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 ! Indeed,...
Looking at the weekly chart we can see that current levelis below both, MBB (@ 1.5630%) and Kijun Sen (@ 1.3851%). Wait for weekly closing for confirmation ! In the meantime, the expected target of 1.2890 % (38.2% Fib ret) has nearly been reached with a low so far @ 1.30 % ! Pressure remains to the downside , next significant supports levels being respectively @...
Looking at the Daily chart (D1), there is really one important level to watch at on the upside and this level is @ 34'970 ! Why ? 34'970 is the level of Kijun Sen & 50 % Fib retracement of the 41'341-28'600 downside move. In addition, within the rising wedge formation, yesterday's mentioned in my previous analysis, there is also a triangle formation in progress...
Looking at the D1 time frame there is a potential rising wedge formation in progress ! Below KS (34'970) and MBB (34'570) and currently around TS (34'320). Watch carefully at today's price action as a failure to recover above KS on a daily closing basis would add further pressure to the downside, A move below 32'500 on the downside would be the first warning...
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...
Looking at the H4 time frame, we can see 2 successive dojis which took place over the last 2 H4 periods; it could mean some uncertainty and indecision about further direction. For the time being, the BTC hold above the former downtrend resistance line which also coincides currently with the level of the Mid Bollinger Band around the 33'400 area. So, next H4...
Unfortunately, my first significant technical target @ 27'169 has not been reached.. . Indeed, following the low of 28'600, reached yesterday afternoon, BTC managed a very nice recovery, in breaking up, very quickly, several resistance level on H1, beginning with TS, KS ahead of Mid Bollinger Band; interesting to note that MBB hold the pullback attempt in...
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 : 38'207 on...
M1 : Recovery attempt in progress, confirmation will be given on M1 closing at the end of June. W1 : KEY PIVOT LEVEL @ 43'380 (Kijun) as long as BTC is not able to sustainably hold above that important level, the expected bearish scenario remains alive ! D1 : Currenty attempting to recover above the former uptrend line support which became now the new resistance...
M1 : Recovery attempt in progress W1 : KEY PIVOT LEVEL @ 43'380 (Kijun). Pullback in progress towards the former uptrend support line ! D1 : Attempting to breakout the 40'000 without great success for the time being, still below the clouds ! H4 : Recent pullback towards a high of 41'341, has been rejected from the former support trend line (in green): as a...
M1 : Ongoing bearish (yield) price action, currently below KS. W1 : Ongoing breakout progress of the MBB important support level (1.5160) D1 : Currently below the clouds and testing the bottom line support of the ongoing downtrend channel H4 : Far below the clouds area and below all indicators, (KS, MBB and TS) H1 : Failure to recover above the clouds (1.5320)...