BTC - DAILY - CLUSTER RESISTANCE @ 39'700-39'900 !
DAILY (D1)
After having, yesterday reached an intraday low @ 38'244 in testing the ongoing support trend line, the BTC closed @ 38'780, below the clouds and the cluster of Tenkan-Sen and Kijun-Sen and last but not least, below the MID BOLLINGER BAND too !
Therefore, on the DAILY TIME FRAME, there are 2 levels to watch at and monitor carefully, and this on a DAILY BASIS, and those levels are the following :
1) ON THE DOWNSIDE : 38'244 (Former recent intraday low)
2) ON THE UPSIDE : 39'700 - 39'900 (KS and TS Cluster)
A breakout, on a DAILY CLOSING BASIS, of one of those levels, would have the following implications :
DOWNSIDE : Focus will shift towards the 37'000, former congestion zone seen at the end of February ahead of the former low of Jan 24th around the 33'000 area.
UPSIDE : Focus will shift towards the ongoing downtrend line resistance, currently around 41'250, ahead the main resistance of the DAILY CLOUDS, currently between 41'550 and 42'524,
THE LATTER LEVEL (42'524) BEING THE KEY PIVOT LEVEL, WHICH IF CLEARLY BROKEN WILL FORCE TO A VIEW REASSESSMENT OF MY EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS
RSI below 50, @ 46.97
LAGGING LINE moving, for the time being on a sideways mode, below the Kijun-Sen.
WEEKLY (W1)
Under the influence of a MAJOR DOUBLE TOP FORMATION IN PROGRESS WITH ITS TRIGGER LEVEL @ 28'600 !!!
Currently supported by the clouds bottom support but below the Tenkan-Sen (39'400).
Upcoming weekly closing will give more clues and will validate or invalidate the weekly bottom clouds support @ 37'516.
A weekly closing below 37'516 would be seen as a warning negative signal for the upcoming week !
4 HOURS (H4)
Currently above the H4 junction of the support trend line and the ongoing downtrend line resistance @ 38'700... but below the CLOUDS !
The 39'500 area mentioned in my previous analysis, published yesterday morning, should once again be seen as the first significant resistance level (middle of the 2 long candles (the white and the black) seen yesterday, upside acceleration which has been short lived and invalidated by the next long black candle (bearish engulfing pattern) and also rejected by both the Kijun-Sen and the Mid Bollinger Band (H4 closing basis)
In term of Fibonacci retracement, the 38.2% is @ 39'904 (filled yesterday, intraday high being 40'237), the 50% @ 40'418 and the 61.8% @ 40'931, this level being also, roughly the top of the H4 clouds resistance (41'174)
On the downside, same view than for D1
1 HOUR (H1)
There are, potentially a double bottom and a double top in progress ... (+ / - 1'993)
Watch the trigger levels which are respectively :
For the double bottom @ 40'237, breakout confirmed would open the door for a technical target @ 36'251
For the double top @ 38'244, breakout confirmed would open the door for a technical target @ 42'230
Have a nice weekend.
All the best and take care.
IRONMAN8848 & Jean-Pierre Burki
After having, yesterday reached an intraday low @ 38'244 in testing the ongoing support trend line, the BTC closed @ 38'780, below the clouds and the cluster of Tenkan-Sen and Kijun-Sen and last but not least, below the MID BOLLINGER BAND too !
Therefore, on the DAILY TIME FRAME, there are 2 levels to watch at and monitor carefully, and this on a DAILY BASIS, and those levels are the following :
1) ON THE DOWNSIDE : 38'244 (Former recent intraday low)
2) ON THE UPSIDE : 39'700 - 39'900 (KS and TS Cluster)
A breakout, on a DAILY CLOSING BASIS, of one of those levels, would have the following implications :
DOWNSIDE : Focus will shift towards the 37'000, former congestion zone seen at the end of February ahead of the former low of Jan 24th around the 33'000 area.
UPSIDE : Focus will shift towards the ongoing downtrend line resistance, currently around 41'250, ahead the main resistance of the DAILY CLOUDS, currently between 41'550 and 42'524,
THE LATTER LEVEL (42'524) BEING THE KEY PIVOT LEVEL, WHICH IF CLEARLY BROKEN WILL FORCE TO A VIEW REASSESSMENT OF MY EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS
RSI below 50, @ 46.97
LAGGING LINE moving, for the time being on a sideways mode, below the Kijun-Sen.
WEEKLY (W1)
Under the influence of a MAJOR DOUBLE TOP FORMATION IN PROGRESS WITH ITS TRIGGER LEVEL @ 28'600 !!!
Currently supported by the clouds bottom support but below the Tenkan-Sen (39'400).
Upcoming weekly closing will give more clues and will validate or invalidate the weekly bottom clouds support @ 37'516.
A weekly closing below 37'516 would be seen as a warning negative signal for the upcoming week !
4 HOURS (H4)
Currently above the H4 junction of the support trend line and the ongoing downtrend line resistance @ 38'700... but below the CLOUDS !
The 39'500 area mentioned in my previous analysis, published yesterday morning, should once again be seen as the first significant resistance level (middle of the 2 long candles (the white and the black) seen yesterday, upside acceleration which has been short lived and invalidated by the next long black candle (bearish engulfing pattern) and also rejected by both the Kijun-Sen and the Mid Bollinger Band (H4 closing basis)
In term of Fibonacci retracement, the 38.2% is @ 39'904 (filled yesterday, intraday high being 40'237), the 50% @ 40'418 and the 61.8% @ 40'931, this level being also, roughly the top of the H4 clouds resistance (41'174)
On the downside, same view than for D1
1 HOUR (H1)
There are, potentially a double bottom and a double top in progress ... (+ / - 1'993)
Watch the trigger levels which are respectively :
For the double bottom @ 40'237, breakout confirmed would open the door for a technical target @ 36'251
For the double top @ 38'244, breakout confirmed would open the door for a technical target @ 42'230
Have a nice weekend.
All the best and take care.
IRONMAN8848 & Jean-Pierre Burki
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