BTCUSD-W1-UNDER MAJOR DOUBLE TOP INFLUENCE !

WEEKLY (W1)



In the weekly time frame, the Bitcoin remains under the influence of a MAJOR DOUBLE TOP IN PROGRESS !!!

The ongoing downtrend price action is still intact as the BTC is below :

1) the ongoing downtrend resistance line
2) the Tenkan-Sen & Conversion line (@ 49'537)
3) the Kijun-Sen & Base line (@ 52'141)

Note also the important barometer, which is the Mid Bollinger Band, currently @ 52'007 !

The last weekly closing level (@ 43'107) was slightly above the important weekly clouds support area between
40'860 and 37'360; interesting to also note that the 78.6% Fibonacci retracement extension level is @ 37'245.

In order to neutralise and stabilize this ongoing downside price action, the Bitcoin should at least recover and hold on a weekly
closing basis above the ongoing downtrend line resistance, currently around the 45'000-45'500 area.


A failure to do it would maintain the focus on the weekly clouds support zone (40'860-37'360)

DAILY (D1)

Currently in a sideways price action between 42'000 and 44'000.

The daily Mid Bollinger Band currently @ 44'105 should be seen, on a daily closing basis, as the first significant level to break, ahead of
the ongoing daily downtrend resistance line, currently @ 44'900 and last but not least the Kijun-Sen @ 45'828 which also was the former
congestion bottom zone seen in December 2021.

Finally, do not forget either, the daily clouds resistance are between 49'500 and 55'500 and only a clear breakout of the top of the clouds
would confirm a STRATEGIC TREND REVERSAL !


CONCLUSION :

Watch shorter time frames to get more clues.

If you go TACTICALLY LONG,(countertrend exposure !), do not forget to monitor the Risk Reward ratio accordingly and with
a strict stop losses discipline (trailing stop losses).

Have a nice week.

Ironman8848 & Jean-Pierre Burki

BTCUSDcryptosFibonacciironman8848midbollingerbandSupport and ResistanceTrend Lines

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