BTC - GLOBAL OVERVIEW
M1 : Still in a broad bear trend. Monthly pivot level @ 34372
W1 : Same than M1, any recovery should still be seen as a corrective move only and not as a strategic trend reversal yet !
D1 : Clear downtrend channel in place, below TS,KS and MBB. Only a move above KS @ 32'960 would neutralise for a while
the current downside selling pressure. First significant resistance level on that time frame is @ 31318 (TS)
H4 : INTERESTING TO NOTE THE SHORT TERM RECOVERY FROM ITS LOW REACHED @ 29300 YESTERDAY TOWARDS A HIGH SO FAR
OF 30'950, SLIGHTLY ABOVE THE KS (30'868) AND 50% FIBONACCI RETRACEMENT (32242-29300) @ 30877.
LOOKS LIKE A SELL ABOVE 30'800 AND TOWARDS 31'318
H1 : Clouds worked perfectly well as an important resistance level on this time frame. Watch carefully upcoming period (s) price action, which
will validate or invalidate a potential upside clouds breakout.
M30 : Above the clouds, looks a little bit tired...
M15: Same than M30, watch TS (30'802) as very short term support level which will corroborate my H4 view above mentioned
M5 : Potential very short term double top (30'950), trigger @ 30'655
CONCLUSION :
No change in my bearish expected scenario, calling for my first strategic target @ 27'169, which is the 61.8% Fib ret (3850-64'895)
BTC remains a SELL on rally and any tactical long exposure should be protected with a tight trailing stop loss in a very disciplinated Risk & Reward
approach
Have a nice trading day
All the best and take care
Last but not least, if you find my analysis as an added value for you, please do not forget to like my ideas and for those who do not follow me yet, please add
Ironman8848 to your following list, Many thanks in advance. :-)
W1 : Same than M1, any recovery should still be seen as a corrective move only and not as a strategic trend reversal yet !
D1 : Clear downtrend channel in place, below TS,KS and MBB. Only a move above KS @ 32'960 would neutralise for a while
the current downside selling pressure. First significant resistance level on that time frame is @ 31318 (TS)
H4 : INTERESTING TO NOTE THE SHORT TERM RECOVERY FROM ITS LOW REACHED @ 29300 YESTERDAY TOWARDS A HIGH SO FAR
OF 30'950, SLIGHTLY ABOVE THE KS (30'868) AND 50% FIBONACCI RETRACEMENT (32242-29300) @ 30877.
LOOKS LIKE A SELL ABOVE 30'800 AND TOWARDS 31'318
H1 : Clouds worked perfectly well as an important resistance level on this time frame. Watch carefully upcoming period (s) price action, which
will validate or invalidate a potential upside clouds breakout.
M30 : Above the clouds, looks a little bit tired...
M15: Same than M30, watch TS (30'802) as very short term support level which will corroborate my H4 view above mentioned
M5 : Potential very short term double top (30'950), trigger @ 30'655
CONCLUSION :
No change in my bearish expected scenario, calling for my first strategic target @ 27'169, which is the 61.8% Fib ret (3850-64'895)
BTC remains a SELL on rally and any tactical long exposure should be protected with a tight trailing stop loss in a very disciplinated Risk & Reward
approach
Have a nice trading day
All the best and take care
Last but not least, if you find my analysis as an added value for you, please do not forget to like my ideas and for those who do not follow me yet, please add
Ironman8848 to your following list, Many thanks in advance. :-)
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