BTC - POTENTIAL DOUBLE TOP ON H1 !
M1 : Ongoing bearish price action.
W1 : Ongoing downtrend...
Watch weekly pivot level @ 41230. Only
a move above this level on this time frame
would neutralise the ongoing downside risk.
D1 : Nice recovery seen yesterday which triggered
a bullish engulfing pattern, BUT IT DID NOT RECOVER
ABOVE TENKAN-SEN...Today's closing level will be very
important for further development.Indeed, a failure to hold
above the D1 pivot level @ 37'500 would confirm a top in place
in this time frame. On the upside a sustainable move above
the psychological level of 40'000 would force to a view reassessment
of the expected bearish scenario.
H4 : The upside breakout of the Mid Bollinger Band (mentioned yesterday !)
triggered an upside acceleration towards 40'000, facing a tough resistance
to break (thickness of the clouds) and downtrend line resistance (phase 2).
Watch MBB (36790) and KS (36702) as first significant support ahead of KS (35553)
H1: MBB currently under attack ! A potential double top formation is also in progress with its trigger level @ 38000.target 36000.
A failure to hold above 38032) would open the door
for 37200, 36600 ahead of 35550 (50% Fib ret and also KS on H4)
M30 : Same than M1 watch the clouds as the first support zone
M15 : Clouds downside breakout attempt !
M5 : Former clouds support zone becomes new resistance area.
Before this, watch MBB and KS as first resistance to break
On the downside a failure to hold above 38'000 would confirm further downside as previously mentioned.
CONCLUSION : ONLY A CLEAR BREAKOUT AND A SUSTAINABLE MOVE ABOVE 40'000 WITH A D1 CLOSING ABOVE 40'000 WOULD
NEUTRALISE THE ONGOING DOWNSIDE RISK.
have a nice trading day, All the best. Take care
Ironman8848
W1 : Ongoing downtrend...
Watch weekly pivot level @ 41230. Only
a move above this level on this time frame
would neutralise the ongoing downside risk.
D1 : Nice recovery seen yesterday which triggered
a bullish engulfing pattern, BUT IT DID NOT RECOVER
ABOVE TENKAN-SEN...Today's closing level will be very
important for further development.Indeed, a failure to hold
above the D1 pivot level @ 37'500 would confirm a top in place
in this time frame. On the upside a sustainable move above
the psychological level of 40'000 would force to a view reassessment
of the expected bearish scenario.
H4 : The upside breakout of the Mid Bollinger Band (mentioned yesterday !)
triggered an upside acceleration towards 40'000, facing a tough resistance
to break (thickness of the clouds) and downtrend line resistance (phase 2).
Watch MBB (36790) and KS (36702) as first significant support ahead of KS (35553)
H1: MBB currently under attack ! A potential double top formation is also in progress with its trigger level @ 38000.target 36000.
A failure to hold above 38032) would open the door
for 37200, 36600 ahead of 35550 (50% Fib ret and also KS on H4)
M30 : Same than M1 watch the clouds as the first support zone
M15 : Clouds downside breakout attempt !
M5 : Former clouds support zone becomes new resistance area.
Before this, watch MBB and KS as first resistance to break
On the downside a failure to hold above 38'000 would confirm further downside as previously mentioned.
CONCLUSION : ONLY A CLEAR BREAKOUT AND A SUSTAINABLE MOVE ABOVE 40'000 WITH A D1 CLOSING ABOVE 40'000 WOULD
NEUTRALISE THE ONGOING DOWNSIDE RISK.
have a nice trading day, All the best. Take care
Ironman8848
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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.