BTCUSD-W1-UNDER SELLING PRESSURE !
Last weekly closing level @ 36'293, below the clouds and the ongoing weekly downtrend resistance line which
is confirming this persisting selling ongoing selling pressure, still in a mode of "SELL ON RALLY" and not in a "Buy on dips" yet !
WEEKLY (W1)
Last week price action triggered a long black candle which closed for the first time (since March 2020 !) below the clouds !!
Such kind of implication should not be underestimated and should be clearly seen as an important warning confirmation signal, calling for further
downside towards the psychological 30'000 support level ahead of the former low of 28'600 reached on June 2021.
RSI indicator still converging to the downside !
Last but not least 28'600 is a VERY, VERY, VERY IMPORTANT SUPPORT LEVEL, as it is the MAJOR DOUBLE TOP TRIGGER LEVEL !!!; therefore a breakout of
this level would accelerate the downtrend move towards lower levels...(former clouds congestion support 27'000-23'000).
DAILY (D1)
Yesterday's recovery attempt is currently neutralised by the today's price action which is showing a long black candle in progress (watch today's closing level) as there is
a potential bullish divergence in progress which also should, of course, be confirmed, on a daily basis closing level.
The Lagging line should also be watch at very carefully.
RSI in oversold territory (bullish divergence, YES or NOT, confirmation will be given at the end of today's trading session !)
4 HOURS (H4)
Currently in a sideways price action caught between 34'000 on the downside of the channel and 36'575 on the top of the channel.
Below the clouds, the Kijun-Sen, the Mid Bollinger Band and the Tenkan-Sen.
Watch also the Mid Bollinger Band, currently @ 36'045, in this H4 time frame which should always be seen as a good indicator and considered as a Barometer
1 HOUR (H1)
Hourly clouds are working perfectly well in rejecting upside breakout attempts... so far.
A sustainable breakout of the hourly clouds would be the first signal calling for further upside.
A failure to do it, will just confirm the ongoing bearish and persisting price action calling for lower
levels previously mentioned.
Have a nice week
All the best and take care
Ironman8848 & Jean-Pierre Burki
is confirming this persisting selling ongoing selling pressure, still in a mode of "SELL ON RALLY" and not in a "Buy on dips" yet !
WEEKLY (W1)
Last week price action triggered a long black candle which closed for the first time (since March 2020 !) below the clouds !!
Such kind of implication should not be underestimated and should be clearly seen as an important warning confirmation signal, calling for further
downside towards the psychological 30'000 support level ahead of the former low of 28'600 reached on June 2021.
RSI indicator still converging to the downside !
Last but not least 28'600 is a VERY, VERY, VERY IMPORTANT SUPPORT LEVEL, as it is the MAJOR DOUBLE TOP TRIGGER LEVEL !!!; therefore a breakout of
this level would accelerate the downtrend move towards lower levels...(former clouds congestion support 27'000-23'000).
DAILY (D1)
Yesterday's recovery attempt is currently neutralised by the today's price action which is showing a long black candle in progress (watch today's closing level) as there is
a potential bullish divergence in progress which also should, of course, be confirmed, on a daily basis closing level.
The Lagging line should also be watch at very carefully.
RSI in oversold territory (bullish divergence, YES or NOT, confirmation will be given at the end of today's trading session !)
4 HOURS (H4)
Currently in a sideways price action caught between 34'000 on the downside of the channel and 36'575 on the top of the channel.
Below the clouds, the Kijun-Sen, the Mid Bollinger Band and the Tenkan-Sen.
Watch also the Mid Bollinger Band, currently @ 36'045, in this H4 time frame which should always be seen as a good indicator and considered as a Barometer
1 HOUR (H1)
Hourly clouds are working perfectly well in rejecting upside breakout attempts... so far.
A sustainable breakout of the hourly clouds would be the first signal calling for further upside.
A failure to do it, will just confirm the ongoing bearish and persisting price action calling for lower
levels previously mentioned.
Have a nice week
All the best and take care
Ironman8848 & Jean-Pierre Burki
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