BTC - D1 - TRIANGLE IN PROGRESS ! IMPLICATIONS : + / - 13'535
WARNING !!!
On D1, A TRIANGLE PATTERN IS IN PROGRESS. A breakout confirmation would imply a move of +/- 13'535 with an expected
downside breakout calling for a target of 21'270 !!!
M1 : No change, ongoing bearish price action still alive
W1 . Same thant M1; in addition, the "new" fragile uptrend line is under attack !
D1 : TRIANGLE PATTERN IN PROGRESS !!! TARGETS :
On the upside : 51'885
On the downside : 21'270 (expected scenario !)
Indeed, looking at the recent and current price action, it is likely to see a downside breakout attempt of this triangle pattern.
H4 : Ongoing downtrend channel in progress, currently facing the clouds resistance area, below the cluster of TS, KS and MBB; Mid Bollinger
band is currently @ 37200 which coincides also with the top level of the clouds. Therefore, this level is the first significant level to look at
very carefully in this time frame.
H1 : Recovery attempt seen from the low of 34'850, still below KS.
M30 : RSI bullish divergence triggered this recovery attempt (facing currently clouds resistance area !)
M15 : Same than M30 (attempt to upside breakout of the clouds) Watch carefully upcoming M15 period (s) which will validate or invalidate
this upside breakout
M5 : Currently above the clouds (potential double top formation in progress). Watch former high @ 36'273 and clouds support area as first indication level.
A breakout of 35'850 would confirm this potential double top pattern in opening the door for 35'427 first ahead of former low of 34'850
CONCLUSION:
REMAINS THE SAME ! RECENT AND CURRENT PRICE ACTION SHOULD STILL BE SEEN AS A CORRECTIVE TACTICAL MOVE ONLY IN A BROAD STRATEGIC BEAR TREND.
AS ALREADY MENTIONED SEVERAL TIMES, ONLY A SUSTAINABLE MOVE ABOVE THE 40'000 AREA AHEAD OF 41'230 WEEKLY PIVOT LEVEL WOULD FORCE
TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR A RETEST OF THE FORMER LOWS @ 34'850 , 34000, 33425 AHEAD OF
THE PSYCHOLOGICAL LEVEL OF 30'000 AND POTENTIALLY LOWER TOWARDS 27'169 (61.8 % Fibonacci retracement of the 3'850-64'895 rally !) AND TOWARDS
THE TECHNICAL TRIANGLE TARGET (IF CONFIRMED) @ 21'270
On D1, A TRIANGLE PATTERN IS IN PROGRESS. A breakout confirmation would imply a move of +/- 13'535 with an expected
downside breakout calling for a target of 21'270 !!!
M1 : No change, ongoing bearish price action still alive
W1 . Same thant M1; in addition, the "new" fragile uptrend line is under attack !
D1 : TRIANGLE PATTERN IN PROGRESS !!! TARGETS :
On the upside : 51'885
On the downside : 21'270 (expected scenario !)
Indeed, looking at the recent and current price action, it is likely to see a downside breakout attempt of this triangle pattern.
H4 : Ongoing downtrend channel in progress, currently facing the clouds resistance area, below the cluster of TS, KS and MBB; Mid Bollinger
band is currently @ 37200 which coincides also with the top level of the clouds. Therefore, this level is the first significant level to look at
very carefully in this time frame.
H1 : Recovery attempt seen from the low of 34'850, still below KS.
M30 : RSI bullish divergence triggered this recovery attempt (facing currently clouds resistance area !)
M15 : Same than M30 (attempt to upside breakout of the clouds) Watch carefully upcoming M15 period (s) which will validate or invalidate
this upside breakout
M5 : Currently above the clouds (potential double top formation in progress). Watch former high @ 36'273 and clouds support area as first indication level.
A breakout of 35'850 would confirm this potential double top pattern in opening the door for 35'427 first ahead of former low of 34'850
CONCLUSION:
REMAINS THE SAME ! RECENT AND CURRENT PRICE ACTION SHOULD STILL BE SEEN AS A CORRECTIVE TACTICAL MOVE ONLY IN A BROAD STRATEGIC BEAR TREND.
AS ALREADY MENTIONED SEVERAL TIMES, ONLY A SUSTAINABLE MOVE ABOVE THE 40'000 AREA AHEAD OF 41'230 WEEKLY PIVOT LEVEL WOULD FORCE
TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR A RETEST OF THE FORMER LOWS @ 34'850 , 34000, 33425 AHEAD OF
THE PSYCHOLOGICAL LEVEL OF 30'000 AND POTENTIALLY LOWER TOWARDS 27'169 (61.8 % Fibonacci retracement of the 3'850-64'895 rally !) AND TOWARDS
THE TECHNICAL TRIANGLE TARGET (IF CONFIRMED) @ 21'270
