Ironman8848

BTCUSD - INTRADAY WATCH 62'945 /60'745

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
W1 :
Last weekly closing level @ 61'538 could be seen at first degree as a positive signal for further upside.
Nevertheless, the resistance line of the ongoing primary uptrend channel has not been broken yet and in addition
the BTCUSD is currently traded around the secondary uptrend support line ( three white soldiers support line !)
A failure to hold above 58'100 on the next weekly closing basis, would be the first signal of a trend reversal.

D1 :
Currently in an ongoing uptrend channel .
Levels to watch are 65'000-57'000 on a broad approach.
Indeed, 65'000 coincides with the ATH while 57'000 is the current level of TS (conversion line)
Watch price action on the Lagging line and on others technical indicators, such as RSI , which for the time being
is showing some lack of momentum, in moving sideways with a very little upside bias !


H4 :
Warning ! Potential double top formation in progress
Trigger level @ 58'935
If confirmed and activated, target @ 55'000 (H4 clouds support zone )

H1
Currently in a slightly downtrend channel 62'600-59'000
Watch very short term cluster support @ 60'745
A failure to stay and hold above this level would put the focus to the support level of this H1 ongoing
downtrend channel around the 59'000 area

CONCLUSION & IMPLICATIONS :

Short term (intraday) :
Above 62'945 ---> bullish for ATH
Below 60'745 ----> bearish for 59'000

Medium term (daily & weekly)
Above 65'000 ----> 68'000 (Fib ext)
Below 59'000 -----> 57'000 ( TS ) ahead of 53'870 ( MBB

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Ironman8848


Comment: Warning !!!
Watch hourly chart.
Triangle formation in progress
Breakout implications :

Plus or Minus 3'615 points
UPSIDE : TARGET @ 65'880
DOWNSIDE : TARGET @ 56'400

WATCH CLOSELY PRICE ACTION OVER THE COMING HOURS.
If breakout occurs, then watch a potential pullback towards the level of the breakout and be careful of a potential bull or bear trap !!!

Good luck and have a nice evening.

Best

Ironman8848 :-)

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