M1 : After having nearly reached the 50% Fibonacci retracement of the 3.25% to 0.3620 %
move, high being 1.7740 % !, the ongoing current monthly price action is showing a potential
trend reversal in progress, which could trigger, tomorrow, on a monthly closing level, a "DARK CLOUD
COVER" (Wait for confirmation)
W1 : Double top price action in progress with its...
H1 : Currently in the clouds (neutral zone !)
As shown on this chart, after several attempts to
get in the clouds, last H1 candle (black) broke the
Support line (red line).
What does it mean ? Well, following the recent and ongoing price
we, normally should see a follow through, calling for further downside
towards the bottom of the clouds @ 52872, which...
D1 : Yesterday’s price action triggered a “Doji” pattern (undecision and uncertainty) with a closing level still inside the clouds.
In addition, BTC failed to breakout the Mid Bollinger Band resistance level, currently @ 56’691 which by the way, the same level than the top clouds resistance level.
RSI is below 50 @ 47,18 !
Today’s ongoing price action is...
H1 : Closing price of the last H1 candle was below the Mid Bollinger Band and outside of the
Former ongoing uptrend channel.
Watch pullback which will validate if it failed to reenter in the former uptrend channel or invalidate in case of a return in this uptrend channel.
A confirmation of this breakout (expected) would put the focus on the 54’567 level and...
D1 : Indeed after having missed to reach, for few points, the 50 % Fibonacci retracement @ 55’949 (high being 55'810 !) BTC is trying to break the top of the clouds area which also coincides with Kijun-Sen.(55’949).
Therefore, today's price action and its closing level will be very important as a breakout of the clouds
would be the first confirmation on this...
H4: Failure to recover, firstly, above the secondary downtrend line resistance and secondly, the body (black candle) of the last H4 period, are the first signs of the validation of the “Hanging Man” pattern, previously mentioned which should now trigger further downside, focusing on the Fibonacci retracements levels and Mid Bollinger Band, which are :
S1 :...
H1 : Caught in a sideways range (52630 – 54400) and still above MBB (53673).
A failure to stay and hold above MBB
would open the door for the 23.6 % fib ret @ 52658 ahead of 51’577.
On the upside, a breakout of the former high @ 54’405 would be the first signal of a switch
from a short term sideways (neutral) price action to a bullish one !
M15 : An Head and...
D1 : Yesterday's strong recovery price action triggered a long white candle which is, usually considered as a BULLISH signal if confirmed by the next candle !
Therefore, as you can see on this time frame, BTC is, after having filling the 38.2% Fibonacci retracement @ 53'838
and making an intraday high, yesterday @ 54'405 (in the top range of my target mentioned in...
H1 : Last H1 candle triggered a doji pattern on a closing basis.
Recent price action failed to breakout the ongoing downtrend channel
which is still valid.
Watch former high @ 52750 as resistance level to break
M15 : As mentioned earlier in my previous M5/M15 analysis, a potential
double top formation is in progress (not confirmed yet, trigger level
being @...
W1 : Last week price action confirmed the bearish engulfing pattern triggered
a week before.
As you can see on this chart and as already told in shorter time frames, we switched
from a bull trend (in green) to a BEAR one (in red) !
Ongoing price action is showing a potential recovery in progress.. but this should be confirmed
on a weekly closing.
Therefore, over...
D1 : Ongoing downtrend still intact,(downtrend channel) currently trying to breakout the D1 clouds support zone (wait for Daily closing level !)
Looking ahead the next significant support will be 46847, which is the 50 % Fibonacci retracement of the 28'800-64895 rally.
All technical indicators are converging to the South and no early signal of potential bullish...
M5 : The breakout of the support zone 49500-49000 triggered a sharp decline towards a low
of 47004, missing my technical target of 46'847 (sorry :-) ...
Then at this level, a PIERCING LINE, took place, coupled with BULLISH DIVERGENCES in all technical
indicators !
This first recovery signal has then been confirmed by the breakout of the Mid Bollinger Band...
H1 : Successive failures to breakout the clouds resistance zone triggered a sideways price
action and as a result a symmetrical triangle pattern (no higher highs and no lower lows either !)
took place, currently very close to a downside breakout, which should be confirmed, of course.
If this breakout occurs, the expected scenario will be the following :
1)...
H1 : In a broad downtrend channel with current level still below the clouds !
Very short term sideways channel ranging between former high @ 51378 and former
low @ 49388
Breakout of one of those level will open a new trading range.
M15 : Caught in this very short term sideways channel !
As mentioned in H1, a breakout of this channel will open new trading...
D1 : Yesterday's price action triggered a hammer !
Unfortunately, lack of momentum did not offer further support for a reversal upside continuation.
Indeed, today's ongoing price action is rather showing the opposite, current price action should, of course,
be confirmed by the closing level at the end of the day.
Today's closing will be very important because it...
H1 : After having reached a low of 47555, BTC is currently trying
to recover. On this time frame a move back above 49475 ,would be the
first positive signal for further upside.
Indeed, such kind of price action above the Tenkan-Sen would open
the door for the next resistance (psychological 50'000 level) ahead of the very important level of 51005 which is the Mid...
H4 : The expected bearish scenario occured and the triangle target @ 48232 has been reached !
So what next ?
Looking ahead, the global picture remains heavy and more downside is on the cards
While on very short term, it is likely to see some technical rebound which should still be seen
as a corrective move only, and NOT AS A TREND REVERSAL YET !!
Therefore, as...
M1 : Still above the long term support trend line (to be confirmed
at month end closing !)
W1 : Within an ongoing downtrend channel, in a downtrend (red line) and below the clouds.
Still below all important indicators such as Mid Bollinger Band, Tenkan-Sen and Kijun-Sen.
Nevertheless, this week price action is showing, for the fist time since several weeks, first...
