Once again, the magical Fibonacci retracement occured... Indeed, yesterday, the BTC filled its 50% Fibonacci retracement @ 40'340 (which is also by the way the KS and the 21 DMA ! (intraday being slightly higher @ 40'387)
Currently in a SYMETRICAL TRIANGLE IN PROGRESS .
BREAKOUT IMPLICATIONS COULD TRIGGER A MOVE OF + / - 3'099 pts !!!
Yesterday's price action filled for a couple of points to make a "PIERCING LINE" (following the RSI bullish divergence detected and mentioned in my previous analysis yesterday I mentioned the level of 39'295 which was the minimum point to reach to confirm this "minor" reversal pattern which, to be cleat a white candle, in order to be validate should close...
Yesterday's price action (long black candle - BEARISH ENGULFING !) which pushed sharply down the BTC towards a low of 37'701 (nearly filling the TRIANGLE TARGET @ 37'581), triggered a BULLISH DIVERGENCE...
Therefore, on short term and it'is exactly what is going on, a recovery should take place; nevertheless and in order to confirm a TACTICAL REVERSAL, the BTC...
VERY S HORT TERM ANALYSIS (HOURLY)
Today, we are going to look carefulLy what happened after the validation of the RSI bullish divergence coupled with the double top formation which i mentioned yesterday morning in my previous analysis as a warning ... (see related idea below)
So as you can see, after this validation signal the BTC moved quickly up in a new...
Last weekly closing triggered an inversed hammer pattern which could be interpreted as a potential trend reversal; however, it is important to note that the weekly closing is now under the weekly clouds area which means a persisting downside risk bias, stil alive...
RSI below 50, @ 43.70
LAGGING LINE is still in the bottom part of the weekly clouds...
Currently below the clouds and as I had already mentioned in my previous analysis, a weekly closing below 40’118 would add more selling pressure.
RSI below 50, @ 44.31
LAGGING LINE au milieu de la zone des nuages.
Levels to watch in a weekly basis, are the following :
UPSIDE : 41’279 - 42’690
DOWNSIDE : 38’547 - 36’500
Currently trying to...
Ongoing price action is for the time being not very encouraging ; indeed, after having briefly tested the resistance ton @ 42’680, the Bitcoin reversed sharply and came back below the weekly clouds support area.
The level of the next weekly closing will be very important to look at as, a closing confirmation below 40’118 would be seen as a negative...
Yesterday's price action has been a perfect school case about the POWERFUL ICHIMOKU CLOUDS; indeed, if you look at the yesterday's price action, the picture does not need additional comment...
Well, to very quickly resume the situation, the BTC is, after having nearly crossing over the top of the clouds, the BTC corrected sharply downwards, with its...
Yesterday's price action triggered a DOJI pattern; indeed after having opened @ 41'476, briefly broken the former TRIANGLE BREAKOUT LEVEL @ 41'100 (low being 40'893, the BTC managed to recover in making a closing @ 41'375, confirming the still alive triangle target @ 43'400,
As long as the BTC stays and hold on a daily closing above 41'000, the...
Yesterday's price action triggered a second long white candle in a row, which broke on a closing basis (41'505) the upside triangle trigger level @ 41'115 which should, potentially activate the triangle technical target, calling for a move towards 43'400 , which is also, by the way, projected in the next days the top of the daily clouds resistance...
Although no bullish divergence was detected in this hourly time frame, the BITCOIN managed to recover nicely, breaking on its way up all resistances very quickly, in a short period of time; it also managed to recover above the hourly clouds and hold above it for the time being.
After having reached, a coupled of hours ago, an intraday high @...
The last weekly closing was @ 39'691, just below the bottom of the weekly clouds support area !!!
As already mentioned several time the CLOUDS SHOULD NEVER BE UNDERESTIMATED on both sides, either on the UPSIDE as a RESISTANCE area and on the DOWNSIDE as a SUPPORT area.
Therefore, ongoing price action which will take place this week will be...
Upcoming weekly closing may or may not give more clues for next week price action...
Indeed, THE BOTTOM OF THE CLOUDS ZONE SUPPORT has been, during this week, briefly broken but, so far, the BTC managed to hold in the clouds; therefore, as you can easily imagine, a WEEKLY CLOSING, below the bottom of the clouds @ 39'885 would, once again, be...
Looking at the DAILY picture, we can see a TRIANGLE PATTERN IN PROGRESS, with the breakout levels , currently and respectively :
@ 41'320 on the upside
@ 39'574 on the downside
I MPLICATIONS ON A DAILY BASIS CLOSING LEVEL :
upside breakout : TARGET @ 43'659 (currently the Mid Bollinger Band and the Kijun-Sen)
downside breakout out : TARGET @...
The BTC is caught between two important levels, which are :
on the downside, the DAILY CLOUDS SUPPORT ZONE (39'900-40'100
on the upside, the WEEKLY KIJUN-SEN (in overlay in the daily chart )
Therefore, ONLY A CLEAR AND SUSTAINABLE BREAKOUT OF ONE OF THOSE LEVELS WOULD SHOW THE NEXT DIRECTION.
In this regard, the upcoming weekly closing...
Falling wedge confirmed ! Target $ 27.9850
Clouds and Mid Bollinger Band hold
Curently above the Kijun-Sen
Buying opportunity from current level and on dips towards the top of the daily clouds area.
IRONMAN8848. - Jean-Pierre Burki
Last week price action triggered a LONG BLACK CANDLE (BEARISH SIGNAL) which managed to close above the Tenkan-Sen @ 41'279.
The ongoing candle, firstly broke, yesterday, the TENKAN-SEN and went lower towards the bottom of the weekly clouds which act, for the time being as support..
In order, in this weekly time frame to neutralise the selling...
Second daily closing in a row below the KIJUN-SEN (KS) !
As mentioned in my yesterday's analysis, a failure to recover and close above the KIIJUN-SEN, which is now @ 43'549 would increase the risk for further downside in putting the focus for the next support area around 41279, being the weekly TENKAN-SEN (or conversion line) , ahead of the...