After having reached a low of 34'000, the Bitcoin is attempting to recover a little bit, moving currently in a sideways direction.
Levels to watch in this 4 hours time frame are the following :
DOWNSIDE :
Former low @ 34'000
IMPLICATION :
A failure to hold and a breakout of 34'000 would put the focus for lower levels towards 31'250 (minor congestion support) ahead of the psychological 30'000 level and then 28'600
UPSIDE :
36'230 (Tenkan-Sen)
IMPLICATION :
A sustainable move above 36'230 (H4 closing basis) would open the door for 38'250 (Mid Bollinger Band & barometer in this time frame), ahead of the 38'750 area (Kijun-Sen)
Nevertheless, even if such kind of recovery took place, the BITCOIN would still remain in a BEARISH MODE, as the most important obstacle, "THE CLOUDS" are still there (42'000) weighing globally heavily
in the ongoing price action !
CONCLUSION :
For the time being, any recovery should still be seen as a CORRECTIVE MOVE ONLY IN A BROAD BEARISH PICTURE and not as a strategic trend reversal yet !
As usual, watch and monitor closely shorter intraday time frames to be able to get early signals which would validate or invalidate the scenarios (implications) previously mentioned.
Last but not least, if you like my analysis and if you find that it is valuable for you, please, do no forget to :
1) like it
2) add Ironman8848 on your following list
Have a nice Sunday :-)
Ironman8848 & Jean-Pierre Burki
Levels to watch in this 4 hours time frame are the following :
DOWNSIDE :
Former low @ 34'000
IMPLICATION :
A failure to hold and a breakout of 34'000 would put the focus for lower levels towards 31'250 (minor congestion support) ahead of the psychological 30'000 level and then 28'600
UPSIDE :
36'230 (Tenkan-Sen)
IMPLICATION :
A sustainable move above 36'230 (H4 closing basis) would open the door for 38'250 (Mid Bollinger Band & barometer in this time frame), ahead of the 38'750 area (Kijun-Sen)
Nevertheless, even if such kind of recovery took place, the BITCOIN would still remain in a BEARISH MODE, as the most important obstacle, "THE CLOUDS" are still there (42'000) weighing globally heavily
in the ongoing price action !
CONCLUSION :
For the time being, any recovery should still be seen as a CORRECTIVE MOVE ONLY IN A BROAD BEARISH PICTURE and not as a strategic trend reversal yet !
As usual, watch and monitor closely shorter intraday time frames to be able to get early signals which would validate or invalidate the scenarios (implications) previously mentioned.
Last but not least, if you like my analysis and if you find that it is valuable for you, please, do no forget to :
1) like it
2) add Ironman8848 on your following list
Have a nice Sunday :-)
Ironman8848 & Jean-Pierre Burki
