DAILY (D1)
Yesterday's price action has been a perfect school case about the POWERFUL ICHIMOKU CLOUDS; indeed, if you look at the yesterday's price action, the picture does not need additional comment...
Well, to very quickly resume the situation, the BTC is, after having nearly crossing over the top of the clouds, the BTC corrected sharply downwards, with its DAILY CLOSING BELOW THE CLOUDS @ 40'470 and also below the TENKAN--SEN @ 40'763 !!!
A couple of hours ago, the BTC reached an intraday low, a couple of hours ago, below 40'000, @ 39'770 and is currently trying to recover...
Overall, the yesterday's price action changed the mood, in moving from a potential BULLISH scenario (upside triangle breakout) to, currently rather at a BEARISH SCENARIO, calling for lower levels; a failure to hold on a DAILY CLOSING LEVEL above the former and recent low @ 39'770 should be seen as a first warning signal, calling for lower levels towards 38'500/37'500.
A WEEKLY CLOSING LEVEL below the weekly clouds of 40'118 would add significant selling pressure for next upcoming week !
4 HOURS (H4)
RSI bearish divergence, coupled with a shooting star pattern (above 42'000) was the reversal signal which pushed the BTC sharply down below the 40'000
After having briefly broken the clouds bottom of the 4 hours chart (@ 40'400) and reached the level of 39'770 previously mentioned, the ongoing price action, in this time frame, is showing an attempt to hold in the clouds.
RSI @ 43.78 and LAGGING LINE below the clouds.
Therefore, levels to watch (4 hours closing basis !) are the following :
resistance 3 : 42'979
resistance 2 : 41'374
resistance 1 ; 40'763
******************************* CURRENT LEVEL : 40'500/40'600
support 1 : 40'347
support 2 : 39'770
support 3 : 38'547
1 HOUR (H1)
Currently below the clouds...
Watch LAGGING LINE price action, which for the time being is still in the clouds !
IRONMAN8848 - Jean-Pierre Burki
Yesterday's price action has been a perfect school case about the POWERFUL ICHIMOKU CLOUDS; indeed, if you look at the yesterday's price action, the picture does not need additional comment...
Well, to very quickly resume the situation, the BTC is, after having nearly crossing over the top of the clouds, the BTC corrected sharply downwards, with its DAILY CLOSING BELOW THE CLOUDS @ 40'470 and also below the TENKAN--SEN @ 40'763 !!!
A couple of hours ago, the BTC reached an intraday low, a couple of hours ago, below 40'000, @ 39'770 and is currently trying to recover...
Overall, the yesterday's price action changed the mood, in moving from a potential BULLISH scenario (upside triangle breakout) to, currently rather at a BEARISH SCENARIO, calling for lower levels; a failure to hold on a DAILY CLOSING LEVEL above the former and recent low @ 39'770 should be seen as a first warning signal, calling for lower levels towards 38'500/37'500.
A WEEKLY CLOSING LEVEL below the weekly clouds of 40'118 would add significant selling pressure for next upcoming week !
4 HOURS (H4)
RSI bearish divergence, coupled with a shooting star pattern (above 42'000) was the reversal signal which pushed the BTC sharply down below the 40'000
After having briefly broken the clouds bottom of the 4 hours chart (@ 40'400) and reached the level of 39'770 previously mentioned, the ongoing price action, in this time frame, is showing an attempt to hold in the clouds.
RSI @ 43.78 and LAGGING LINE below the clouds.
Therefore, levels to watch (4 hours closing basis !) are the following :
resistance 3 : 42'979
resistance 2 : 41'374
resistance 1 ; 40'763
******************************* CURRENT LEVEL : 40'500/40'600
support 1 : 40'347
support 2 : 39'770
support 3 : 38'547
1 HOUR (H1)
Currently below the clouds...
Watch LAGGING LINE price action, which for the time being is still in the clouds !
IRONMAN8848 - Jean-Pierre Burki
