4 HOURS (H4)
Currently in a corrective move triggered by a RSI bullish divergence detected on H1 (see comment below)
Facing in this time frame the first significant resistance area to break : THE CLOUDS !
Interesting to note that the Kijun-Sen or Base line coincides exactly with the top of the clouds and this level
(42'486) should be seen as the first important point to break on H4 closing basis.
1 HOUR (H1)
As already previously mentioned, a RSI bullish divergence took place on this time frame which triggered this ongoing
corrective recovery... for the time being !
Indeed, the H1 clouds resistance in test mode with its top level at also 42'500 (roughly the same than the KS in H4).
Therefore, ongoing and upcoming price action should be watch at very carefully as there is also a double bottom formation in
progress on H1 with its trigger level @ 42'685 which also coincides, currently with the ongoing downtrend resistance line.
CONCLUSION :
IMPLICATIONS :
A failure to breakout the clouds on a H1 and H4 closing basis would put again the Bitcoin under a new selling pressure in putting the
short term focus on the former low @ 41'145 ahead of the psychological 40'000 support level.
A breakout confirmation (@ 42'685) (closing basis) of the potential double bottom formation in progress would open the door for a target
@ 44'225
Ironman8848. & Jean-Pierre Burki
Currently in a corrective move triggered by a RSI bullish divergence detected on H1 (see comment below)
Facing in this time frame the first significant resistance area to break : THE CLOUDS !
Interesting to note that the Kijun-Sen or Base line coincides exactly with the top of the clouds and this level
(42'486) should be seen as the first important point to break on H4 closing basis.
1 HOUR (H1)
As already previously mentioned, a RSI bullish divergence took place on this time frame which triggered this ongoing
corrective recovery... for the time being !
Indeed, the H1 clouds resistance in test mode with its top level at also 42'500 (roughly the same than the KS in H4).
Therefore, ongoing and upcoming price action should be watch at very carefully as there is also a double bottom formation in
progress on H1 with its trigger level @ 42'685 which also coincides, currently with the ongoing downtrend resistance line.
CONCLUSION :
IMPLICATIONS :
A failure to breakout the clouds on a H1 and H4 closing basis would put again the Bitcoin under a new selling pressure in putting the
short term focus on the former low @ 41'145 ahead of the psychological 40'000 support level.
A breakout confirmation (@ 42'685) (closing basis) of the potential double bottom formation in progress would open the door for a target
@ 44'225
Ironman8848. & Jean-Pierre Burki
