DAILY (D1)
The Mid Bollinger Band remains a very good indicator which I always consider as "MY BAROMETER" !
The Bitcoin failed to recover and close above the Mid Bollinger Band and as a result, yesterday's price action triggered
a long black bearish candle which closed (36'923), below the Tenkan-Sen (37'398)
In this daily time frame, as long as the Bitcoin does not recover and hold sustainably on a daily closing basis above the Mid Bollinger
Band, currently @ 38'690, downward selling pressure will remain !!!
A successful upside breakout of the MBB would cleary open the way for the psychological 40'000 level (38.2% Fib ret @ 40'206 ahead of 50% Fib ret @ 42'524)
4 HOURS (H4)
Failure to hold above the H4 clouds (uncertainty highlighted yesterday !) triggered a reversal price action which firstly broke the former uptrend support line and then
went further down towards the H4 clouds support area where it is traded currently, roughly in the middle of the clouds.
Global picture remains heavy and a failure to quickly recover, both above the clouds and the former uptrend support line which became now the new resistance line would trigger
further selling pressure, calling for lower levels towards the 36'000 area first (bottom of the H4 clouds) ahead of the 35'000 (last daily closing level) and lower towards the former low
@ 32'950
1 HOUR (H1)
The DIAMOND pattern I mentioned yesterday worked and its technical target of 37'300 has been filled.
Currently below all, clouds, KS, MBB and TS !!!
RSI is trying to recover in a sideways price action.
Watch TS (@ 37'156) as the first resistance in this short term time frame as a sustainable move above this level would temporary neutralise the ongoing downward selling pressure.
Do you like my analysis ?
Do you find any additional value to your trading strategies ?
If your answers are YES, please do not forget to like it and for those who do not follow me yet, please also add me on your following list.
Many thanks in advance.
Have a great trading day.
All the best
Ironman8848 & Jean-Pierre Burki
The Mid Bollinger Band remains a very good indicator which I always consider as "MY BAROMETER" !
The Bitcoin failed to recover and close above the Mid Bollinger Band and as a result, yesterday's price action triggered
a long black bearish candle which closed (36'923), below the Tenkan-Sen (37'398)
In this daily time frame, as long as the Bitcoin does not recover and hold sustainably on a daily closing basis above the Mid Bollinger
Band, currently @ 38'690, downward selling pressure will remain !!!
A successful upside breakout of the MBB would cleary open the way for the psychological 40'000 level (38.2% Fib ret @ 40'206 ahead of 50% Fib ret @ 42'524)
4 HOURS (H4)
Failure to hold above the H4 clouds (uncertainty highlighted yesterday !) triggered a reversal price action which firstly broke the former uptrend support line and then
went further down towards the H4 clouds support area where it is traded currently, roughly in the middle of the clouds.
Global picture remains heavy and a failure to quickly recover, both above the clouds and the former uptrend support line which became now the new resistance line would trigger
further selling pressure, calling for lower levels towards the 36'000 area first (bottom of the H4 clouds) ahead of the 35'000 (last daily closing level) and lower towards the former low
@ 32'950
1 HOUR (H1)
The DIAMOND pattern I mentioned yesterday worked and its technical target of 37'300 has been filled.
Currently below all, clouds, KS, MBB and TS !!!
RSI is trying to recover in a sideways price action.
Watch TS (@ 37'156) as the first resistance in this short term time frame as a sustainable move above this level would temporary neutralise the ongoing downward selling pressure.
Do you like my analysis ?
Do you find any additional value to your trading strategies ?
If your answers are YES, please do not forget to like it and for those who do not follow me yet, please also add me on your following list.
Many thanks in advance.
Have a great trading day.
All the best
Ironman8848 & Jean-Pierre Burki
