BTCUSD 28.11 - Short term downtrend?
Updated
BTCUSD is at a critical level as per Ichimoku analysis.
On the Daily TF :
1) On the DLY chart we see that the price reached the SSB.
2) Breaking that level will open the way for a correction to the TP zones I have marked which correspond to a confluence of Weekly (KS) and Daily levels.
On Weekly TF :
1) The price is testing its Tenkan Sen and on that TF we clearly see the Daily SSB level as well market by the black line.
2) Still on the WLY TF, we have now 2 red candles, and technically a correction often happens within 3 candles. So here, we miss the 3rd one which may happen next week.
Bottom line is : On the break of the DLY SSB, the probability to correct to the WLY KS is very present.
However, on the long term, the trend is still bullish as the price are still above the Kumo on the WLY TF. Only a break of the WLY Kumo on the downside will signify a change of the trend direction, which we are still very far from.
On the Daily TF :
1) On the DLY chart we see that the price reached the SSB.
2) Breaking that level will open the way for a correction to the TP zones I have marked which correspond to a confluence of Weekly (KS) and Daily levels.
On Weekly TF :
1) The price is testing its Tenkan Sen and on that TF we clearly see the Daily SSB level as well market by the black line.
2) Still on the WLY TF, we have now 2 red candles, and technically a correction often happens within 3 candles. So here, we miss the 3rd one which may happen next week.
Bottom line is : On the break of the DLY SSB, the probability to correct to the WLY KS is very present.
However, on the long term, the trend is still bullish as the price are still above the Kumo on the WLY TF. Only a break of the WLY Kumo on the downside will signify a change of the trend direction, which we are still very far from.
Note
The Weekly Chart :Note
Price are still neutral are is looking for a direction. Not much else to say a this stage, we'll have to see how to market moves either later today or tomorrow.
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.