Multi time frames analysis from Weekly (W1) to Hourly (H1) :
WEEKLY (W1) :
Last week's price action triggered a BULLISH ENGULFING PATTERN with an it is very important its closing level @ 50'791 above
the Kijun-Sen !
Such kind of movement should be seen as the first warning positive signal on a weekly basis observation.
In order to confirm this weekly strategic trend reversal, the BTCUSD needs, this week, on a closing basis level, to break the ongoing downtrend
line resistance which also coincides with the Mid Bollinger Band and slightly higher the former uptrend line support.
RSI, currently just above 50 @ 50.51
My strategic technical target @ 58'674 (stop loss @ 48'309) is still valid with intermediate resistance, respectively @ 52'294 ahead of 55'484 (this latter being also the level of the Tenkan-Sen or conversion line.
This week's closing level would give more clues on a strategic view for the future.
DAILY (D1)
Recent and current price action should be seen as a constructive move, being still on the top range of its sideways channel and above :
1) The former downtrend resistance line
2) The Mid Bollinger Band & the Tenkan-Sen
3) The Kijun-Sen
Nevertheless, stil below the clouds resistance area with the Chikou Span below the clouds too.
RSI, currently just above 50, @ 50.53
First significant support on a Daily closing basis is @ 49'800 ahead of 48'720
On the upside, resistances are those above mentioned in W1 which also roughly coincides with the clouds resistance zone.
4 HOURS (H4)
As expected, and after having filled, yesterday the first Fibonacci retracement @ 49'461 (38.2% of 45'573-51'865), the BTCUSD recovered
nicely and is currently above :
1) The clouds
2) The Kijun-Sen
3) The Tenkan-Sen
4) The Mid Bollinger Band
On this time frame watch (on H4 closing basis) the 50'670-50'000 as the support area as a failure to hold above that level would reopen the door for
lower levels, towards the H4 clouds support area.
1 HOUR (H1)
BEAR TRAP occured yesterday after a wrong clouds breakout; indeed a double bottom coupled with a RSI bullish divergence neutralized this downside breakout
and as a result pushed the BTCUSD higher towards the top of the clouds.
Currently holding slightly above the clouds and "flirting" with the Tenkan-Sen... Above the MBB and the Kijun-Sen.
In this H1 time frame watch the bottom of the clouds as a good indicator for short term tactical price action.
Have a nice week and all the best.
Take care.
Do you like my analysis ?
Does my analysis bring you additional value ?
If your answer is YES, please do not forget to like it and also follow me if it is not already done yet.
Any "constructive" comments are more than welcome :-)
Ironman8848 & Jean-Pierre Burki
WEEKLY (W1) :
Last week's price action triggered a BULLISH ENGULFING PATTERN with an it is very important its closing level @ 50'791 above
the Kijun-Sen !
Such kind of movement should be seen as the first warning positive signal on a weekly basis observation.
In order to confirm this weekly strategic trend reversal, the BTCUSD needs, this week, on a closing basis level, to break the ongoing downtrend
line resistance which also coincides with the Mid Bollinger Band and slightly higher the former uptrend line support.
RSI, currently just above 50 @ 50.51
My strategic technical target @ 58'674 (stop loss @ 48'309) is still valid with intermediate resistance, respectively @ 52'294 ahead of 55'484 (this latter being also the level of the Tenkan-Sen or conversion line.
This week's closing level would give more clues on a strategic view for the future.
DAILY (D1)
Recent and current price action should be seen as a constructive move, being still on the top range of its sideways channel and above :
1) The former downtrend resistance line
2) The Mid Bollinger Band & the Tenkan-Sen
3) The Kijun-Sen
Nevertheless, stil below the clouds resistance area with the Chikou Span below the clouds too.
RSI, currently just above 50, @ 50.53
First significant support on a Daily closing basis is @ 49'800 ahead of 48'720
On the upside, resistances are those above mentioned in W1 which also roughly coincides with the clouds resistance zone.
4 HOURS (H4)
As expected, and after having filled, yesterday the first Fibonacci retracement @ 49'461 (38.2% of 45'573-51'865), the BTCUSD recovered
nicely and is currently above :
1) The clouds
2) The Kijun-Sen
3) The Tenkan-Sen
4) The Mid Bollinger Band
On this time frame watch (on H4 closing basis) the 50'670-50'000 as the support area as a failure to hold above that level would reopen the door for
lower levels, towards the H4 clouds support area.
1 HOUR (H1)
BEAR TRAP occured yesterday after a wrong clouds breakout; indeed a double bottom coupled with a RSI bullish divergence neutralized this downside breakout
and as a result pushed the BTCUSD higher towards the top of the clouds.
Currently holding slightly above the clouds and "flirting" with the Tenkan-Sen... Above the MBB and the Kijun-Sen.
In this H1 time frame watch the bottom of the clouds as a good indicator for short term tactical price action.
Have a nice week and all the best.
Take care.
Do you like my analysis ?
Does my analysis bring you additional value ?
If your answer is YES, please do not forget to like it and also follow me if it is not already done yet.
Any "constructive" comments are more than welcome :-)
Ironman8848 & Jean-Pierre Burki
