BTC - FAILURE TO HOLD ABOVE 40'000 ...
M1 : Ongoing downtrend in progress
W1 : Failure to recover above the W1 pivot level
@ 41230 is confirming the downside direction
D1 : Yesterday's price action triggered a breakout
attempt of the cluster (former uptrend support line and
former downtrend line) which failed after having reached
an intraday high @ 40'904. BTC also missed to stay and hold
above the important resistance level of 40'000, I mentioned
yesterday !! As a result, renewal selling pressure took place,
pushing down the BTC towards a low so far of 37'212, filling
nearly the 38.2% Fib ret (@ 37161) of the last 31'107-40904 rally.
H4 : Failure, yesterday, to breakout the top of the clouds has also
been an additional confirmation of a top in place; currently testing
the bottom of the clouds support area and below the Mid Bollinger
Band ! Watch next H4 closing level. A failure to close above MBB @ 38'147,
would be seen as negative, calling for further downside move towards the
next significant support level, in this time frame around 36'000
H1 : Price action, seen yesterday, after the breakout of the 40'000 triggered a
bull trap ! Indeed, BTC never achieved to close on a H1 basis above the closing level
of the breakout candle, which triggered the formation of a downtrend (lower highs !)
M30 : Below the clouds; watch MBB and downtrend line resistance as indicators.
M15 : Same than M30
M5 : A bullish divergence detected 45 min ago triggered a very small corrective upside
move which has been rejected by both MBB and KS.
CONCLUSION : NO CHANGE IN MY VIEW, ONLY A CLEAR BREAKOUT OF THE 40'000 WOULD FORCE
TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO I AM CALLING FOR !
W1 : Failure to recover above the W1 pivot level
@ 41230 is confirming the downside direction
D1 : Yesterday's price action triggered a breakout
attempt of the cluster (former uptrend support line and
former downtrend line) which failed after having reached
an intraday high @ 40'904. BTC also missed to stay and hold
above the important resistance level of 40'000, I mentioned
yesterday !! As a result, renewal selling pressure took place,
pushing down the BTC towards a low so far of 37'212, filling
nearly the 38.2% Fib ret (@ 37161) of the last 31'107-40904 rally.
H4 : Failure, yesterday, to breakout the top of the clouds has also
been an additional confirmation of a top in place; currently testing
the bottom of the clouds support area and below the Mid Bollinger
Band ! Watch next H4 closing level. A failure to close above MBB @ 38'147,
would be seen as negative, calling for further downside move towards the
next significant support level, in this time frame around 36'000
H1 : Price action, seen yesterday, after the breakout of the 40'000 triggered a
bull trap ! Indeed, BTC never achieved to close on a H1 basis above the closing level
of the breakout candle, which triggered the formation of a downtrend (lower highs !)
M30 : Below the clouds; watch MBB and downtrend line resistance as indicators.
M15 : Same than M30
M5 : A bullish divergence detected 45 min ago triggered a very small corrective upside
move which has been rejected by both MBB and KS.
CONCLUSION : NO CHANGE IN MY VIEW, ONLY A CLEAR BREAKOUT OF THE 40'000 WOULD FORCE
TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO I AM CALLING FOR !
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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.