As expected and mentioned in my previous analysis published yesterday morning we saw an increasing volatility which triggered a trading range between 34'324 reached early yesterday morning towards an intraday high @ 39'720.
WEEKLY (W1)
Main levels to look in this weekly time frame remains :
UPSIDE : 42'524 /43'673
DOWNSIDE : 37'365
DAILY (D1)
Currently in the bottom of the clouds.
BUT STILL BELOW THE TENKAN-SEN @ 39'264, the KIJUN-SEN @ 40'087 and the MID BOLLINGER BAND @ 41'244
The 50% Fibonacci retracement @ 39'554 of the last downside move has been filled with an intraday high @ 39'720.
There is a daily congestion support zone to look at, between 38'450 and 37'000... the daily clouds bottom support being currently @ 37'325
RSI below 50 @ 43.39
4 HOURS (H4)
A BULLISH DIVERGENCE triggered the big rally and in this H4 time frame the BTC is currently above the TS and MBB @37'022) and above the Mid Bollinger Band @ 37'419.
Neverteless, still below the H4 clouds resistance zone which is between 40'177 and 41'379
RSI above 50 @ 56.44
1 HOUR (H1)
WARNING !
Bearish RSI divergence in progress !
Tenkan-Sen in support @ 38'395 in this short term intraday hourly time frame ahead of MBB @ 37'203 (which is also the ongoing short term uptrend support line) and the Kijun-Sen @ 37'022.
A failure to hold, on H1 closing basis,above the Tenkan-Sen @ 38'395, would be the first warning signal of potential reversal and a breakout of the 37'000 area would give confirmation for further downside !
CONCLUSION :
Despite the sharp rally seen yesterday, THE BTC IS STILL, STRATEGICALLY SPEAKING, in a BEAR TREND, and recent price action, was still a CORRECTIVE MOVE IN A BROAD STRATEGIC BEAR TREND
A DAILY CLOSING ABOVE THE TENKAN-SEN @ 39'265 WOULD BRING THE FIRST WARNING SIGNAL OF A BOTTOM IN PLACE HAVING IN MIND THAT, AS LONG AS THE TOP OF THE CLOUDS @ 42'524 WILL NOT BE CLEARLY BROKEN ON THE DAILY BASIS... THE DOWNSIDE RISK WILL REMAIN !
IRONMAN8848 & Jean-Pierre Burki
WEEKLY (W1)
Main levels to look in this weekly time frame remains :
UPSIDE : 42'524 /43'673
DOWNSIDE : 37'365
DAILY (D1)
Currently in the bottom of the clouds.
BUT STILL BELOW THE TENKAN-SEN @ 39'264, the KIJUN-SEN @ 40'087 and the MID BOLLINGER BAND @ 41'244
The 50% Fibonacci retracement @ 39'554 of the last downside move has been filled with an intraday high @ 39'720.
There is a daily congestion support zone to look at, between 38'450 and 37'000... the daily clouds bottom support being currently @ 37'325
RSI below 50 @ 43.39
4 HOURS (H4)
A BULLISH DIVERGENCE triggered the big rally and in this H4 time frame the BTC is currently above the TS and MBB @37'022) and above the Mid Bollinger Band @ 37'419.
Neverteless, still below the H4 clouds resistance zone which is between 40'177 and 41'379
RSI above 50 @ 56.44
1 HOUR (H1)
WARNING !
Bearish RSI divergence in progress !
Tenkan-Sen in support @ 38'395 in this short term intraday hourly time frame ahead of MBB @ 37'203 (which is also the ongoing short term uptrend support line) and the Kijun-Sen @ 37'022.
A failure to hold, on H1 closing basis,above the Tenkan-Sen @ 38'395, would be the first warning signal of potential reversal and a breakout of the 37'000 area would give confirmation for further downside !
CONCLUSION :
Despite the sharp rally seen yesterday, THE BTC IS STILL, STRATEGICALLY SPEAKING, in a BEAR TREND, and recent price action, was still a CORRECTIVE MOVE IN A BROAD STRATEGIC BEAR TREND
A DAILY CLOSING ABOVE THE TENKAN-SEN @ 39'265 WOULD BRING THE FIRST WARNING SIGNAL OF A BOTTOM IN PLACE HAVING IN MIND THAT, AS LONG AS THE TOP OF THE CLOUDS @ 42'524 WILL NOT BE CLEARLY BROKEN ON THE DAILY BASIS... THE DOWNSIDE RISK WILL REMAIN !
IRONMAN8848 & Jean-Pierre Burki
