WEEKLY (W1)
Prior week a "SHOOTING STAR" had been triggered which has been followed, last week by a "DOJI" which is adding further pressure to the downside
as an uncertainty and indecision is growing...
So what next ?
Well, in looking in this weekly picture, the first significant support level @ 58'100 has been tested with an intraweek low seen last week @ 57'500.
As long as the BTCUSD stays on a weekly closing above 58'100, it is OK for a the time being.
A CLEAR BREAKOUT OF 58'100 WOULD PUT THE FOCUS ON THE 53'200-52'300 TRADING RANGE !!!
Interesting to note that the top of weekly clouds support area is around 43'300 which is also the 61.8 % Fibonacci retracement of the 28'600-66'994,
June-October rally.
DAILY (D1)
Looking briefly at the daily picture, the ongoing downtrend channel is intact, and levels to watch in this time frame are the following :
UPSIDE : 63'000
DOWNSIDE : 60'000
A daily closing level, either above 63'000 or below 60'000 would open potentially the door for a 4'000 points move, targeting respectively a retest of former
high around 67'000 and a move towards 56500/56'000 on the downside.
4 HOURS (H4)
Watch the clouds !
Have a great week.
Take care and all the best.
Ironman8848
Prior week a "SHOOTING STAR" had been triggered which has been followed, last week by a "DOJI" which is adding further pressure to the downside
as an uncertainty and indecision is growing...
So what next ?
Well, in looking in this weekly picture, the first significant support level @ 58'100 has been tested with an intraweek low seen last week @ 57'500.
As long as the BTCUSD stays on a weekly closing above 58'100, it is OK for a the time being.
A CLEAR BREAKOUT OF 58'100 WOULD PUT THE FOCUS ON THE 53'200-52'300 TRADING RANGE !!!
Interesting to note that the top of weekly clouds support area is around 43'300 which is also the 61.8 % Fibonacci retracement of the 28'600-66'994,
June-October rally.
DAILY (D1)
Looking briefly at the daily picture, the ongoing downtrend channel is intact, and levels to watch in this time frame are the following :
UPSIDE : 63'000
DOWNSIDE : 60'000
A daily closing level, either above 63'000 or below 60'000 would open potentially the door for a 4'000 points move, targeting respectively a retest of former
high around 67'000 and a move towards 56500/56'000 on the downside.
4 HOURS (H4)
Watch the clouds !
Have a great week.
Take care and all the best.
Ironman8848
