BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Good morning, today we are going to look at the 2 following time frames on which
there are very important PIVOTS LEVELS TO WATCH !
Currently in a broad falling wedge in progress with a potential upside breakout for now around
On the downside there is really a very important level to look at carefully on a weekly closing level, later on
today and this level is 46'747.
Indeed, KS (or base line) should be seen as a crucial level for further development on this time frame and should
be interpreted as BULLISH above and BEARISH below !
So, the validation of an upside move continuation will be given later on a weekly closing above 46'747.
Should BTC failed to stay above this key pivot level, then the door would open again to the downside in a wide 45'000-40'000
trading range.
The triangle pattern implications mentioned in my previous analysis was roughly right (target expected was 49'421 and high reached so
far is 48'500.
Interesting to note, once again, the powerful magical effect of the clouds; indeed after having worked perfectly well, in rejecting the downside breakout,
a couple days ago, now, the top of the clouds is the new resistance level , to clearly break which if it is the case would add further support for an upside continuation
move. This upside breakout would also corroborate my view, above mentioned in W1.
Nevertheless, I would also, suggest to look closely at the upcoming price action in shorter time frames (intraday) as there is a potential double top in progress !!!
In screening carefully intraday time frames that would help you to detect early signal of a potential reversal (such as bearish divergence (s), etc)
Have a nice Sunday

Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).