Ironman8848

BTC - D1 - TRIANGLE IN PROGRESS ---> IMPLICATIONS !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Good morning, today, we are going to look at the daily picture.
Indeed, as already mentioned in my previous analysis, we can see a triangle pattern in progress
with breakout levels, respectively at, currently :
On the upside : 43'835 (intraday high)
On the downside : 40'931
IMPLICATIONS :
A clear breakout, on a daily closing of one of those levels would trigger a +/- move of 5'586, targeting
respectively :
On the upside : 49'421
On the downside : 35'345

Immediate level to look at very closely is @ 42'870 ( TS ) !
A failure to hold and stay above that area would trigger further selling pressure calling for a retest of the
former support zone 41'500/40'500 which is also the trigger level of the triangle pattern breakout !!!

On the upside. next significant level to look at is at 41'000 (potential upside triangle breakout) ahead of primary downtrend line
resistance which also coincides with MBB (currently @ 44'543
Globally, no change in my view, we are still in a broad bearish strategic structure and recent and current price action should only be seen
as a corrective move and not as a trend reversal yet. !!!
SELL ON RALLY !
Warning :
Only a sustainable move above 45'500 (former D1 support trend line ) and a daily closing level above this area,would force me to a view reassessment of my bearish expected scenario
calling for lower levels towards the triangle target @ 35'345

As usual, do not forget to monitor closely intraday time frames in starting from H4, H1 and shorter to catch early signal (s) such as divergences which will allow you to act accordingly.
I reiterate again my warning in telling you that each tactical countertrend exposure should be protected with a tight trailing stop loss ! Please do not forget to do it.
Do you like my analysis, so do not forget 1) to like it and 2) to add me on your following list ! Many thanks in advance. :-)
Have a great day and all the best.
Take care
Ironman 8848

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