DAILY : DOUBLE TOP IN PROGRESS STILL ALIVE
As mentioned in my previous analysis (see related ideas below), the recovery which took place recently was only a corrective move in a broad new bear trend which started @ ATH 69'000.
Indeed, the ongoing double top formation is still intact and a daily closing below its trigger level (@ 57'500) would be the first warning signal which would confirm this bearish formation, calling
for a target @ 46'000
The clouds, once again worked perfectly well in rejecting the upside breakout and I will strongly suggest to monitor carefully price action around the clouds as failure to hold above the daily clouds will
be the second signal calling for further downside and a move towards the psychological 50'000 first, ahead of 46'000 previously mentioned.
Look also RSI price action which continue to converge to the downside in being below the 50 level.
WEEKLY : LAST WEEK PRICE ACTION TRIGGERED A BEARISH ENGULFING PATTERN ( Long black candle) !!!
On this time frame the next significant support is @ 54'295 while on the upside the next important level to look at is @ 60'000.
In order to neutralise the ongoing downside price action on this weekly time frame, BTCUSD should recover at least above 62'100 which if occurs, would trigger a "PIERCING LINE PATTERN", which would
be seen as a reversal signal in this weekly time frame.
IMPORTANT LEVELS TO WATCH ON A WEEKLY BASIS ARE THE FOLLOWING :
54'295
62'100
INTRADAY - 4 HOURS - KIJUN-SEN UNDER ATTACK !!!
On the intraday, 4 hours picture, the Kijun-Sen @ 57'368 is under attack and a failure to hold above it on the next closing observation would also be a warning signal for further downside; on short term a move above
the MBB, currently @ 58'205 ahead of TS (@ 58'450) would temporary slow the current bearish move and reopen the door for the psychological and important resistance level of 60'000 which should really clearly be broken
and if it is the case, that would force to a view reassessment of my still bearish expected scenario already detected a couple days ago.
Do you like, the way I work in explaining my views ? If it is the case, please do not forget :
1) to like it
2) to add Ironman8848 in your following list, if it is not done yet :-)
3) write a comment or remark which will be welcome
Have a nice trading week and all the best.
Take care
Ironman8848
As mentioned in my previous analysis (see related ideas below), the recovery which took place recently was only a corrective move in a broad new bear trend which started @ ATH 69'000.
Indeed, the ongoing double top formation is still intact and a daily closing below its trigger level (@ 57'500) would be the first warning signal which would confirm this bearish formation, calling
for a target @ 46'000
The clouds, once again worked perfectly well in rejecting the upside breakout and I will strongly suggest to monitor carefully price action around the clouds as failure to hold above the daily clouds will
be the second signal calling for further downside and a move towards the psychological 50'000 first, ahead of 46'000 previously mentioned.
Look also RSI price action which continue to converge to the downside in being below the 50 level.
WEEKLY : LAST WEEK PRICE ACTION TRIGGERED A BEARISH ENGULFING PATTERN ( Long black candle) !!!
On this time frame the next significant support is @ 54'295 while on the upside the next important level to look at is @ 60'000.
In order to neutralise the ongoing downside price action on this weekly time frame, BTCUSD should recover at least above 62'100 which if occurs, would trigger a "PIERCING LINE PATTERN", which would
be seen as a reversal signal in this weekly time frame.
IMPORTANT LEVELS TO WATCH ON A WEEKLY BASIS ARE THE FOLLOWING :
54'295
62'100
INTRADAY - 4 HOURS - KIJUN-SEN UNDER ATTACK !!!
On the intraday, 4 hours picture, the Kijun-Sen @ 57'368 is under attack and a failure to hold above it on the next closing observation would also be a warning signal for further downside; on short term a move above
the MBB, currently @ 58'205 ahead of TS (@ 58'450) would temporary slow the current bearish move and reopen the door for the psychological and important resistance level of 60'000 which should really clearly be broken
and if it is the case, that would force to a view reassessment of my still bearish expected scenario already detected a couple days ago.
Do you like, the way I work in explaining my views ? If it is the case, please do not forget :
1) to like it
2) to add Ironman8848 in your following list, if it is not done yet :-)
3) write a comment or remark which will be welcome
Have a nice trading week and all the best.
Take care
Ironman8848
