BTC - D1 - RISING WEDGE AND DOWNTREND CHANNEL IN PROGRESS...
Looking at the Daily time frame we can see 2 formations in progress, the first one (in blue) is a rising wedge and the second one is a downtrend channel (in red) After having reached a low of 32'101, some corrective recovery took place (pullback towards the rising wedge breakout): failure to reenter in this pattern triggered a renewal selling pressure in building this new downtrend channel.
No change in my view; as long as BTC does not recover and hold above the trigger level (KS) @ 34'970, any recovery should still be seen as a corrective move only.
Intermediates resistances are at 33'900 (MBB) ahead of 34'030 (TS) a move above those areas would temporary neutralise the downside risk,
On the downside, first intraday support on H1 is around 33'200/33'000(clouds support zone) ahead of former low @ 32'101 and then 31'665 (61.8% Fib ret)
Watch intraday time frames to get clues for validation or invalidation
Have a nice sunny Sunday.
Here in Cap Ferret, we have all the ingredients :-) for a pleasant Sunday ...
all the best and take care
Ironman8848
No change in my view; as long as BTC does not recover and hold above the trigger level (KS) @ 34'970, any recovery should still be seen as a corrective move only.
Intermediates resistances are at 33'900 (MBB) ahead of 34'030 (TS) a move above those areas would temporary neutralise the downside risk,
On the downside, first intraday support on H1 is around 33'200/33'000(clouds support zone) ahead of former low @ 32'101 and then 31'665 (61.8% Fib ret)
Watch intraday time frames to get clues for validation or invalidation
Have a nice sunny Sunday.
Here in Cap Ferret, we have all the ingredients :-) for a pleasant Sunday ...
all the best and take care
Ironman8848
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.