Today, we are going to look at the 4 hours chart which is showing several (at least 5 !) interesting things
1) Double top in progress
2) RSI bearish divergence
3) Doji top, followed by a bearish engulfing pattern
4) Breakout of the Mid Bollinger Band
5) Lagging line cross under the Kijun-Sen
and last but not least, currently the BTC is already in the middle of the clouds in this 4 hours time frame.
So what next ?
On the UPSIDE, levels to watch now are the following :
1) Tenkan-Sen @ 42'387
2) The Mid Bollinger Band @ 43'159
3) The top of the clouds @ 43'526
and only a clear and sustainable recovery above 43'500 would temporary neutralise this persisting downside risk and postpone "for a while" this downward pressure...
On the DOWNSIDE, next supports are the following :
1) 50% Fibonacci retracement @ 41'060
2) Psychological 40'000 level
3) 61.8% Fibonacci retracement @ 39'929
4) DOUBLE TOP TARGET @ 39'552
GLOBAL PICTURE REMAINS HEAVY !!!
Looking briefly at longer time frames, it is not encouraging either :
DAILY (D1)
1) DOUBLE TOP in the clouds
2) Currently below the clouds
3) Tenkan-Sen broken
Nevertheless, still :
1) above the Mid Bollinger Band (@ 40'228)
2) above the ongoing support trend line (@ 40'000)
3) above the Kijun-Sen @ 39'400
4) the Lagging line is still stlightly above the Tenkan-Sen
INTERESTING TO NOTE THAT THE LEVELS PREVIOUSLY MENTIONED IN THE 4 HOURS ANALYSE ARE CORROBORATING THOSE MENTIONED ON THE DAILY ANALYSIS !!!
WEEKLY (W1)
A SHOOTING STAR is in progress (wait for weekly closing level) to validate or invalidate such kind of reversal pattern !!!
Weekly Tenkan-Sen @ 42'524
CONCLUSION FOR THE WEEKLY TIME FRAME :
A failure to close, above the clouds and the Tenkan-Sen would put additional selling pressure for the upcoming week with a focus on the weekly clouds bottom @ 37'360 which is
also, roughly the former weekly downtrend line.
Looking lower, IN THIS WEEKLY TIME FRAME there is not significant support area until the psychological 30'000 area ahead of the VERY, VERY, VERY, VERY IMPORTANT 28'600 SUPPORT LEVEL !!!
Have a nice Sunday.
By the way, if you like my analysis and if you find any added value on your trading activities, please do not forget to like it and for those who do not follow me yet on Trading View, please do not forget
either to add Ironman8848 in your following list.
And for those who do not have access to Trading View yet (from my personal point of view, the best charting application available at the moment) please do not hesitate to use the following link to sign up :
www.tradingview.com/gopro/?share...
Many thanks in advance.
Ironman8848. & Jean-Pierre Burki
1) Double top in progress
2) RSI bearish divergence
3) Doji top, followed by a bearish engulfing pattern
4) Breakout of the Mid Bollinger Band
5) Lagging line cross under the Kijun-Sen
and last but not least, currently the BTC is already in the middle of the clouds in this 4 hours time frame.
So what next ?
On the UPSIDE, levels to watch now are the following :
1) Tenkan-Sen @ 42'387
2) The Mid Bollinger Band @ 43'159
3) The top of the clouds @ 43'526
and only a clear and sustainable recovery above 43'500 would temporary neutralise this persisting downside risk and postpone "for a while" this downward pressure...
On the DOWNSIDE, next supports are the following :
1) 50% Fibonacci retracement @ 41'060
2) Psychological 40'000 level
3) 61.8% Fibonacci retracement @ 39'929
4) DOUBLE TOP TARGET @ 39'552
GLOBAL PICTURE REMAINS HEAVY !!!
Looking briefly at longer time frames, it is not encouraging either :
DAILY (D1)
1) DOUBLE TOP in the clouds
2) Currently below the clouds
3) Tenkan-Sen broken
Nevertheless, still :
1) above the Mid Bollinger Band (@ 40'228)
2) above the ongoing support trend line (@ 40'000)
3) above the Kijun-Sen @ 39'400
4) the Lagging line is still stlightly above the Tenkan-Sen
INTERESTING TO NOTE THAT THE LEVELS PREVIOUSLY MENTIONED IN THE 4 HOURS ANALYSE ARE CORROBORATING THOSE MENTIONED ON THE DAILY ANALYSIS !!!
WEEKLY (W1)
A SHOOTING STAR is in progress (wait for weekly closing level) to validate or invalidate such kind of reversal pattern !!!
Weekly Tenkan-Sen @ 42'524
CONCLUSION FOR THE WEEKLY TIME FRAME :
A failure to close, above the clouds and the Tenkan-Sen would put additional selling pressure for the upcoming week with a focus on the weekly clouds bottom @ 37'360 which is
also, roughly the former weekly downtrend line.
Looking lower, IN THIS WEEKLY TIME FRAME there is not significant support area until the psychological 30'000 area ahead of the VERY, VERY, VERY, VERY IMPORTANT 28'600 SUPPORT LEVEL !!!
Have a nice Sunday.
By the way, if you like my analysis and if you find any added value on your trading activities, please do not forget to like it and for those who do not follow me yet on Trading View, please do not forget
either to add Ironman8848 in your following list.
And for those who do not have access to Trading View yet (from my personal point of view, the best charting application available at the moment) please do not hesitate to use the following link to sign up :
www.tradingview.com/gopro/?share...
Many thanks in advance.
Ironman8848. & Jean-Pierre Burki
