BTC-D1-FOLLOW THE CLOUDS...
DAILY (D1)
Yesterday's price action (DOJI) is confirming this ongoing persisting downside move ! Indeed, the expected short term recovery has been short lived, providing better selling opportunity.
The BTC nearly filled the 50% Fibonacci retracement @ 39'400 /intraday low being so far @ 39'492 and global picture remains heavy.
Interesting to look at the shape of the daily clouds which still have some space to the downside for the upcoming daily trading sessions and also, important to note that the daily bottom clouds area coincides roughly with the 61.8% Fibonacci retracement 37'877 and therefore should be seem as an important support level and as a pivot point in this daily time frame.
On the upside, the daily pivot point remains @ 42'500 (top of the clouds !) with an intermediate resistance level between 39'500 and 40'000
WEEKLY (W1)
Weekly closing level will give more clues about further development as, for the time being, it is not very encouraging either...
SHORTER TIME FRAMES :
As usual, watch and monitor shorter intraday time frames to get early signal of a BULLISH DIVERGENCE, which could provide short term tactical trading buying opportunities(countertrend !) and which should be protected with a trailing stop loss accordingly !!!
Have a nice weekend, take care and all the best.
Ironman8848. & Jean-Pierre Burki
Yesterday's price action (DOJI) is confirming this ongoing persisting downside move ! Indeed, the expected short term recovery has been short lived, providing better selling opportunity.
The BTC nearly filled the 50% Fibonacci retracement @ 39'400 /intraday low being so far @ 39'492 and global picture remains heavy.
Interesting to look at the shape of the daily clouds which still have some space to the downside for the upcoming daily trading sessions and also, important to note that the daily bottom clouds area coincides roughly with the 61.8% Fibonacci retracement 37'877 and therefore should be seem as an important support level and as a pivot point in this daily time frame.
On the upside, the daily pivot point remains @ 42'500 (top of the clouds !) with an intermediate resistance level between 39'500 and 40'000
WEEKLY (W1)
Weekly closing level will give more clues about further development as, for the time being, it is not very encouraging either...
SHORTER TIME FRAMES :
As usual, watch and monitor shorter intraday time frames to get early signal of a BULLISH DIVERGENCE, which could provide short term tactical trading buying opportunities(countertrend !) and which should be protected with a trailing stop loss accordingly !!!
Have a nice weekend, take care and all the best.
Ironman8848. & Jean-Pierre Burki
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.