BTC-61.8% FIB RET@37'877 NEARLY FILLED!
WEEKLY (W1)
The 61.8% Fibonacci retracement @ 37'877 has roughly been filled with an intraday reached yesterday 37'974...
Nevertheless, global picture remains heavy !
Indeed, last week price action triggered a LONG BLACK CANDLE with its closing level nearly at its bottom which is usually a bearish confirmation of the ongoing trend.
In addition, the previous candle was already, as mentioned last week, a first warning reversal signal (SHOOTING STAR !)
IN THIS WEEKLY TIME FRAME LEVELS TO LOOK AT ARE THE FOLLOWING :
UPSIDE : 42'524 (TENKAN-SEN) AHEAD OF THE TOP OF WEEKLY CLOUDS
DOWNSIDE : 37'260 (WEEKLY CLOUDS BOTTOM)
DAILY (D1)
Last closing below the Daily clouds !
RSI @ 39.93 (no bullish divergence yet in this daily time frame !)
After having nearly filled the 61.8% Fibonacci retracement , it is usual to see a recovery attempt which is currently in progress...
Daily closing later on today, will give in this time frame the temperature for the upcoming trading sessions ; indeed, a daily closing above the bottom of the clouds (also the middle of the yesterday's black candle) will trigger a PIERCING LINE pattern, which would be the first signal of a reversal continuation.
A daily closing above the opening of the previous candle (40'000) would even give additional value for further upside as in this case we would have a BULLISH ENGULFING PATTERN !
Next significant resistance being the TS and the Mid Bollinger Band ("My barometer"), currently, respectively @ 41'400 &41600
On the downside, a failure to hold above the former low @ 37'974 would open the door for lower levels towards the 35'000 area first ahead of 32'950 (January low).
4 HOURS (H4)
Successive dois, finally triggered this upside recovery attempt; currently facing the first significant resistance level in the 4 hours time frame, which is the Mid Bollinger Band , currently @ 39'650 !
A sustainable move and H4 closing above 39'650, would temporary neutralize this ongoing downside risk which is still weighing on the BTC.
HOURLY (H1)
Ongoing short term recovery in progress...with the first obstacle (hourly clouds) which should firstly be broken in order to confirm further upside...
61.8% Fibonacci retracement ot the last downside move is @ 39'540 !
CONCLUSION :
As usual, watch and monitor closely price action from shorter intraday time frames, which will help you to validate or invalidate the implications previously mentioned in longer time frames.
HAVE A NICE WEEK :-)
Take care and all the best
IRONMAN8848 & Jean-Pierre Burki
The 61.8% Fibonacci retracement @ 37'877 has roughly been filled with an intraday reached yesterday 37'974...
Nevertheless, global picture remains heavy !
Indeed, last week price action triggered a LONG BLACK CANDLE with its closing level nearly at its bottom which is usually a bearish confirmation of the ongoing trend.
In addition, the previous candle was already, as mentioned last week, a first warning reversal signal (SHOOTING STAR !)
IN THIS WEEKLY TIME FRAME LEVELS TO LOOK AT ARE THE FOLLOWING :
UPSIDE : 42'524 (TENKAN-SEN) AHEAD OF THE TOP OF WEEKLY CLOUDS
DOWNSIDE : 37'260 (WEEKLY CLOUDS BOTTOM)
DAILY (D1)
Last closing below the Daily clouds !
RSI @ 39.93 (no bullish divergence yet in this daily time frame !)
After having nearly filled the 61.8% Fibonacci retracement , it is usual to see a recovery attempt which is currently in progress...
Daily closing later on today, will give in this time frame the temperature for the upcoming trading sessions ; indeed, a daily closing above the bottom of the clouds (also the middle of the yesterday's black candle) will trigger a PIERCING LINE pattern, which would be the first signal of a reversal continuation.
A daily closing above the opening of the previous candle (40'000) would even give additional value for further upside as in this case we would have a BULLISH ENGULFING PATTERN !
Next significant resistance being the TS and the Mid Bollinger Band ("My barometer"), currently, respectively @ 41'400 &41600
On the downside, a failure to hold above the former low @ 37'974 would open the door for lower levels towards the 35'000 area first ahead of 32'950 (January low).
4 HOURS (H4)
Successive dois, finally triggered this upside recovery attempt; currently facing the first significant resistance level in the 4 hours time frame, which is the Mid Bollinger Band , currently @ 39'650 !
A sustainable move and H4 closing above 39'650, would temporary neutralize this ongoing downside risk which is still weighing on the BTC.
HOURLY (H1)
Ongoing short term recovery in progress...with the first obstacle (hourly clouds) which should firstly be broken in order to confirm further upside...
61.8% Fibonacci retracement ot the last downside move is @ 39'540 !
CONCLUSION :
As usual, watch and monitor closely price action from shorter intraday time frames, which will help you to validate or invalidate the implications previously mentioned in longer time frames.
HAVE A NICE WEEK :-)
Take care and all the best
IRONMAN8848 & Jean-Pierre Burki
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