Today, we are going to look at the 240 minutes chart where a RSI BEARISH DIVERGENCE has been identified.
In addition to this signal, a potential double top formation is also in progress with its trigger level @ 41'779, just above the level of 41'705 I mentioned to watch yesterday on my DAILY ANALYSIS.
So watch now carefully ongoing price action in shorter time frame which will help you to get more clues and which will validate or invalidate this potential double top in progress.
First support to look at is @ 42'600 (TS), ahead the ongoing support trend line (in green), currently @ 42'280, which also coincides with the Mid Bollinger Band and which usually works quite well as leading indicator; slightly below 42'000, there is the Kijun-Sen @ 41'971 which is the last support before the double top trigger level previously mentioned @ 41'779
A breakout of this level would target a downside move towards the the 40'000 area which is also by the way the bottom of the clouds area in this H4 time frame.
On the UPSIDE, a successful sustainable recovery above the former high @ 43'492 would neutralise this ongoing downside risk and would put the focus on the former high above 45'000 seen at the beginning of March.
IRONMAN8848. & Jean-Pierre Burki
In addition to this signal, a potential double top formation is also in progress with its trigger level @ 41'779, just above the level of 41'705 I mentioned to watch yesterday on my DAILY ANALYSIS.
So watch now carefully ongoing price action in shorter time frame which will help you to get more clues and which will validate or invalidate this potential double top in progress.
First support to look at is @ 42'600 (TS), ahead the ongoing support trend line (in green), currently @ 42'280, which also coincides with the Mid Bollinger Band and which usually works quite well as leading indicator; slightly below 42'000, there is the Kijun-Sen @ 41'971 which is the last support before the double top trigger level previously mentioned @ 41'779
A breakout of this level would target a downside move towards the the 40'000 area which is also by the way the bottom of the clouds area in this H4 time frame.
On the UPSIDE, a successful sustainable recovery above the former high @ 43'492 would neutralise this ongoing downside risk and would put the focus on the former high above 45'000 seen at the beginning of March.
IRONMAN8848. & Jean-Pierre Burki
