
Firstly the 4 hours where the base of the triangle is currently under attack with an ongoing pullback attempt
Secondly, the hourly to see if there is & are potential reversal signal (s)
Thirdly, the daily picture to have a global overview of what is going on
Let's go to the 4 HOURS CHART :
Currently, after having briefly reached an intraday low of 41'982 (so far !), below the triangle support trend line,
the BTC is attempting to recover with a pullback which should, of course, be confirmed over the coming hours !
A failure to quickly recover within the triangle pattern and above the cluster (@ 42'870/42'930) would confirm further
downside in the cards.
TRIANGLE BREAKOUT GIVES A TECHNICAL TARGET @ 36'732 ( - 13.19 % or - 5586 pts)
Intermediate supports @ 40'800 (former double bottom) ahead of 39'573 former intraday low of Sept 21st
Last but not least, as a gentle remember, the 61.8 % Fibonacci retracement is @ 37'903 and should also be seen, as an important
support level to consider
Should BTC recover sharply and breakout the upside of the triangle, the technical target would be 49'686 ! (unlikely for the time being)
HOURLY:
As for H4, currently in an upside corrective move, currently facing the bottom of the clouds resistance and TS too ! Interesting to note
that the top of the clouds, also coincides with the cluster of KS and MBB, around 43000/43100 which roughly corroborate the resistance area
above mentioned on H4 !
So watch the clouds and monitor closely price action over the coming hours which will help you to get validation or invalidation of the triangle implication previously
explained.
DAILY :
Global picture remains heavy !
Currently traded below the downtrend line resistance and below KS, MBB and TS.
For the time being still in the clouds which is showing a sideways price action and could be seen, in this time frame as NEUTRAL !
LEVELS TO WATCH ON D1 ARE THE FOLLOWING :
Upside : 45'000
Downside : 40'000
Have a nice trading day.
All the best and take care.
If you like my analysis and you find it valuable for your trading strategies, please do not forget to like it and for those who does not follow me yet, also please add me on your following list.
All the best
Ironman8848
