Ironman8848

BTCUSD - H4/H1 - MAGICAL CLOUDS !

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
H4 :
Once again the clouds acted perfectly well on both side, in rejecting, respectively
a downside breakout attempt around 60'000 and more recently an upside breakout
around 63'600.
In addition, price action on the top of the clouds, triggered a "BEARISH ENGULFING"
pattern.

Ongoing downtrend channel still in place and clouds area should be seen as a barometer
for further development.
Indeed, IMPLICATIONS a clear breakout of :
1) UPSIDE : 63'000/63'500 (former congestion top) would open the door for ---> a retest of ATH
2) DOWNSIDE : 61'500/61'000 ( MBB & KS cluster and clouds support zone ) would put the focus on ---> former
low @ 59'500 ahead of lower levels; 56'525 is the 38.2% Fib retracement of the 39'590-66'994 rally and 55'147 is
the Kijun-Sen or base line !

H1
Price action switched from an uptrend channel to an ongoing downtrend channel and this change has been
triggered by a "doji" which has been confirmed straight away by a long black candle ( bearish engulfing )
Currently below both MBB and TS and flirting with the KS important support level in this H1 time frame.
A failure to hold above 62'763 would directly put the focus on the 62'000 area, ahead 61'600 and 61'000 (the latter
level being the bottom of the H1 clouds support zone .
In order to neutralise this ongoing downside move price action, the BTCUSD should quickly recover above 63'000 and hold sustainably on a closing basis; this
would temporary neutralise the current ongoing selling pressure.


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Ironman8848

Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/private-analysis/