BTC-IN THE MIDDLE OF THE RANGE !WEEKLY (W1)
Upcoming weekly closing level would be very important to look at, as it will either VALIDATE or INVALIDATE the upside BREAKOUT OF THE TOP OF THE WEEKLY CLOUDS RESISTANCE AREA @ 47'407 !!!
The Mid Bollinger Band (MBB) @ 44'555, briefly broken yesterday, worked perfectly well as the support level in this weekly time frame
DAILY (D1)
Nice recovery seen yesterday ! indeed, after having briefly broken an important support level (see my last analysis below), the BITCOIN managed to reverse, confirming, for the time being the PULLBACK I have been talking about and which for the time being let the TRIANGLE PATTERN ALIVE for a technical target
of 57'620 !
Nevertheless, as long as the former high @ 48'234 is not broken on a DAILY CLOSING BASIS, the downside pressure remains...
The TENKAN-SEN @ 45'925 should be seen, now as the first support in this daily picture and if you look back, so far has worked perfectly well as LEADING SUPPORT INDICATOR.
A daily closing below this level should not be underestimated as that should be seen as the first warning signal for a TREND REVERSAL which should be confirmed by the breakout of the ongoing uptrend support level, currently @ 45'245.
PIVOT LEVELS DAILY TIME FRAME :
1) ON THE DOWNSIDE @ 42'900 (KIJUN-SEN)
2) ON THE UPIDE @ 48'234 (FORMER HIGH)
BREAKOUT IMPLICATIONS OF ONE OR THE OTHER PIVOT LEVEL :
1) ON THE DOWNSIDE 41'642 (61.8% Fibonacci retracement of the 37'567-48'234 rally) ahead of the psychological 40'000 support level which also coincides with the daily clouds support area.
2) ON THE UPSIDE, psychological 50'000 resistance level ahead of 50'975 (WEEKLY KIJUN-SEN !!!). A crossover this level would confirm further upside towards the TRIANGLE TARGET @ 57'620
4 HOURS (H4)
The CLOUDS hold and rejected yesterday the downside breakout attempt; the strong recovery which followed with along white bullish candle 44'734 - 46'739 in 4 hours) crossed over strongly the former ongoing uptrend support line which had been changed to a new resistance level.
The BITCOIN is currently traded around the Mid Bollinger Band @ 46'492 and the upcoming H4 closing level may give more clues for further intraday development.
On the downside, watch the CLOUDS and the TENKAN-SEN @ 45'731
1 HOUR (H1)
Despite a RSI convergence detected at the bottom level (44'244) the BITCOIN managed to recover... and this short term recovery has been validated by firstly the upside breakout of the Tenkan-Sen, the MBB and the KS.
Currently above the hourly clouds but already below the Tenkan-Sen (46'661)
Watch closely this hourly price action and also shorter intraday time frames to get more clues for further development on both sides !!!
Mid Bollinger Band @ 46'140 is the next support level ahead the hourly clouds support area, currently between 46'000and 45'500
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