Ironman8848

BTCUSD - H4 - H & S IN PROGRESS !

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
This time the clouds did not hold ...
An Head and Shoulder formation is in progress and if this is confirmed, the technical target would be @ 51'436.
Therefore, price action over the coming hours will be, once again, very important to look at carefully.
Indeed, only a clear recovery above the clouds (around 63'000, already mentioned in my previous analysis !) would neutralise this ongoing bearish mode.
Intermediate support levels @ 56'525, 53'292 ahead of the 61.8% Fib ret @ 50'058 ( 39'590-66994 rally)
RSI is again below 50.

Looking briefly at the daily picture, after having failed to upside breakout the Tenkan-Sen, we can see a "BEARISH ENGULFING PATTERN" triggered yesterday and in this time frame, in order, also to stabilise and neutralise,
the ongoing downside risk, we need to see a daily closing above 61'700 which would, at least, trigger a piercing line !
On the downside, a daily closing below the Mid Bollinger Band (currently @ 59'000) would put an additionnal selling pressure and would open the door for the levels previously mentioned.
Interesting to note that the 53'292-50'058 coincides with the daily support clouds area.

On shorter time frame (H1), we are currently seeing a "corrective* recovery, having in focus 61'330, 61791 ahead of 62'253, the latter coinciding roughly with the secondary downtrend line resistance in this H1 time frame.
should we go higher then the 63'000, as previously mentioned would be the pivot level to look at very carefully.

Have a nice trading day.

Take care

Ironman8848



Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/private-analysis/