BTCUSD-H4-ONGOING SIDEWAYS PRICE ACTION
4 HOURS (H4)
The sideways price action continues inside the 4 hours clouds.
As already mentioned yesterday, a breakout of the clouds (43'250 upside and 41'7870 on H4 closing basis), in one way or the other will open the door for the following
targets :
A) UPSIDE :
R1 : 44350
R2 : 45'828 (VERY IMPORTANT !)
R3 : 47'308
B) DOWNSIDE :
S1 : 40'000 (Psychological)
S2 : 39'550 (former low)
S3 : 37'360 (weekly clouds bottom)
S4 : 36'425 (50 % Fibonacci retracement 3'850-69'000 !)
DAILY (D1)
Two very important levels to look at on a daily closing level basis, which are :
42'000
and
45'828
as a clear breakout confirmed of one of those points will either :
1) confirm the ongoing downside move price action in opening the door for lower levels previously mentioned
2) give a strong trend reversal signal in breaking the KS...nevertheless, even if such kind of move
should occur, do not forget the next obstacle (daily clouds) which still weigh on the Bitcoin in a strategical downtrend view !)
ONLY A CLEAR UPSIDE BREAKOUT OF THE CLOUDS WOULD FORCE A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO !!!
WEEKLY (W1)
Ongoing weekly closing level will also (maybe) give additional clues for the upcoming trading sessions ; indeed, on its weekly time frame,
the Bitcoin is under the influence of a major double top formation with its trigger level... @ 28'700.
Intermediate strong support area being the weekly clouds support zone between 41'000 and 37400
On this time frame, only a sustainable recovery above KS @ 49'150 would be seen as the first positive signal in this weekly picture.
Watch also price action of the Chikou-Span which is currently between the TS and the KS and a cross UNDER THE TS or OVER THE KS would also
add valuable indication for the upcoming trading sessions.
Have a nice Sunday :-)
Ironman8848 & Jean-Pierre Burki
The sideways price action continues inside the 4 hours clouds.
As already mentioned yesterday, a breakout of the clouds (43'250 upside and 41'7870 on H4 closing basis), in one way or the other will open the door for the following
targets :
A) UPSIDE :
R1 : 44350
R2 : 45'828 (VERY IMPORTANT !)
R3 : 47'308
B) DOWNSIDE :
S1 : 40'000 (Psychological)
S2 : 39'550 (former low)
S3 : 37'360 (weekly clouds bottom)
S4 : 36'425 (50 % Fibonacci retracement 3'850-69'000 !)
DAILY (D1)
Two very important levels to look at on a daily closing level basis, which are :
42'000
and
45'828
as a clear breakout confirmed of one of those points will either :
1) confirm the ongoing downside move price action in opening the door for lower levels previously mentioned
2) give a strong trend reversal signal in breaking the KS...nevertheless, even if such kind of move
should occur, do not forget the next obstacle (daily clouds) which still weigh on the Bitcoin in a strategical downtrend view !)
ONLY A CLEAR UPSIDE BREAKOUT OF THE CLOUDS WOULD FORCE A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO !!!
WEEKLY (W1)
Ongoing weekly closing level will also (maybe) give additional clues for the upcoming trading sessions ; indeed, on its weekly time frame,
the Bitcoin is under the influence of a major double top formation with its trigger level... @ 28'700.
Intermediate strong support area being the weekly clouds support zone between 41'000 and 37400
On this time frame, only a sustainable recovery above KS @ 49'150 would be seen as the first positive signal in this weekly picture.
Watch also price action of the Chikou-Span which is currently between the TS and the KS and a cross UNDER THE TS or OVER THE KS would also
add valuable indication for the upcoming trading sessions.
Have a nice Sunday :-)
Ironman8848 & Jean-Pierre Burki
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