Ironman8848

BTC - ONGOING DOWNTREND STILL INTACT !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
M1 : Recovery attempt failed...!
W1 : Bearish engulfing pattern in progress (wait W1 closing for validation or invalidation)
D1 : Below the clouds and for the time being below the cluster of TS , MBB and KS
In order to neutralise the ongoing downtrend, BTC should at least, quickly recover above
MBB (@ 37'040) ahead of TS , currently @ 38'000). A failure to do it would probably increased this
ongoing selling pressure, in opening the door for lower levels towards 33'500/33'000 first ahead of
31'000/30'000.
H4 : 61.8% Fib ret @ 34'965 filled, with an intraday low of 34'718. Below the clouds. In this time frame,
first significant resistance level is @ 36'460 ( TS ) ahead of the 38'000 area, level already mentioned in D1.
H1 : The low @ 34'718, triggered a bullish divergence which pushed, slightly up the BTC , facing currently MBB
as first resistance level ahead of KS slighly higher @ 36'345
M30 : Bullish divergence also clearly confirmed. Watch clouds resistance area which also coincides with H1 KS !
M15 : Currently facing clouds resistance zone
M5 : Currently attempting to upside breakout a triangle pattern (Warning the breakout is to close of the Apex, which means
this kind of triangle should be seen cautiously !!)
CONCLUSION :
No change in my bearish view, already expressed long time ago, any recovery should be seen as a tactical move only and not as a strategic
trend reversal yet. ONLY A MOVE ABOVE 43'380 ON A WEEKLY BASIS WOULD FORCE TO A VIEW REASSESSMENT OF MY EXPECTED BEARISH SCENARIO.

Have a nice weekend and have fun.
All the best and take care
Ironman8848
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/VIP/