Ironman8848

BTC - D1 - TRIANGLE BREAKOUT - WARNING !!!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
M1 : Persisting ongoing bearish price action in progress !
W1 : Same than M1 , as long as BTC remains below KS
D1 : Triangle breakout in progress, first confirmation would
be given by a closing level, on a daily basis below the base of the triangle !
Watch closely today's price action

H4 : Last couple of candles are showing successive black candles pattern with
a low so far @ 32'418 as expected (see related idea below )
H1 : Below the clouds and below the cluster too
M30 : Same than M30
M15 : Same than M15; RSI bullish divergence triggered a recovery attempt which, for the
time being has not been very successfull as selling pressure remains
M5 : Below the clouds. Watch former congestion bottom @ 33320 as first very short term resistance
area which also coïncides with clouds resistance zone .
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 @ 32'418 , 31'100 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

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Comment: Short term, (intraday), upside potential towards :
33'200
33'450
34'092 (important !)
34'611
35'130
Watch carefully price action on M5, M15, M30 and H1 to validate or invalidate this potential recovery which once again should only be seen as a CORRECTIVE TACTICAL MOVE ONLY IN A BROAD BEAR TREND !!!
Any long exposure should be protected by a tight trailing stop loss.
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
Email : contact@ironman8848.com