BTC-DAILY - WATCH 38'244 AND 39'900 AS PIVOT LEVELS
On the DAILY TIME FRAME, the 2 levels to watch at and monitor carefully still the same than yesterday :
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, @ 46.72
LAGGING LINE moving, for the time being on a sideways mode, below the KIJUN-SEN.
Last but not least the ongoing secondary uptrend support line (around 38'800) is currently under attack and and a failure to hold above this line, on a DAILY CLOSING BASIS, would also weigh on the BTC in increasing the selling pressure.
4 HOURS (H4)
Currently below the clouds and the Mid Bollinger Band and just slightly below the TENKAN-SEN (39'056)
Ongoing H4 closing level should give more clues for the upcoming trading hours.
Indeed, the H4 clouds resistance area (39'532-41'250) should be seen as the main obstacle to cross over in this time frame; 39'904 being the 38.2% Fib ret, 40'418 the 50% ahead of 40'931 (61.8%) and also close to the top of H4 clouds.
RSI @ 45.95
LAGGING LINE below the H4 clouds and below both TS and KS; still slightly above MBB
Currently caught during the last 2 days, in a narrow trading range, between 38'700 and 39'500
1 HOUR (H1)
Sideways price action, currently below the H1 clouds which are, at the moment, very thin = very fragile.
A sustainable recovery above the hourly clouds would be the first signal, calling for a potential TACTICAL SHORT TERM REVERSAL, with, once again an upside potential pretty limited (Fibonacci retracements previously mentioned in H4) in this broad BEARISH STRATEGIC STRUCTURE !!!
CONCLUSION :
HAVING IN MIND A STRATEGIC VIEW, THE UPCOMING WEEKLY CLOSING LEVEL IN A COUPLE OF HOURS SHOULD GIVE ADDITIONAL CLUES FOR NEXT WEEK AS A FAILURE TO HOLD WITHIN THE CLOUDS WOULD BE SEEN AS A ADDITIONAL WARNING SIGNAL, CALLING FOR LOWER LEVELS; THE LAST 2 WEEKS, THE BTC MANAGED TO CLOSE AND HOLD ABOVE THE BOTTOM OF THE WEEKLY CLOUDS AREA !
Will the BTC be able to repeat the price action of the 2 previous weeks and hold above the bottom of the weekly clouds ?
Answer in a few hours...
Have a nice Sunday and all the best.
Take care,
IRONMAN8848 & Jean-Pierre Burki
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, @ 46.72
LAGGING LINE moving, for the time being on a sideways mode, below the KIJUN-SEN.
Last but not least the ongoing secondary uptrend support line (around 38'800) is currently under attack and and a failure to hold above this line, on a DAILY CLOSING BASIS, would also weigh on the BTC in increasing the selling pressure.
4 HOURS (H4)
Currently below the clouds and the Mid Bollinger Band and just slightly below the TENKAN-SEN (39'056)
Ongoing H4 closing level should give more clues for the upcoming trading hours.
Indeed, the H4 clouds resistance area (39'532-41'250) should be seen as the main obstacle to cross over in this time frame; 39'904 being the 38.2% Fib ret, 40'418 the 50% ahead of 40'931 (61.8%) and also close to the top of H4 clouds.
RSI @ 45.95
LAGGING LINE below the H4 clouds and below both TS and KS; still slightly above MBB
Currently caught during the last 2 days, in a narrow trading range, between 38'700 and 39'500
1 HOUR (H1)
Sideways price action, currently below the H1 clouds which are, at the moment, very thin = very fragile.
A sustainable recovery above the hourly clouds would be the first signal, calling for a potential TACTICAL SHORT TERM REVERSAL, with, once again an upside potential pretty limited (Fibonacci retracements previously mentioned in H4) in this broad BEARISH STRATEGIC STRUCTURE !!!
CONCLUSION :
HAVING IN MIND A STRATEGIC VIEW, THE UPCOMING WEEKLY CLOSING LEVEL IN A COUPLE OF HOURS SHOULD GIVE ADDITIONAL CLUES FOR NEXT WEEK AS A FAILURE TO HOLD WITHIN THE CLOUDS WOULD BE SEEN AS A ADDITIONAL WARNING SIGNAL, CALLING FOR LOWER LEVELS; THE LAST 2 WEEKS, THE BTC MANAGED TO CLOSE AND HOLD ABOVE THE BOTTOM OF THE WEEKLY CLOUDS AREA !
Will the BTC be able to repeat the price action of the 2 previous weeks and hold above the bottom of the weekly clouds ?
Answer in a few hours...
Have a nice Sunday and all the best.
Take care,
IRONMAN8848 & Jean-Pierre Burki
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