BTC-H4-CONSOLIDATION IN PROGRESS...4 HOURS (H4)
The expected consolidation is in progress with a potential short term double top pattern in progress too.
Indeed, the trigger level of this potential formation is @ 46'897 and a failure to hold on H4 closing basis above that level would open the door for 45'560 which would be in line which what I mentioned in my previous analysis published yesterday. (see related idea below).
b]Tenkan-Sen @ 47'350 ahead of MBB @ 46'601 are the supports levels to monitor and to look at very carefully in this H4 time frame.
Important to note that the ongoing H4 support trend line is currently also around the 45'000 are a, which mean that as long as we hold above it, in this 4 hours time frame, recent and current price action should be seen as a corrective move in still a BULLISH TREND.
Looking at the DAILY PICTUR E, we can see that the middle level of the LONG WHITE BULLISH CANDLE of March 27th is @ 45'709 and a daily closing below that level would potentially trigger a DARK CLOUD COVER and therefore increase the selling pressure towards the CLUSTER of the daily Tenkan-Sen (44'567), the former downtrend line resistance (44'656) (also the top line of the triangle pattern) and the ongoing daily support trend line (44'250).
On the upside, a successful cross over the former recent highs (48'128 & 48'234) would invalidate the ongoing downside risk and would open the door for higher levels towards the psychological 50'000 resistance area.
On the DAILY PICTURE, A CLEAR BREAKOUT OF FIRSTLY THE 44'000 area (cluster previously mentioned), would be the first warning signal with below the KEY SUPPORT LEVEL @ 42'701 (Kijun-Sen)
WEEKLY (W1)
The next weekly closing level would also be important as it will either validate or invalidate the breakout of the weekly top clouds resistance area @ 47'407.
A weekly closing above this level should be seen as the first postitve signal, calling for higher levels.
As usual, monitor closely the price action on shorter intraday time frames (on H1, watch the clouds support area !), to get additional and earlier signal (s) which will help you to act accordingly in the time frames you are looking for.
Have a nice trading day.
Take care
IRONMAN884 & Jean-Pierre Burki
