M1 : Ongoing downtrend process. Low reached so far @ 30'066
W1 : Below the cluster. Weekly closing will be once more, VERY IMPORTANT !
Indeed, a failure to close above 40'550 on W1 closing basis would confirm further
downside in the cards for next week
D1 : The trend is your friend. As long as BTC is below 40'000-40'550 on D1 basis, selling
pressure will persist.
H4 : In this time frame 3 successive bearish price action could be seen
Watch 36'000 on the downside and 40'000/40550 on the upside as first significant indicators
levels for next move
H1 : The target (35'650) of the triangle pattern, mentioned yesterday, has been filled (low 33520 !)
Bullish divergence (see chart M15) triggered a recovery which did not breakout the MBB so far .
Attempt to go through the clouds resistance area (36'750-40'000)
As for H4 watch the clouds breakout to get clues (interesting to note that the top clouds level
is currently around the 40'000 which corroborate with what has been said before !)
M30 : Currently traded around MBB. Failure to stay and hold above it (36'850) would directly put the focus
on 36'000/35'800 area)
M15: Bullish divergence on RSI detected @ 33'520, which triggered a corrective move towards a high so far of 38'150, below the clouds.
Watch the clouds (38'800-39'000) and KS (35'830) as indicator levels on this time frame
M5 : Clouds, for the time being rejected the downside breakout attempt. Watch now MBB(37200) ahead of the top of the clouds 37'500-37'800 to get clues
in a VERY SHORT TERM TIME HORIZON.
CONCLUSION : NO CHANGE IN MY STRATEGIC VIEW, CALLING FOR A ONGOING BEARISH SCENARIO
As already mentioned, any long position should be protected with a tight stop loss and be managed with discipline !!!!
Have a nice weekend
All the best
Take care
And if you find my work is valuable for you in your trading strategies, do not forget to like it and if it is not done yet, to add Ironman8848 (ranked by Tradingview as one of the top authors in BTC) in your following list. :-)
Thank you
Ironman8848
W1 : Below the cluster. Weekly closing will be once more, VERY IMPORTANT !
Indeed, a failure to close above 40'550 on W1 closing basis would confirm further
downside in the cards for next week
D1 : The trend is your friend. As long as BTC is below 40'000-40'550 on D1 basis, selling
pressure will persist.
H4 : In this time frame 3 successive bearish price action could be seen
Watch 36'000 on the downside and 40'000/40550 on the upside as first significant indicators
levels for next move
H1 : The target (35'650) of the triangle pattern, mentioned yesterday, has been filled (low 33520 !)
Bullish divergence (see chart M15) triggered a recovery which did not breakout the MBB so far .
Attempt to go through the clouds resistance area (36'750-40'000)
As for H4 watch the clouds breakout to get clues (interesting to note that the top clouds level
is currently around the 40'000 which corroborate with what has been said before !)
M30 : Currently traded around MBB. Failure to stay and hold above it (36'850) would directly put the focus
on 36'000/35'800 area)
M15: Bullish divergence on RSI detected @ 33'520, which triggered a corrective move towards a high so far of 38'150, below the clouds.
Watch the clouds (38'800-39'000) and KS (35'830) as indicator levels on this time frame
M5 : Clouds, for the time being rejected the downside breakout attempt. Watch now MBB(37200) ahead of the top of the clouds 37'500-37'800 to get clues
in a VERY SHORT TERM TIME HORIZON.
CONCLUSION : NO CHANGE IN MY STRATEGIC VIEW, CALLING FOR A ONGOING BEARISH SCENARIO
As already mentioned, any long position should be protected with a tight stop loss and be managed with discipline !!!!
Have a nice weekend
All the best
Take care
And if you find my work is valuable for you in your trading strategies, do not forget to like it and if it is not done yet, to add Ironman8848 (ranked by Tradingview as one of the top authors in BTC) in your following list. :-)
Thank you
Ironman8848
Comment:
triangle pattern on M5 : target 38'124 (which coincides roughly with the clouds top area on M30 and with the middle of the clouds zone on M1
Comment:
watch M5 clouds breakout for confirmation
Comment:
typo mistake, pls read "with the middle of the clouds zone on H1 and not on M1 as written by mistake, sorry for inconvenience caused !
Comment:
Decidedly, it is not my day, today !!
Indeed, in projecting the triangle target I made an additional mistake ...
The projection was for a move of 1479 (35260 to 36739I projected on the upside
from the breakout level (36370) which give a target of 37849 and not 38124 as calculated and mentioned by mistake. Sorry guys,, it is Saturday :-)
Nevertheless, the target has not been reached yet, high being 37559 (potential double top in progress and bearish divergence on M5, meaning that on very short term we may have, perhaps see the top for the time being, watch carefully price action over the upcoming M5 period (s) which will validate or invalidate my idea.
Indeed, in projecting the triangle target I made an additional mistake ...
The projection was for a move of 1479 (35260 to 36739I projected on the upside
from the breakout level (36370) which give a target of 37849 and not 38124 as calculated and mentioned by mistake. Sorry guys,, it is Saturday :-)
Nevertheless, the target has not been reached yet, high being 37559 (potential double top in progress and bearish divergence on M5, meaning that on very short term we may have, perhaps see the top for the time being, watch carefully price action over the upcoming M5 period (s) which will validate or invalidate my idea.
Comment:
Comment:
Triangle target filled @ 37849 (high so far 38800), roughly in the middle of the H1 clouds resistance area and facing H4 MBB resistance @ 38893.
watch carefully price action on each time frame and act accordingly depending on the time horizon you are looking for :-)
watch carefully price action on each time frame and act accordingly depending on the time horizon you are looking for :-)
