BTC - D1/H4 - 38.2 % FIBONACCI RETRACEMENT @ 42'894 !
Updated
D1 : Yesterday's price action triggered for the first time a closing level above the clouds with an intraday high @ 42'411, not far away of the
38.2% Fibonacci retracement @ 42'894, which is the next significant resistance level after 40'000.
So what next, now ?
Despite this sharp recovery since over the last couple of days from a low below 30'000, the BTC remains, for the time being, still in a broad
downtrend, meaning still below the Daily downtrend line resistance (in red on the chart); interesting to note that this important resistance
level coincides roughly with the level of the 38.2% Fib ret above mentioned !!!
Looking at the RSI indicator which is currently above the 70.00 (72.36), it looks a little bit tired... today's and upcoming price action should be
watch at very carefully.
H4 : This time frame is showing a rising wedge pattern in progress, couple with a RSI double bearish divergence which already triggered a downside
correction.
Watch 40'371-40'234 as first support area ahead of 39'560 (KS) and rising wedge support line; a failure to stay and hold sustainably above 39'500 would
confirm a top in place in opening the door for lower levels towards the H4 clouds support zone, currently around 37'300-35'000)
On the upside, a breakout of the former high @ 42'411 would directly put the focus on 42'894 ahead of 47'095
Watch also Chikou (lagging span) on D1, currently in the middle of the clouds (41'705) as an upside breakout of the clouds would also give more support for further upside.
Finally, watch also shorter time frames to get intermediate signal (s) which will allow you to detect early signs of trend reversals and last but not least watch the clouds
and Mid Bollinger Band on each time frame you are looking at :-)
Have a nice weekend.
And if you find my analysis as a good added value for you, please do not forget to like it and for those who do not follow me yet, please add Ironman8848 on your following list.
Take care and have fun.
Best
Ironman8848
38.2% Fibonacci retracement @ 42'894, which is the next significant resistance level after 40'000.
So what next, now ?
Despite this sharp recovery since over the last couple of days from a low below 30'000, the BTC remains, for the time being, still in a broad
downtrend, meaning still below the Daily downtrend line resistance (in red on the chart); interesting to note that this important resistance
level coincides roughly with the level of the 38.2% Fib ret above mentioned !!!
Looking at the RSI indicator which is currently above the 70.00 (72.36), it looks a little bit tired... today's and upcoming price action should be
watch at very carefully.
H4 : This time frame is showing a rising wedge pattern in progress, couple with a RSI double bearish divergence which already triggered a downside
correction.
Watch 40'371-40'234 as first support area ahead of 39'560 (KS) and rising wedge support line; a failure to stay and hold sustainably above 39'500 would
confirm a top in place in opening the door for lower levels towards the H4 clouds support zone, currently around 37'300-35'000)
On the upside, a breakout of the former high @ 42'411 would directly put the focus on 42'894 ahead of 47'095
Watch also Chikou (lagging span) on D1, currently in the middle of the clouds (41'705) as an upside breakout of the clouds would also give more support for further upside.
Finally, watch also shorter time frames to get intermediate signal (s) which will allow you to detect early signs of trend reversals and last but not least watch the clouds
and Mid Bollinger Band on each time frame you are looking at :-)
Have a nice weekend.
And if you find my analysis as a good added value for you, please do not forget to like it and for those who do not follow me yet, please add Ironman8848 on your following list.
Take care and have fun.
Best
Ironman8848
Note
No major change for the time being. BTC remains under ongoing selling pressure.Currently below TS and Mid Bollinger Band on H1, testing the clouds support zone on M15 and below the clouds on M5 in attempting to recover above the clouds... So , first significant support remain around 40'300 (cluster of TS and MBB on H4 and resistance is @ 42'411 (former high). Recent price action is showing a sideways move with a downside bias. Continue to watch carefully intraday time frame to get clues, starting from M5, M15, H1 and H4; finally today's closing level and type of candle should give more information for further development.
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