BTC - W1 - BEARISH ENGULFING! EN ROUTE FOR 30'000...THEN LOWER !
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 3'850-64895 rally.
Interesting to note that this target coincides also with the weekly clouds support area(27150-22925) and which should be seen as a very
strong support zone in this time frame.
Watch shorter time frame for validation or invalidation of this expected scenario.
BTC is currently far away of KS or pivot level @ 45'363 !
In order to neutralise this ongoing selling pressure, BTC should at least, recover above the primary downtrend line resistance ahead of KS, previously
mentioned.
Some tactical trading opportunities will, in due course, of course occur; offering countertrend buying opportunities which should be seen as
a corrective move only on a broad bear trend !
PLEASE KEEP IN MIND TO PROTECT YOUR COUNTERTREND EXPOSURE WITH TIGHT TRAILING STOP LOSS !!
Have a nice trading week.
All the best and take care
If you find my analysis as an added value for you, please do not forget to like it and for those who did not follow me yet, please add Ironman8848 in your following list.
Ironman8848
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 3'850-64895 rally.
Interesting to note that this target coincides also with the weekly clouds support area(27150-22925) and which should be seen as a very
strong support zone in this time frame.
Watch shorter time frame for validation or invalidation of this expected scenario.
BTC is currently far away of KS or pivot level @ 45'363 !
In order to neutralise this ongoing selling pressure, BTC should at least, recover above the primary downtrend line resistance ahead of KS, previously
mentioned.
Some tactical trading opportunities will, in due course, of course occur; offering countertrend buying opportunities which should be seen as
a corrective move only on a broad bear trend !
PLEASE KEEP IN MIND TO PROTECT YOUR COUNTERTREND EXPOSURE WITH TIGHT TRAILING STOP LOSS !!
Have a nice trading week.
All the best and take care
If you find my analysis as an added value for you, please do not forget to like it and for those who did not follow me yet, please add Ironman8848 in your following list.
Ironman8848
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.