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BTC - H4 - FALLING WEDGE IN PROGRESSH4 : On one hand a falling wedge formation is in progress with an attempt to upside breakout (not confirmed yet !) In addition, the breakout area coincides with the clouds resistance zone and also, slightly higher with the MBB Watch 36500-37000 trading range for clue An upside breakout of that area would directly put the focus on the 38'000 level which is currently the former downtrend line resistance. A failure to do it, would again refocus on former low of 33800-34500 area.
BITSTAMP:BTCUSD
by Ironman8848
BTC - D1 - CAUGHT BETWEEN MBB AND TENKAN-SEN ...D1 : Still holding above MBB which remains one of the trend leading indicator with Tenkan-Sen. Yesterday's price action triggered a "Doji" pattern which confirm indecision and uncertainty. As long as we hold above MBB, that should be seen as a constructive and consolidation price action calling for higher levels with renewed focus on recent peak @ 42'000. On the other hand m a failure to stay above MBB would this time confirm a TREND REVERSAL, an trigger heavy selling pressure as the mood will move from BULLISH sentiment to a BEARISH one ! Next important supports being 32350 (KS) ahead of the psychological 30'000 area. (interesting to note that the former low is @ 30261 and the 38.2% Fibonacci retracement @ 29776
BITSTAMP:BTCUSD
by Ironman8848
BTC - H4 - Below Tenkan-Sen and MBB...H4 : Currently traded below both Tenkan-Sen and MBB. Moreover, the uptrend support line is under attack !ü Clouds support zone looks quite fragile. A failure to hold above the 36250-36000 area would direcly put the focus on lower levels towards, first 34'800 which is the clouds support area ahead of the congestion zone support @ 33800. On the upside, as already mentioned previously on my D1 comment, 39150 (which coincides roughly with the downtrend line resistance) and more important the former high @ 40112 remains the levels to break in order to reverse the bearish price action currently in place. Sell on rally
BITSTAMP:BTCUSDShort
by Ironman8848
BTC - D1 - BEARISH ENGULFING PATTERN...D1 : Yesterday's price action triggered a Bearish engulfing pattern. Intraday recovery failed to upside breakout the downtrend line resistance which remains an important area to clearly break which if done, would confirm further upside. 36130 (Tenkan-Sen) remains, as already mentioned several times in my post one the main leading indicator. 34400 ( MBB ) is the second support which should be seen also as a very good barometer, as already seen in the past. 32191 is the ultimate support, a failure to hold above that important level would trigger a sharp downside move Conclusion : on D1 basis, BTC , need, in order to stabilize the downside risk, quickly recover and hold above at least 39150 (closing & opening of former sessions) which would confirm an upside breakout of the current downtrend line resistance. Sell on rally towards the downtrend resistance line See H4 post which will posted in the next couple of minutes for intraday clues Have a great weekend. Best Ironman
BITSTAMP:BTCUSDShort
by Ironman8848
BTC - D1 / H4 - TENKAN-SEN REMAINS THE MAIN LEADING INDICATOR !D1 : Watch carefully at the Tenkan-Sen; BULLISH above and BEARISH below H4 : Same comment than on D1 As long as we stay and hold above Tenkan-Sen, currently @ 39309, it is OK for further upside. A failure to do it would put the focus on MBB currently @ 38357 ahead of Kijun-Sen Global picture remains broadly bullish ,as for the time being any downside move should be seen as a corrective move only in a consolidation phase, calling for higher levels. Keep in mind the Risk Management in this high volatility environment !!!
BITSTAMP:BTCUSDLong
by Ironman8848
BTC - D1 - TENKAN IS AND REMAINS A GOOD BAROMETER...D1 : As already mentioned several times in my previous analysis, Tenkan-Sen should be seen as a good barometer : BULLISH above and BEARISH below ! H4 : Holding very well above the clouds. First significant support @ 35574 ahead of 33552 (MBB) H1 : A downside move below MBB would probably trigger and confirm a short term reversal towards 33926 ahead of 32737 (50% Fib Ret) M15 : Watch carefully clouds support zone Have a nice day.
BITSTAMP:BTCUSDLong
by Ironman8848