BTCUSD - W1/D1 -"GOODBYE" OR "GOOD BUY"Would it be a "goodbye" or a "goodbuy", that is the question ?
We should get the answer quite soon :-)
Indeed, looking at the weekly picture, a double top formation is in progress and the price action
seen over the last three weeks (following the rally from 40'000 towards 63'000) is showing some lack of
momentum, uncertainty and indecision, confirmed by a shooting star (already detected in my previous analysis) and
two successive small body candles !!!
Therefore, once again the ongoing weekly closing level will be important to look at, as a failure to show a new long white candle
(bullish confirmation) would add further doubt about upside continuation.
On a weekly basis, the first significant support level is currently @ 53'300.
On the upside a weekly closing above 61'350 would mark a new ATH weekly closing and in order to neutralise the ongoing downside risk we
need to see at least a weekly close above 63'000
DAILY :
Currently still within the ongoing uptrend channel, with Mid Bollinger band, which should, once again, be seen as a good barometer for further development,
bullish above and bearish below !
Watch also carefully KS (currently @ 60'453) which should be considered at the pivot level on a daily basis.
Indeed, a failure to hold above 60'000 on a daily closing basis, should open the door for lower levels, calling for 56'425 (38.2% Fib ret) also mid level of the uptrend channel, ahead
of 53'195 (50 % Fib ret & daily clouds support
CONCLUSION :
Continue to closely monitor intraday price action in shorter time frames which will give you intermediate clues (validation or invalidation) and which allow you to act accordingly.
Have a nice Sunday and if you like my analysis, please do not forget to like it and for those who do not follow me yet on TradingView, please also add Ironman8848 on your following list.
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Take care and all the best
Ironman8848 :-)
