Ironman8848

BTC - GLOBAL OVERVIEW

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
M1 : Still in a broad bear trend. Monthly pivot level @ 34372
W1 : Same than M1 , any recovery should still be seen as a corrective move only and not as a strategic trend reversal yet !
D1 : Clear downtrend channel in place, below TS , KS and MBB . Only a move above KS @ 32'960 would neutralise for a while
the current downside selling pressure. First significant resistance level on that time frame is @ 31318 ( TS )
H4 : INTERESTING TO NOTE THE SHORT TERM RECOVERY FROM ITS LOW REACHED @ 29300 YESTERDAY TOWARDS A HIGH SO FAR
OF 30'950, SLIGHTLY ABOVE THE KS (30'868) AND 50% FIBONACCI RETRACEMENT (32242-29300) @ 30877.
LOOKS LIKE A SELL ABOVE 30'800 AND TOWARDS 31'318

H1 : Clouds worked perfectly well as an important resistance level on this time frame. Watch carefully upcoming period (s) price action, which
will validate or invalidate a potential upside clouds breakout.
M30 : Above the clouds, looks a little bit tired...
M15: Same than M30, watch TS (30'802) as very short term support level which will corroborate my H4 view above mentioned
M5 : Potential very short term double top (30'950), trigger @ 30'655
CONCLUSION :
No change in my bearish expected scenario, calling for my first strategic target @ 27'169, which is the 61.8% Fib ret (3850-64'895)
BTC remains a SELL on rally and any tactical long exposure should be protected with a tight trailing stop loss in a very disciplinated Risk & Reward
approach
Have a nice trading day
All the best and take care
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Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
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