BTC-D1-REVERSAL IN PROGRESS...
GLOBAL PICTURE
DAILY (D1)
After having reached, yesterday, an intraday high @ 35'332 and nearly achieved a full Fibonacci retracement (former high @ 45'850), the BTC lost momentum and as a result, closed slightly above the middle of the previous white candle which mean, that yesterday's price action, roughly triggered a DARK CLOUD COVER (Bearish warning signal); today's ongoing downside price action is currently confirming this downward selling pressure and a DAILY CLOSING BELOW 43'000 would weigh further on the BTC and therefore open the door for lower levels.
Daily clouds area is between 42'524 and 39'093
RSI still above 50, @ 57.93
LAGGING LINE failed to enter in the daily clouds and is in progress to reverse too.
The MID BOLLINGER BAND, my own barometer,is currently @ 40'825 and also roughly in the middle of the daily clouds support; this level should be watch at very carefully as a daily closing below this point. would directly put the focus towards the daily clouds bottom around the 39'000 level.
WEEKLY (W1)
A quick look at the weekly char shows , for the time being a failure to breakout the weekly top clouds resistance area !
Watch the clouds in this time frame as a broad indicator for further development.
4 HOURS (H4)
DOUBLE TOP FORMATION IN PROGRESS, coupled with a double doji and a RSI BEARISH DIVERGENCE !!!
Trigger level @ 43'220
Technical target (in case of downside breakout confirmed) @ 41'108
Interesting to note that the H4 Kijun-Sen is @ 41'174 and should also be seen as a PIVOT LEVEL in this H4 time frame
1 HOUR (H1)
As for H4, a double top formation is in progress.
Currently, already, below :
1) Kijun-Sen
2) Mid Bollinger Band
3) Tenkan-Sen
4) the clouds
The double top target @ 41'108, coincides also roughly with the H1 clouds bottom support @ 41'241; the 50 % Fibonacci retracement of the 37'015-45'332 recent rally is @ 41'173
LAGGING LINE below TS and KS but still above the clouds.
IRONMAN8848 & Jean-Pierre Burki
DAILY (D1)
After having reached, yesterday, an intraday high @ 35'332 and nearly achieved a full Fibonacci retracement (former high @ 45'850), the BTC lost momentum and as a result, closed slightly above the middle of the previous white candle which mean, that yesterday's price action, roughly triggered a DARK CLOUD COVER (Bearish warning signal); today's ongoing downside price action is currently confirming this downward selling pressure and a DAILY CLOSING BELOW 43'000 would weigh further on the BTC and therefore open the door for lower levels.
Daily clouds area is between 42'524 and 39'093
RSI still above 50, @ 57.93
LAGGING LINE failed to enter in the daily clouds and is in progress to reverse too.
The MID BOLLINGER BAND, my own barometer,is currently @ 40'825 and also roughly in the middle of the daily clouds support; this level should be watch at very carefully as a daily closing below this point. would directly put the focus towards the daily clouds bottom around the 39'000 level.
WEEKLY (W1)
A quick look at the weekly char shows , for the time being a failure to breakout the weekly top clouds resistance area !
Watch the clouds in this time frame as a broad indicator for further development.
4 HOURS (H4)
DOUBLE TOP FORMATION IN PROGRESS, coupled with a double doji and a RSI BEARISH DIVERGENCE !!!
Trigger level @ 43'220
Technical target (in case of downside breakout confirmed) @ 41'108
Interesting to note that the H4 Kijun-Sen is @ 41'174 and should also be seen as a PIVOT LEVEL in this H4 time frame
1 HOUR (H1)
As for H4, a double top formation is in progress.
Currently, already, below :
1) Kijun-Sen
2) Mid Bollinger Band
3) Tenkan-Sen
4) the clouds
The double top target @ 41'108, coincides also roughly with the H1 clouds bottom support @ 41'241; the 50 % Fibonacci retracement of the 37'015-45'332 recent rally is @ 41'173
LAGGING LINE below TS and KS but still above the clouds.
IRONMAN8848 & Jean-Pierre Burki
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