DAILY PICTURE :
Yesterday's closing below the Tenkan-Sen,(currently @ 64'560) and which should be seen as the first important level to look at very carefully.
Indeed, a failure, to close, later on today above this point would put the focus on the next significant support level, @ 62'700, already mentioned
in my previous analysis (see related idea below) and which is also the bottom of the "RED ZONE".
A daily closing above 64'560 would open the door for the top of the "RED ZONE @ 65'500
4 HOURS PICTURE :
Once again clouds support zone worked perfectly well in rejecting several time downside breakout attempts.
Therefore, I strongly suggest to continue to monitor very closely ongoing price action in order to validate an exit, either on the upside or on the downside
of the clouds area !
It is not surprising at all, that, respectively the bottom of the clouds coincides roughly with the cluster of TS and MBB while on the upside, slightly above the top
of the clouds you will find the KS resistance !!!
WEEKLY PICTURE
Weekly closing level tonight will also be important for further development; indeed, a second potential "shooting" star is in progress on this weekly chart.
Looking broadly on this weekly time frame, the trend is still pointing to the NORTH; main support being around the 54'000 level (uptrend support line and TS)
CONCLUSION :
Monitor closely price action, in starting from very short term time frames (15-30 MIN) to get intermediate signal (s) which should be validated by longer time frames !!!
Have a nice Sunday.
Take care and all the best
Ironman8848
Yesterday's closing below the Tenkan-Sen,(currently @ 64'560) and which should be seen as the first important level to look at very carefully.
Indeed, a failure, to close, later on today above this point would put the focus on the next significant support level, @ 62'700, already mentioned
in my previous analysis (see related idea below) and which is also the bottom of the "RED ZONE".
A daily closing above 64'560 would open the door for the top of the "RED ZONE @ 65'500
4 HOURS PICTURE :
Once again clouds support zone worked perfectly well in rejecting several time downside breakout attempts.
Therefore, I strongly suggest to continue to monitor very closely ongoing price action in order to validate an exit, either on the upside or on the downside
of the clouds area !
It is not surprising at all, that, respectively the bottom of the clouds coincides roughly with the cluster of TS and MBB while on the upside, slightly above the top
of the clouds you will find the KS resistance !!!
WEEKLY PICTURE
Weekly closing level tonight will also be important for further development; indeed, a second potential "shooting" star is in progress on this weekly chart.
Looking broadly on this weekly time frame, the trend is still pointing to the NORTH; main support being around the 54'000 level (uptrend support line and TS)
CONCLUSION :
Monitor closely price action, in starting from very short term time frames (15-30 MIN) to get intermediate signal (s) which should be validated by longer time frames !!!
Have a nice Sunday.
Take care and all the best
Ironman8848
