Today, we are going to look carefully at the recent and current price action on the Daily chart.
Indeed, after having, yesterday, nearly filled the technical target of the triangle pattern @ 49'421 with
an intraday high @ 49'225, the BTC lost the momentum to clearly confirm the clouds breakout as you can
see, for the time being, on the D1 chart !
In addition, as...
The 78.6 % Fibonacci retracement @ 3'457 has been filled (intraday high so far @ 3'469).
In addition, the ETH is still below the ongoing downtrend line resistance and last but not least
BELOW THE CLOUDS on a daily basis.
Therefore, further development will depend on upcoming price action over the next trading hours and
will be confirmed by the daily closing level...
Today we are going to look at three time frames :
Firstly the 4 hours where the base of the triangle is currently under attack with an ongoing pullback attempt
Secondly, the hourly to see if there is & are potential reversal signal (s)
Thirdly, the daily picture to have a global overview of what is going on
Let's go to the 4 HOURS CHART :
Good morning, today we are looking at the 4 hours time frame which is showing
a triangle formation in progress.
As mentioned in my previous analysis, the 44'200 level should be considered as an important
resistance area, which, for the time being has not been broken on a H4 closing basis yet.
Indeed, this pivot level should not be underestimated as it is also...
Good morning, today we are going to look at the daily picture again.
Indeed, as you clearly can see on this chart, the bottom of the clouds in this time
frame, worked, once again perfectly well in rejecting the breakout attempt with
an intraday low, below the clouds @ 39573.
BTCUSD is currently traded at, I would say a key pivot level on the daily picture;...
Good morning, today we are going to look at the daily picture which yesterday, on a closing basis, triggered
a bullish engulfing pattern.
Indeed, as mentioned in my previous analysis (see related ideas below) I highlighted, the importance of the clouds
support zone on this D1 time frame and you can see the confirmation on the chart.
Clouds once again worked...
H4 : Last candle closing @ 44'636 is the first warning signal which triggered, as expected and mentioned in my previous
analysis published yesterday, a "shy" pullback, which should be watch at very carefully and which will be crucial for further development.
Indeed, a failure to recover above the ongoing support trend line (green line) and watch also RSI which...
1. Edge-to-edge play just completed on 1D XBTUSD
2. Chikou broke through price and entered cloud
3. Tenkan crossed the Kijun
All signs show a shift in the market. This trifecta has not occurred on the 1D since the beginning of Oct. 2020 when Bitcoin was at 11k
PRICE WAS IN TRIANGLE AND NOW TRYING TO BREAK DOWNWARD
WE ARE WAITING FOR ITS STRUGGLE TO END AND GO DOWN TOWARD 87.31 AND THEN 86.59
JXY ANALYSIS IS IMPORTANT AS WE CAN TAKE ADVANTAGE FOR OUR PAIR ANALYSIS WITH WITCH ONE SIDE IS JPY
ANY COMMENTS PLS SHARE
H4 : Triangle formation in progress.
Currently below Kijun-Sen (57068), Mid Bollinger Band (55759), Tenkan-Sen (55259) and
roughly in the middle of the triangle.
Breakout of the triangle :
Upside breakout would trigger a move of 6398 points towards 63500-63750
BEARISH SCENARIO (expected)
Downside breakout would target 47675-48000
Watch also H1 and M15
H4 : The 58400 important support area mentioned yesterday worked perfectly well, coupled
with the failure to breakout both the Mid Bollinger Band and the Kijun-Sen (Base line).
This rejection triggered a nice upside move, once again above the 60'000.. but it did not hold
above it.. so far.
No change in my view, as long as clear breakout of the 60'000 in holding...
D1 : After having nearly reached the expected target which were respectively 50187 (61.8% Fib ret) and the
psychological support level of 50'000 in moving down towards an intraday low of 50360, the BTC recovered nicely
towards an intraday high so far of 55597.
This recent price action triggered a long white candle (bullish engulfing pattern) which on its upside...
D1 : Last 2 trading sessions is showing a switch from a BULL mode to a BEAR one.
Indeed, looking at the last 2 closing sessions we can see 2 black candles with
the one of yesterday, closing "timidly" just above Tenkan-Sen (conversion line).
Today's ongoing price action is currently under that level, in having already tested
H4 : Mid Bollinger Band continue to perform very well as the leading indicator
and worked once again perfectly well in rejecting a downside breakout attempt
seen on the last H4 candle.
As long as we stay and hold on H4 closing basis above MBB it is OK; however, a failure
to do it would open a new trading range with its next support around...
H4 : As expected and mentioned in my previous analysis (W1) published early this morning, a corrective
and healthy downside move took place and reached an intraday low, so far at 59350, close to the 38.2% Fibonacci
Retracement @ 59194 ! Last H4 closing candle triggered a doji pattern which is showing some uncertainty about
the upcoming hours. In addition, you can...
H4 : After the strong triangle breakout and as expected BTC lost momentum and last candle triggered a bearish engulfing pattern.
For the time being, the first support (Tenkan-Sen) hold; nevertheless, technical indicators are switching from the sideways to the
downside which may be the first signal (s) of a short term trend reversal.
D1 : Another long white bullish candle has been triggered yesterday; today's ongoing price action
is showing, for the time being another kind of picture. Indeed, after having, on one hand filled the Fibonacci
retracement extension (78.6% @ 55072) and even pushing higher to an intraday high of 55855, BTC has been rejected
by the former primary...
H1 : Bearish divergence (RSI) triggered a short term reversal, pushing down the BTC in the former uptrend channel.
Currently below TS, MBB and KS.
Watch clouds as the next significant support area
On the upside, in order to neutralise the ongoing short term bearish price action, BTC should quickly recover above the
cluster of KS, MBB...