Today we are looking at 2 time frames : D1 and H4
BTC reached an intraday high so far @ 32'930 still below the first significant resistance level (32960 /KS) on D1 and
also currently still below MBB @ 32724.
No change in my view , watch carefully 32'960 and 31237 on daily closing level.
As mentioned, a breakout of one of those level would open the door,...
Today, we are going to look at the daily time frame and especially at the yesterday's price action which has been very interesting.
Indeed, KS (32'960) worked, once again perfectly well as the important resistance level to break coupled with
the failure, to also breakout on the upside the MBB (32'822).
In addition, the downtrend channel is still intact.
M1 : Still in a broad bear trend. Monthly pivot level @ 34372
W1 : Same than M1, any recovery should still be seen as a corrective move only and not as a strategic trend reversal yet !
D1 : Clear downtrend channel in place, below TS,KS and MBB. Only a move above KS @ 32'960 would neutralise for a while
the current downside selling pressure. First significant...
Today we are looking at the H4 time frame where you can clearly identify a falling wedge & downtrend channel !
BTC is currently below the clouds resistance area (33500-34000) in this 4 hours chart and also below 2 important levels which are, respectively :
1) MBB @ 32'822
2) Kijun-Sen @ 33'133
and slightly above Tenkan-Sen @ 32'384 (very shy !)
So what next ?...
Looking at the Daily picture, we can see a clear downtrend channel; the 61.8% Fibonacci retracement @ 31'665 has been reached this morning and the BTC is currently trading below both the Kijun-Sen (Base line) @ 32'611 and the Tenkan-Sen (Conversion line) @ 33'344. A Daily closing below those levels would add further selling pressure over the coming session...
Looking at the Daily time frame we can see 2 formations in progress, the first one (in blue) is a rising wedge and the second one is a downtrend channel (in red) After having reached a low of 32'101, some corrective recovery took place (pullback towards the rising wedge breakout): failure to reenter in this pattern triggered a renewal selling pressure in building...
Failure t o breakout the important resistance level of 34'970 mentioned yesterday triggered a new selling pressure which pushed down the BTC, filling on its way the 50 % Fib retracement.
Next support level is @ 31'665 (61.8% Fib ret) ahead of the triangle technical target of 30'300 which is also the 78.6 % Fib retracement and which is expected to hold !
Good afternoon gents,
Price has created a high probability Bearish Structure to sell off from. Looking to target the Day's Low, but I've got targets that extend beyond that point....
Let's see how it pans out. It's Monday & it's US Bank Holiday after all, I'd imagine a slower market.
Nonetheless, it's pristine.
Looking at the H1 time frame, a RSI bullish divergence triggered a short term recovery, in building
on its way a potential double bottom, currently in progress. Trigger level @ 32'524 !
A H1 closing level above the trigger level would be the first signal for further upside towards the double
bottom target which is @ 33777 which coincides with the bottom...
No change in my view which still express some tactical buying opportunity in a broad strategic bear trend !
Indeed, despite an intraday high of 35289 reached yesterday's, BTC failed to firstly close above Kijun (34970), and secondly is currently still below Mid Bollinger Band.
Recent and current price action is confirming what has been said before and any...
After having reached a low of 31'163 nearly (very close of my first target of 31'025 ), a bullish divergence
detected on H1 triggered a corrective upside move towards a high so far of 33'240.
As you can see on this hourly chart the Kijun-Sen worked perfectly well as resistance level to break !
In order to neutralise this ongoing selling pressure, BTC needs...
Last week price action (black candle) triggered, on a closing basis, a BEARISH ENGULFING pattern !
Ongoing bearish price action will continue to weigh on the BTC in opening the door for a retest of former lows
of 31'025, 30'066, psychological 30'000 support level, for the next significant target of 27'169, being the 61.8% Fibonacci
retracement of the...
M1 : Recovery attempt failed...!
W1 : Bearish engulfing pattern in progress (wait W1 closing for validation or invalidation)
D1 : Below the clouds and for the time being below the cluster of TS, MBB and KS
In order to neutralise the ongoing downtrend, BTC should at least, quickly recover above
MBB (@ 37'040) ahead of TS, currently @ 38'000). A failure to do it...
M1 : Currently holding above the Kijun Support level (34'372)
W1 : Below the KEY PIVOT LEVEL @ 43'380
D 1 : Yesterday's failure to manage a recovery, on a daily closing basis, above the former support trend
line, triggered a new selling wave pressure
H4 : First target @ 37'400 reached with a low so far @ 37'224
H1 : Short term level to watch at are :
M1 : Ongoing bearish price action in progress.
W1 : Last week failure to recover above the W1 pivot level @ 41'230
confirmed that the downtrend is still intact
D1 : Despite yesterday's closing (39'220) which was above the important MBB level (38'900)
I have mentioned in my last analysis (see related idea below), BTC did not managed to stay
above that very...
In Today’s Analysis I am going to focus on the Wyckoff Distribution theory on Bitcoin's current Price Action, the similarities are striking and I do believe we are in Phase D, approaching Phase E.
Firstly I’ll list the acronyms for your reference:
- PSY (Preliminary Supply) – First bull impulses in the range
- BC (Buying Climax) – Volume...
W1 - Price is nearing the bottom of the channel.
H4 - 3 lower lows, lower highs structure currently the price is moving inside a bearish flag pattern.
If we get a valid breakout below this pattern we may then start looking for sells with more bearish evidences.