BTC - AT A GLANCE - TRADING IN THE ZONE - D1 - H4 - H1
D1 : As expected, (Tks to Elon !)..., the Monday's breakout of former high @ 42000 triggered a sharp acceleration move towards a high so far
of 48200, close to the psychological target mentioned of 50'000. (see my previous Heat Map post).
Looking at yesterday's price action, we can see a "school case", perfect "doji" pattern which means indecision and uncertainty !
In addition, coupled with this doji, there is also a bearish divergence on RSI.
Therefore, it looks like, further downside is on the cards !
After this sharp move, the 45000-41000 trading range is very fragile and we can not ruled out to see a mirror effect happening
in the coming session (s) which would push the BTC down back towards the form congestion zone of January 41000-42000.
Screen shorter time frames to get intermediate signal (s) which will help to validate or invalidate this expected bearish scenario.
Important to note that on D1, we are still in a strategic uptrend (see the support trend line in green) and therefore the view expressed
here should be seen as a tactical trading approach (countertrend !)
Only a clear breakout of the uptrend line support would switch from bullish to bearish in a strategic mode approach !
Scenario 1 (Bullish) :
Recovery and breakout of the former high of 48200 and then again sharp acceleration towards 51000 and probably higher (Fib projection)
Scenario 2 (Bearish) :
Failure to hold above 45'000 (yesterday's intraday low) would put the focus on the 43'000 area (see H4 and H1 comments below)
H4 : Downtrend in place.
Watch 47'000 on closing period observation; a recovery above that level would, for the time being, neutralise the downside risk.
On the downside first level to look is 45'600. A H4 closing below that level would be the first signal confirming an ongoing bearish
price action targeting the next support previously mentioned on D1 @ 43000
H1 : Downtrend in place
Below all leading indicators !
Watch 44900 as the key pivot point, which is also the top of the clouds support zone and which corroborate the view expressed above on D1
As for H4, only a recovery above 47000 would force to a view reassessment of the expected bearish scenario
of 48200, close to the psychological target mentioned of 50'000. (see my previous Heat Map post).
Looking at yesterday's price action, we can see a "school case", perfect "doji" pattern which means indecision and uncertainty !
In addition, coupled with this doji, there is also a bearish divergence on RSI.
Therefore, it looks like, further downside is on the cards !
After this sharp move, the 45000-41000 trading range is very fragile and we can not ruled out to see a mirror effect happening
in the coming session (s) which would push the BTC down back towards the form congestion zone of January 41000-42000.
Screen shorter time frames to get intermediate signal (s) which will help to validate or invalidate this expected bearish scenario.
Important to note that on D1, we are still in a strategic uptrend (see the support trend line in green) and therefore the view expressed
here should be seen as a tactical trading approach (countertrend !)
Only a clear breakout of the uptrend line support would switch from bullish to bearish in a strategic mode approach !
Scenario 1 (Bullish) :
Recovery and breakout of the former high of 48200 and then again sharp acceleration towards 51000 and probably higher (Fib projection)
Scenario 2 (Bearish) :
Failure to hold above 45'000 (yesterday's intraday low) would put the focus on the 43'000 area (see H4 and H1 comments below)
H4 : Downtrend in place.
Watch 47'000 on closing period observation; a recovery above that level would, for the time being, neutralise the downside risk.
On the downside first level to look is 45'600. A H4 closing below that level would be the first signal confirming an ongoing bearish
price action targeting the next support previously mentioned on D1 @ 43000
H1 : Downtrend in place
Below all leading indicators !
Watch 44900 as the key pivot point, which is also the top of the clouds support zone and which corroborate the view expressed above on D1
As for H4, only a recovery above 47000 would force to a view reassessment of the expected bearish scenario
