WEEKLY :
Following its weekly closing @ 49'463, below the former uptrend support line, the BTCUSD began the week in the red again.
DAILY :
Indeed, last daily closing triggered a "DOJI" pattern which confirm growing uncertainty about further development and which
looks like an increase of the selling pressure.
RSI @ 31.38
H4 :
Looking now at the 4 hours time frame, we can clearly see that the BTCUSD is caught between the Tenkan-Sen & Conversion Line and the Kijun-Sen & Base Line,
which are respectively @ 48'800 and 49'800.
The Mid Bollinger Band, currently @ 50'960 should, as already mentioned several times, really be seen as a very good indicator in considering this line as a barometer, which means
BULLISH above and BEARISH below...
In addition, the Tenkan-Sen coincides also with a minor uptrend support line which if broken on a H4 closing basis, would directly open the door for lower levels, towards firstly the 46'500 area, ahead
of former low around 42'000 reached on Dec 4th.
Last but not least a rising wedge formation is in progress on RSI !
H1 :
Uncertainty confirmed by the recent and current price action within the clouds...
Interesting to note that the H1 bottom clouds also coincides with the support level above mentioned on H4 !
CONCLUSION :
Globally it does not smell good !
No change in my expected bearish scenario and any new long tactical exposure should be monitored very closely in adopting a disciplined risk management and in respecting a rational Risk Reward ratio !!!
For those who discover Ironman8848 and who like my analysis, please do not forget to firstly like it and add Ironman8848 on your following list.
Many thanks in advance.
Have a nice week and all the best.
Ironman8848
Following its weekly closing @ 49'463, below the former uptrend support line, the BTCUSD began the week in the red again.
DAILY :
Indeed, last daily closing triggered a "DOJI" pattern which confirm growing uncertainty about further development and which
looks like an increase of the selling pressure.
RSI @ 31.38
H4 :
Looking now at the 4 hours time frame, we can clearly see that the BTCUSD is caught between the Tenkan-Sen & Conversion Line and the Kijun-Sen & Base Line,
which are respectively @ 48'800 and 49'800.
The Mid Bollinger Band, currently @ 50'960 should, as already mentioned several times, really be seen as a very good indicator in considering this line as a barometer, which means
BULLISH above and BEARISH below...
In addition, the Tenkan-Sen coincides also with a minor uptrend support line which if broken on a H4 closing basis, would directly open the door for lower levels, towards firstly the 46'500 area, ahead
of former low around 42'000 reached on Dec 4th.
Last but not least a rising wedge formation is in progress on RSI !
H1 :
Uncertainty confirmed by the recent and current price action within the clouds...
Interesting to note that the H1 bottom clouds also coincides with the support level above mentioned on H4 !
CONCLUSION :
Globally it does not smell good !
No change in my expected bearish scenario and any new long tactical exposure should be monitored very closely in adopting a disciplined risk management and in respecting a rational Risk Reward ratio !!!
For those who discover Ironman8848 and who like my analysis, please do not forget to firstly like it and add Ironman8848 on your following list.
Many thanks in advance.
Have a nice week and all the best.
Ironman8848
