DAILY (D1)
The yesterday's failure to hold above both ongoing uptrend support line and the TENKAN-SEN triggered a downside move which pushed the BTC towards a low so far @ 44'419, having tested during the night both the MID BOLLINGER BAND support and the former downtrend line (top of the triangle pattern !)
Ongoing today's price action will be important and especially its daily closing level; indeed a closing above 44'500 would keep live the TRIANGLE (pullback consolidation) and a closing below would add more trouble putting the focus on lower levels towards the 42'900 (KIJUN-SEN) % 50% Fib ret 37'567 - 48'234)
RSI on a downside move mode and LAGGING LINE too !
In order to neutralise this ongoing selling pressure the BTC should at least recover and hold above the TENKAN-SEN @ 46'186 on a daily closing basis ! which if occurs would trigger a bullish engulfing pattern.
4 HOURS (H4)
Currently below the CLOUDS which are very THIN, meaning also very fragile on both side !
Currently the top of the H4 CLOUDS @ 45'958 coincides roughly with the level to break on the daily chart and globally corroborate the global picture.
Watch the clouds as a failure to recover and hold above it would increase the selling pressure towards the next support levels previously mentioned in D1...
1 HOUR (H1)
Below the CLOUDS too; currently trying to recover above the TENKAN-SEN (@ 45'267). A successful breakout on a hourly closing basis of this level would open the door for 45'810 (KS) ahead of MBB @ 45'955 (also top of the H4 clouds)
No bullish divergence detected yet suggesting that recent and current short term price action is, for the time being, corrective only...
IRONMAN8848. - Jean-Pierre Burki
The yesterday's failure to hold above both ongoing uptrend support line and the TENKAN-SEN triggered a downside move which pushed the BTC towards a low so far @ 44'419, having tested during the night both the MID BOLLINGER BAND support and the former downtrend line (top of the triangle pattern !)
Ongoing today's price action will be important and especially its daily closing level; indeed a closing above 44'500 would keep live the TRIANGLE (pullback consolidation) and a closing below would add more trouble putting the focus on lower levels towards the 42'900 (KIJUN-SEN) % 50% Fib ret 37'567 - 48'234)
RSI on a downside move mode and LAGGING LINE too !
In order to neutralise this ongoing selling pressure the BTC should at least recover and hold above the TENKAN-SEN @ 46'186 on a daily closing basis ! which if occurs would trigger a bullish engulfing pattern.
4 HOURS (H4)
Currently below the CLOUDS which are very THIN, meaning also very fragile on both side !
Currently the top of the H4 CLOUDS @ 45'958 coincides roughly with the level to break on the daily chart and globally corroborate the global picture.
Watch the clouds as a failure to recover and hold above it would increase the selling pressure towards the next support levels previously mentioned in D1...
1 HOUR (H1)
Below the CLOUDS too; currently trying to recover above the TENKAN-SEN (@ 45'267). A successful breakout on a hourly closing basis of this level would open the door for 45'810 (KS) ahead of MBB @ 45'955 (also top of the H4 clouds)
No bullish divergence detected yet suggesting that recent and current short term price action is, for the time being, corrective only...
IRONMAN8848. - Jean-Pierre Burki
