AUDNZD DOUBLE TOP PATTERN FORMATION SHORTWe expect further downside on this pair, signalled by the double-top pattern breakout. We can also see the breakout of a key level which further supports our directional basis.
Doubletopinprogress
BTC- 240 MINUTES - RSI BEARISH DIVERGENCE !Today, we are going to look at the 240 minutes chart where a RSI BEARISH DIVERGENCE has been identified.
In addition to this signal, a potential double top formation is also in progress with its trigger level @ 41'779, just above the level of 41'705 I mentioned to watch yesterday on my DAILY ANALYSIS.
So watch now carefully ongoing price action in shorter time frame which will help you to get more clues and which will validate or invalidate this potential double top in progress.
First support to look at is @ 42'600 (TS) , ahead the ongoing support trend line (in green), currently @ 42'280, which also coincides with the Mid Bollinger Band and which usually works quite well as leading indicator; slightly below 42'000, there is the Kijun-Sen @ 41'971 which is the last support before the double top trigger level previously mentioned @ 41'779
A breakout of this level would target a downside move towards the the 40'000 area which is also by the way the bottom of the clouds area in this H4 time frame.
On the UPSIDE , a successful sustainable recovery above the former high @ 43'492 would neutralise this ongoing downside risk and would put the focus on the former high above 45'000 seen at the beginning of March.
IRONMAN8848. & Jean-Pierre Burki
BTC-H4-DOUBLE TOP IN PROGRESS !Today we are going to look carefully at the price action on the 4 hours chart which can validate or invalidate further upside as the BTC is facing an important resistance area to break on a DAILY BASIS (42'500),last closing being just below this level @ 42'235.
So, this 4 hours time frame is showing 2 important things :
1) a double top in progress with its trigger level @ 41'554 (also H1 clouds support area)- breakout confirmed on H4 closing basis would target 40'703 - if breakout occured watch and monitor pullback attempt closely !
2) RSI divergence
On the upside , a successful recovery above the Tenkan-Sen (41'979) would neutralise, on this H4 time horizon the ongoing downside risk and would reopen the door for higher levels.
On the downside, the former downtrend line resistance, currently around the 41'000 area is the first support, ahead of 40'703 (DT target) and the 50% Fib ret @ 40'557 (37'568-42'405)
A DAILY CLOSING LEVEL below the top of the clouds @ 40'800 would be seen as a negative signal for the upcoming trading session )s) !
On a weekly basis, the main support level remains the Tenkan-Sen @ 39'400 ahead of the weekly clouds support bottom @ 37'637; and on the upside, in this time frame watch the top of the clouds @ 45'433 which also coincides with the top of an ongoing weekly downtrend channel.
Have nice Sunday.
IRONMAN8848. & Jean-Pierre Burki
DOLLAR INDEX (DXY) - SHOOTING STAR !We are going to look at the long term picture (monthly) which triggered, on December closing basis, a SHOOTING STAR !
(similar pattern took place in April 2020...)
Indeed, after having failed to upside breakout the monthly clouds resistance, the BTCUSD closed roughly at the bottom of the clouds.
Therefore, last month price action should be seen as the first warning signal of a trend reversal in that long term time frame.
Looking to the downside, we can see that the DXY is still supported by the ongoing support trend line, currently around
94.10/20 which also, roughly coincides with the 38.2% Fibonacci of the last 0.89535-0.969380 rally.
A failure to hold above this area would put the focus one figure lower towards the monthly cluster support zone of 93.20-0.9325.
Watch also Chikou-span price action which is still, currently inside the clouds, below the MBB and the Tenkan-Sen and which also should breakout the clouds to the upside to
confirm further upside !
On the upside, a next monthly closing level, in January, above the clouds would neutralize the ongoing downside risk.
WEEKLY (W1)
Second black weekly candle which closed just above the trigger level of a potential double top formation in progress.
Globally still in an uptrend channel and above the first significant weekly support @ 95.38.
Watch ongoing price action as a failure to stay, hold and close at the next weekly closing above that level would add further
pressure to the downside, calling firstly for a move towards the uptrend channel support line (currently @ 94.75 ahead of the weekly
cluster (94.47-94.37).
DAILY (D1)
Under the influence of a potential double top in progress, currently close to the trigger level @ 95.52 (also top of the daily clouds support zone !
A daily closing level below 95.52 would be the first warning validation signal for this double top pattern, calling for a technical target of 94.10
which, roughly coincides with the level of the long term (monthly) ongoing support line, above mentioned and last but not least with the bottom
of the daily clouds support too.
RSI is converging to the downside too.
A daily closing above 96.25 on a daily basis would neutralize the ongoing downside risk and would put the focus again for a retest of the former highs around
97.00
Finally, watch carefully at the intraday shorter time frames to get clues which will help you to validate or invalidate the implications of the scenarios above
mentioned.
Ironman8848 & Jean-Pierre Burki
BTC - D1 - REMAINS UNDER DT INFLUENCE !DAILY : DOUBLE TOP IN PROGRESS STILL ALIVE
As mentioned in my previous analysis (see related ideas below), the recovery which took place recently was only a corrective move in a broad new bear trend which started @ ATH 69'000.
Indeed, the ongoing double top formation is still intact and a daily closing below its trigger level (@ 57'500) would be the first warning signal which would confirm this bearish formation, calling
for a target @ 46'000
The clouds, once again worked perfectly well in rejecting the upside breakout and I will strongly suggest to monitor carefully price action around the clouds as failure to hold above the daily clouds will
be the second signal calling for further downside and a move towards the psychological 50'000 first, ahead of 46'000 previously mentioned.
Look also RSI price action which continue to converge to the downside in being below the 50 level.
WEEKLY : LAST WEEK PRICE ACTION TRIGGERED A BEARISH ENGULFING PATTERN ( Long black candle) !!!
On this time frame the next significant support is @ 54'295 while on the upside the next important level to look at is @ 60'000.
In order to neutralise the ongoing downside price action on this weekly time frame, BTCUSD should recover at least above 62'100 which if occurs, would trigger a "PIERCING LINE PATTERN", which would
be seen as a reversal signal in this weekly time frame.
IMPORTANT LEVELS TO WATCH ON A WEEKLY BASIS ARE THE FOLLOWING :
54'295
62'100
INTRADAY - 4 HOURS - KIJUN-SEN UNDER ATTACK !!!
On the intraday, 4 hours picture, the Kijun-Sen @ 57'368 is under attack and a failure to hold above it on the next closing observation would also be a warning signal for further downside; on short term a move above
the MBB, currently @ 58'205 ahead of TS (@ 58'450) would temporary slow the current bearish move and reopen the door for the psychological and important resistance level of 60'000 which should really clearly be broken
and if it is the case, that would force to a view reassessment of my still bearish expected scenario already detected a couple days ago.
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Have a nice trading week and all the best.
Take care
Ironman8848
BTCUSD - D1 - DOUBLE TOP IN PROGRESS !DAILY :
The Daily picture is clearly showing a double top formation in progress, its trigger level being @ 57'500; a breakout confirmed of this point would activate
this bearish formation in opening the door for a technical target @ 46'000.
Global picture is not very encouraging at all; indeed, the BTCUSD, is currently in an ongoing downtrend; meaning in a SELL ON RALLY MODE !
In addition, current level around 60'000 is firstly showing some uncertainty and nervousness; moreover, we are also below the important cluster area (MBB, KS and TS)
which should not be underestimated...
Of course, the daily clouds area, currently between 58'422 (top of the clouds and also roughly the former intraday low reached yesterday (58'435) and 53'300 should be
seen as the first significant support zone on this time frame; please, also note the thickness of the clouds which should also be considered as a strong support to break.
On the indicator side, RSI is continuing to converge to the downside and is currently below 50, @ 44.24.
Only a clear sustainable recovery above the 63'000 would force to a reassessment view of the expected bearish scenario above mentioned.
WEEKLY :
Looking briefly at the weekly picture, we can see a "BEARISH ENGULFING PATTERN" in progress, which of course, would be validated only on a weekly basis closing level; in term
of support levels, we can see :
- S1 @ 57'765 (warning !double top trigger level @ 57'500) see above for implication
- S2 @ 54'295 (also TS)
- S3 @ 50'824
Global weekly picture remains supported by respectively the Mid Bollinger Band (currently @ 50'000) ahead of both KS and the uptrend support line (currently @ 48'900)
4 HOURS :
Ongoing downtrend channel (mentioned in my previous analysis) remains intact and current level is below the middle level of this downtrend channe, on the lower part and traded
around the Tenkan-Sen @ 59'812
Sideways price action for the Lagging Line which is also below the clouds...
As mentioned yesterday, no Bullish divergence has been detected yet and recent and current price action should still be seen as a corrective move only and not yet as a trend reversal yet.
CONCLUSION :
Monitor and watch closely at the price action on intraday shorter time frames to detect early signal (s) of bullish divergence or bearish convergence !!!
Have a nice trading day and all the best to all of you.
Take care.
Ironman8848
BTCUSD - D1 - RED ZONE (62'700 - 65'500) !DAILY PICTURE :
Yesterday's closing below the Tenkan-Sen,(currently @ 64'560) and which should be seen as the first important level to look at very carefully.
Indeed, a failure, to close, later on today above this point would put the focus on the next significant support level, @ 62'700, already mentioned
in my previous analysis (see related idea below) and which is also the bottom of the "RED ZONE".
A daily closing above 64'560 would open the door for the top of the "RED ZONE @ 65'500
4 HOURS PICTURE :
Once again clouds support zone worked perfectly well in rejecting several time downside breakout attempts.
Therefore, I strongly suggest to continue to monitor very closely ongoing price action in order to validate an exit, either on the upside or on the downside
of the clouds area !
It is not surprising at all, that, respectively the bottom of the clouds coincides roughly with the cluster of TS and MBB while on the upside, slightly above the top
of the clouds you will find the KS resistance !!!
WEEKLY PICTURE
Weekly closing level tonight will also be important for further development; indeed, a second potential "shooting" star is in progress on this weekly chart.
Looking broadly on this weekly time frame, the trend is still pointing to the NORTH; main support being around the 54'000 level (uptrend support line and TS)
CONCLUSION :
Monitor closely price action, in starting from very short term time frames (15-30 MIN) to get intermediate signal (s) which should be validated by longer time frames !!!
Have a nice Sunday.
Take care and all the best
Ironman8848
#btcusdt #daily #bitcoinHi guys..its the latest analyze chart of BTCUSDT in daily timeframe .Bitcoin is probably forming double top pattern.if you are interested any crypto that you want analyze with me and any questions please do not hesitate and comment below the chart!
if u like it press like-comment and folow me.thx
BTC - H4 - BEARISH ENGULFING PATTERN AND DOUBLE TOP IN PROGRESS H4 : Last candle triggered a bearish engulfing pattern,coupled with a potential double top formation in progress
A failure to hold above TS would be the first signal on next candle closing of a confirmation of the pattern
previously mentioned.
Below watch carefully MBB, currently @ 35691 which I repeat again works very well as leading indicator.
H1 : Currently below TS and MBB.
KS under attack !
Failure to hold above KS on next hourly closing should trigger further downside towards the 38.2% Fib ret @ 36226
ahead of the clouds support zone (50% and 61.8% Fib ret)
M15 : Below KS, TS and MBB and below the clouds too
Breakout of former low @ 36819 would trigger further selling pressure calling for targets mentioned in H1
M5 : Very short term attempt recovery, pullback towards the clouds resistance area.
Watch former high @ 37966 ahead of the 61.8% Fib ret @ 38018 of the last downside move (38748-36838
A failure on very short term horizon to recover above the latter level would also confirm further downside
in the cards
Have fun :-)
Best
Ironman8848
BTC - H1 - DOJI + BEARISH DIVERGENCE !H1 : Last candle triggered a doji pattern, coupled with a bearish divergence and
a potential double top formation in progress (trigger level @ 34400 !)
Therefore, it is likely to see a downside move, targeting at least MBB g 34764
ahead of the 34500 area
Watch intermediate price action on M15 for confirmation of the expected above mentioned
price action.
