BitcoinLong
BTC-DAILY- CONSOLIDATION THEN HIGHER !
DAILY (D1)
Price action seen over the last couple of days should be seen as constructive for further upside. Indeed,
1) the breakout of the TRIANGLE PATTERN by a long white bullish candle
2) Next candle closing above the previous closing
So after, having reached an intraday high above 48'000 yesterday, @ 48234, we may see some correction, like a pullback towards, potentially the former high @ 45'850 or even lower towards the TENKAN-SEN @ 44'375; such kind of price action, if seen, should be considered, in the current market environment as a consolidation move in a new daily BULL TREND, calling for a move above the psychological 50'000 level and towards the next very important resistance area of 50'975, which is the KIJUN-SEN on the weekly basis.
The breakout of the triangle pattern gives a TARGET OF 57'850 !
A FAILURE TO HOLD ABOVE THE ONGOING NEW SUPPORT TREND LINE, CURRENTLY @ 43'720 WOULD CHALLENGE THE EXPECTED BULLISH SCENARIO CALLING FOR HIGHER LEVELS !
Watch price action on both RSI and Lagging line
WEEKLY (W1)
Ongoing price action is showing an upside breakout attempt of the clouds; next significant resistance level, being, as mentioned previously, @ 50'975, which is the weekly KIJUN-SEN & 50% Fibonacci retracement of the 69'000-32'950 downside move.
RSI @ 53.61.
LAGGING LINE in support above the CLOUDS and the KIJUN-SEN
As usual, monitor and watch closely price action on shorter intraday time frames which will help you to validate or invalidate the implications previously mentioned in the DAILY and WEEKLY time frames.
IRONMAN8848 & Jean-Pierre Burki
Price action seen over the last couple of days should be seen as constructive for further upside. Indeed,
1) the breakout of the TRIANGLE PATTERN by a long white bullish candle
2) Next candle closing above the previous closing
So after, having reached an intraday high above 48'000 yesterday, @ 48234, we may see some correction, like a pullback towards, potentially the former high @ 45'850 or even lower towards the TENKAN-SEN @ 44'375; such kind of price action, if seen, should be considered, in the current market environment as a consolidation move in a new daily BULL TREND, calling for a move above the psychological 50'000 level and towards the next very important resistance area of 50'975, which is the KIJUN-SEN on the weekly basis.
The breakout of the triangle pattern gives a TARGET OF 57'850 !
A FAILURE TO HOLD ABOVE THE ONGOING NEW SUPPORT TREND LINE, CURRENTLY @ 43'720 WOULD CHALLENGE THE EXPECTED BULLISH SCENARIO CALLING FOR HIGHER LEVELS !
Watch price action on both RSI and Lagging line
WEEKLY (W1)
Ongoing price action is showing an upside breakout attempt of the clouds; next significant resistance level, being, as mentioned previously, @ 50'975, which is the weekly KIJUN-SEN & 50% Fibonacci retracement of the 69'000-32'950 downside move.
RSI @ 53.61.
LAGGING LINE in support above the CLOUDS and the KIJUN-SEN
As usual, monitor and watch closely price action on shorter intraday time frames which will help you to validate or invalidate the implications previously mentioned in the DAILY and WEEKLY time frames.
IRONMAN8848 & Jean-Pierre Burki
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