Ironman8848

BTC - D1 - POTENTIAL BULL TRAP ?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Today, we are going to look carefully at the recent and current price action on the Daily chart .
Indeed, after having, yesterday, nearly filled the technical target of the triangle pattern @ 49'421 with
an intraday high @ 49'225, the BTC lost the momentum to clearly confirm the clouds breakout as you can
see, for the time being, on the D1 chart !
In addition, as already mentioned yesterday, there is a potential double top in progress with the first top
between Sept 15th and Sept 19th and the potential second top, currently in progress.
IMPORTANT TO NOTE THAT THE SECOND TOP AREA COINCIDES EXACTLY WITH THE CLOUDS TOP RESISTANCE !!!
A failure to clearly break this 48'500 level on a daily closing basis would put again the BTC under pressure and looking
below 47'000 it looks very fragile towards 46'000 (former resistance level which became new support area ) ahead of 45'000
MBB / TS cluster.
ON THE UPSIDE, the psychological 50'000 will be the next significant resistance level to break in order to get out of this ongoing
uncertainty and indecision for further development.
As already mentioned, watch carefully at all intraday time frames, in order to detect early signal (s) as divergences which would allow
to act accordingly
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Thanks in advance.
Have a nice week.
Ironman8848

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