BTC - D1 - STILL ABOVE THE PRIMARY UPTREND SUPPORT LINE
D1 : Yesterday's price action is showing some sign of loss of momentum: nevertheless,
as long as D1 closing price remains above the primary uptrend support line, it is OK.
Indeed, a double top formation in progress can not, for the time being totally be ruled out !
Scenario BULLISH :
An upside breakout on a D1 closing basis of the former high @ 61781 occurs and then next significant target would be around
the 65000 area
Scenario BEARISH :
A failure to hold on D1 closing, above the primary uptrend support line, currently around 58350 would directly put the focus on the 57500 area (former congestion zone);
below watch 55357 (Tenkan-Sen & conversion line) and secondary support trend line.
Therefore, watch, very carefully, ongoing price action, on shorter time frames (H4,H1 and M15) in order to detect
early signal (s) of a potential trend reversal.
as long as D1 closing price remains above the primary uptrend support line, it is OK.
Indeed, a double top formation in progress can not, for the time being totally be ruled out !
Scenario BULLISH :
An upside breakout on a D1 closing basis of the former high @ 61781 occurs and then next significant target would be around
the 65000 area
Scenario BEARISH :
A failure to hold on D1 closing, above the primary uptrend support line, currently around 58350 would directly put the focus on the 57500 area (former congestion zone);
below watch 55357 (Tenkan-Sen & conversion line) and secondary support trend line.
Therefore, watch, very carefully, ongoing price action, on shorter time frames (H4,H1 and M15) in order to detect
early signal (s) of a potential trend reversal.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.