BTC - 61.8 % FIB RET FILLED @ 37'863 ! WHAT NEXT ?
M1 : No change, ongoing bearish price action still alive
W1 : Recovery attempt, still below the weekly pivot level @ 42'230
D1 : Yesterday's closing price triggered a bearish engulfing pattern which is currently
neutralized, today by a recovery attempt which may trigger a potential piercing line pattern, depending
on today's closing level. In addition, there is a potential triangle breakout in progress and a closing today
above both MBB, (currently @ 38'003) and top triangle downtrend line resistance (currently @ 38'075)
would be the first signal for a temporary recovery confirmation.
On the other side, a failure to close on a daily basis above TS (currently @ 36'457) would confirm further downside
for the upcoming session (s)
H4 : Yesterday's failure to hold above the secondary downtrend line triggered a nice move towards a low so far of
35'576; a nice recovery followed towards a high so far of 37'927
H1 : 61.8% Fibonacci retracement @ 37'863 has been filled with a high so far @ 37'927. In this time frame, a rising wedge
formation is in progress and BTC is now facing the clouds resistance zone; a clouds breakout would open the door for
an extension towards 38'485 (78.6% Fib ret and also currently the downtrend line resistance level)
M30 : Above the clouds and also under the influence of this rising wedge pattern in progress !
M15 : Currently in a uptrend channel, above the cluster but still below the middle level of this channel
M5 : RSI bearish divergence, triggered a very short term trend reversal, watch the cluster of MBB and KS ahead of the clouds
support zone as a failure to hold above the thin clouds area would confirm a top in place.
CONCLUSION:
RECENT AND CURRENT PRICE ACTION SHOULD STILL BE SEEN AS A CORRECTIVE TACTICAL MOVE ONLY IN A BROAD STRATEGIC BEAR TREND.
AS ALREADY MENTIONED SEVERAL TIMES, ONLY A SUSTAINABLE MOVE ABOVE THE 40'000 AREA AHEAD OF 41'230 WEEKLY PIVOT LEVEL WOULD FORCE
TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR A RETEST OF THE FORMER LOWS @ 35'500 , 34000, 33425 AHEAD OF
THE PSYCHOLOGICAL LEVEL OF 30'000 AND POTENTIALLY LOWER TOWARDS 27'169 (61.8 % Fibonacci retracement of the 3'850-64'895 rally !)
Have a nice weekend. Have fun.
All the best and take care.
And last but not least, if you find my analysis valuable for you, please do not hesitate to like it, talk about Ironman8848 around you and for those who did not follow me
yet, add me on your following list.
Ironman8848
W1 : Recovery attempt, still below the weekly pivot level @ 42'230
D1 : Yesterday's closing price triggered a bearish engulfing pattern which is currently
neutralized, today by a recovery attempt which may trigger a potential piercing line pattern, depending
on today's closing level. In addition, there is a potential triangle breakout in progress and a closing today
above both MBB, (currently @ 38'003) and top triangle downtrend line resistance (currently @ 38'075)
would be the first signal for a temporary recovery confirmation.
On the other side, a failure to close on a daily basis above TS (currently @ 36'457) would confirm further downside
for the upcoming session (s)
H4 : Yesterday's failure to hold above the secondary downtrend line triggered a nice move towards a low so far of
35'576; a nice recovery followed towards a high so far of 37'927
H1 : 61.8% Fibonacci retracement @ 37'863 has been filled with a high so far @ 37'927. In this time frame, a rising wedge
formation is in progress and BTC is now facing the clouds resistance zone; a clouds breakout would open the door for
an extension towards 38'485 (78.6% Fib ret and also currently the downtrend line resistance level)
M30 : Above the clouds and also under the influence of this rising wedge pattern in progress !
M15 : Currently in a uptrend channel, above the cluster but still below the middle level of this channel
M5 : RSI bearish divergence, triggered a very short term trend reversal, watch the cluster of MBB and KS ahead of the clouds
support zone as a failure to hold above the thin clouds area would confirm a top in place.
CONCLUSION:
RECENT AND CURRENT PRICE ACTION SHOULD STILL BE SEEN AS A CORRECTIVE TACTICAL MOVE ONLY IN A BROAD STRATEGIC BEAR TREND.
AS ALREADY MENTIONED SEVERAL TIMES, ONLY A SUSTAINABLE MOVE ABOVE THE 40'000 AREA AHEAD OF 41'230 WEEKLY PIVOT LEVEL WOULD FORCE
TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR A RETEST OF THE FORMER LOWS @ 35'500 , 34000, 33425 AHEAD OF
THE PSYCHOLOGICAL LEVEL OF 30'000 AND POTENTIALLY LOWER TOWARDS 27'169 (61.8 % Fibonacci retracement of the 3'850-64'895 rally !)
Have a nice weekend. Have fun.
All the best and take care.
And last but not least, if you find my analysis valuable for you, please do not hesitate to like it, talk about Ironman8848 around you and for those who did not follow me
yet, add me on your following list.
Ironman8848
RSI bullish divergence on M5, M15 and M30 triggered the ongoing recovery attempt.
New analysis will follow soon