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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