WEEKLY (W1)
Upcoming weekly closing may or may not give more clues for next week price action...
Indeed, THE BOTTOM OF THE CLOUDS ZONE SUPPORT has been, during this week, briefly broken but, so far, the BTC managed to hold in the clouds; therefore, as you can easily imagine, a WEEKLY CLOSING, below the bottom of the clouds @ 39'885 would, once again, be seen as a NEGATIVE SIGNAL in this WEEKLY TIME FRAME, putting the focus to the TRIANGLE (in progress) target @ 37'235 ( see daily comments below, ) ahead of the weekly ongoing uptrend support line around 36'350.
KEY STRATEGIC PIVOT LEVEL (WEEKLY) : 28'600
Being both the former low reached in June 2021 and more important the TRIGGER LEVEL OF THE MAJOR DOUBLE TOP IN PROGRESS !!!
On the upside, a weekly closing above 41'279 or event better above MBB @ 42'872 would neutralise, for some time, the ongoing downside risk.
Please note the large thickness of the clouds (39'895 - 50'551) which means, resistance area very difficult to break !
RSI below 50, @ 45.05 and LAGGING LINE in the middle of the clouds.
DAILY (D1)
Currently traded in the middle of the ongoing TRIANGLE PATTERN IN PROGRESS and still in the bottom zone of the daily clouds support area.
As mentioned yesterday, the implication of the triangle breakout would trigger a move of 2'339 points, targeting respectively :
UPSIDE : 43'659
DOWNSIDE. : 37'235
RSI below 650, @ 41.31
LAGGING LINE below both KS and TS.
Interesting to note that in this DAILY time frame, the level of the Tenkan-Sen (@ 41'334) match roughly with the level of weekly Kijun-Sen @ 41'279, that is why this resistance area should not be underestimated.
4 HOURS (H4)
Still moving sideways in a narrow trading range, below the Mid Bollinger and more important below the very thick clouds resistance area (40'698-43'209) !
1 HOUR (H1)
Monitor and watch price action around the clouds which are becoming very thin, meaning fragile on both side...
Have a nice Sunday.
Take care
IRONMAN8848 - Jean-Pierre Burki
Upcoming weekly closing may or may not give more clues for next week price action...
Indeed, THE BOTTOM OF THE CLOUDS ZONE SUPPORT has been, during this week, briefly broken but, so far, the BTC managed to hold in the clouds; therefore, as you can easily imagine, a WEEKLY CLOSING, below the bottom of the clouds @ 39'885 would, once again, be seen as a NEGATIVE SIGNAL in this WEEKLY TIME FRAME, putting the focus to the TRIANGLE (in progress) target @ 37'235 ( see daily comments below, ) ahead of the weekly ongoing uptrend support line around 36'350.
KEY STRATEGIC PIVOT LEVEL (WEEKLY) : 28'600
Being both the former low reached in June 2021 and more important the TRIGGER LEVEL OF THE MAJOR DOUBLE TOP IN PROGRESS !!!
On the upside, a weekly closing above 41'279 or event better above MBB @ 42'872 would neutralise, for some time, the ongoing downside risk.
Please note the large thickness of the clouds (39'895 - 50'551) which means, resistance area very difficult to break !
RSI below 50, @ 45.05 and LAGGING LINE in the middle of the clouds.
DAILY (D1)
Currently traded in the middle of the ongoing TRIANGLE PATTERN IN PROGRESS and still in the bottom zone of the daily clouds support area.
As mentioned yesterday, the implication of the triangle breakout would trigger a move of 2'339 points, targeting respectively :
UPSIDE : 43'659
DOWNSIDE. : 37'235
RSI below 650, @ 41.31
LAGGING LINE below both KS and TS.
Interesting to note that in this DAILY time frame, the level of the Tenkan-Sen (@ 41'334) match roughly with the level of weekly Kijun-Sen @ 41'279, that is why this resistance area should not be underestimated.
4 HOURS (H4)
Still moving sideways in a narrow trading range, below the Mid Bollinger and more important below the very thick clouds resistance area (40'698-43'209) !
1 HOUR (H1)
Monitor and watch price action around the clouds which are becoming very thin, meaning fragile on both side...
Have a nice Sunday.
Take care
IRONMAN8848 - Jean-Pierre Burki
