M1 : Ongoing bearish price action in progress. W1 : Last week failure to recover above the W1 pivot level @ 41'230 confirmed that the downtrend is still intact D1 : Despite yesterday's closing (39'220) which was above the important MBB level (38'900) I have mentioned in my last analysis (see related idea below), BTC did not managed to stay above that very important pivot level !! Ongoing candle is showing currently a long black candle in progress (bearish signal) which also invalidated, for the time being the upside breakout of a triangle formation: On Daily basis, closing level today will be very important to watch as a failure to quickly recover above 39'000/40'000 would confirm further downside for the upcoming session (s), which is my expected scenario, still calling for lower levels, as mentioned several times in the past ! H4 : Both primary and secondary downtrend are still intact after the yesterday's failure to confirm the breakout of the secondary downtrend line resistance; this reversal has been triggered by a long black candle (bearish engulfing) which is in progress to be confirmed(in a couple of minutes !)by a second long black candle. Finally, as you can see, the clouds support zone(currently 35950-36000) is very, very thin = very fragile which means that a downside attack will be very likely successful and will open the door for lower levels towards 35'500 first ahead of 34'700 congestion support zone. H1: Below the former uptrend support line, below the clouds and below the cluster of MBB, KS and TS. M30 : Same than H1 M15 : Same than M30 M5 : RSI bullish divergence triggered some recovery attempt; watch cluster as the first resistance area ahead of the clouds currently between 37000-37500. Only a sustainable recovery above that area would neutralise temporarily the ongoing downside risk in a short term perspective. Fib ret @ 37'396 (38.2%) - 37'745 (50%) - 38092 (61.8%) the latter level being, also the clouds resistance area on M15 chart ! CONCLUSION : GLOBAL PICTURE IS STILL SHOWING A BROAD BEAR TREND IN PROGRESS AND IN ORDER TO CONFIRM A TREND REVERSAL, BTC SHOULD RECOVER FIRST ABOVE THE PSYCHOLOGICAL LEVEL OF 40'000 WHICH SHOULD BE CONFIRMED BY A BREAKOUT OF THE 41'130 AREA WHICH IS THE WEEKLY PIVOT LEVEL !!!
Comment
Target of 35'500 nearly reached with a low seen @ 35'576 (sorry guys a couple of points away :-) Nevertheless, global picture remains heavy and further downside is in the cards !
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