BTC - INTRADAY - THE TREND IS YOUR FRIEND...
H4 : 3 black candles in a row.
Last closing period below TS
Watch MBB @ 38391 as the next significant support level
A failure to hold above that level on a closing level would trigger
further downside move towards KS ahead of the support trend line
H1 : All important supports (MBB, KS and TS) have been broken
Watch clouds support which also coincides currently with the H1
support trend line
A failure to hold above the clouds would likely add further selling pressure
M15 : As seen in H1, currently below important supports.
Nevertheless, watch former low @ 38401 on a closing period observation
(potential ST double bottom) and also coincides with the level of MBB on H4
Technical indicators are showing some potential ST bullish divergences
M5 : Watch each closing period for very short term additional information
Conclusion : Following the peak reached yesterday slightly above 41'000 (see
my previous post (double bottom target filled @ 40976, BTC is now entering in a
reversal trend.
Only a recovery above 39277 would neutralise the ongoing downside risk calling for
36355 (38.2 % Fib ret - 28800-41025.48
Finally a D1 closing today, below 38320 would trigger a bearish engulfing pattern which
would corroborate my above comments and would give additional value to my expected
bearish scenario
Last closing period below TS
Watch MBB @ 38391 as the next significant support level
A failure to hold above that level on a closing level would trigger
further downside move towards KS ahead of the support trend line
H1 : All important supports (MBB, KS and TS) have been broken
Watch clouds support which also coincides currently with the H1
support trend line
A failure to hold above the clouds would likely add further selling pressure
M15 : As seen in H1, currently below important supports.
Nevertheless, watch former low @ 38401 on a closing period observation
(potential ST double bottom) and also coincides with the level of MBB on H4
Technical indicators are showing some potential ST bullish divergences
M5 : Watch each closing period for very short term additional information
Conclusion : Following the peak reached yesterday slightly above 41'000 (see
my previous post (double bottom target filled @ 40976, BTC is now entering in a
reversal trend.
Only a recovery above 39277 would neutralise the ongoing downside risk calling for
36355 (38.2 % Fib ret - 28800-41025.48
Finally a D1 closing today, below 38320 would trigger a bearish engulfing pattern which
would corroborate my above comments and would give additional value to my expected
bearish scenario
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.