DAILY (D1)
As expected, the failure to stay and hold above both MID BOLLINGER BAND and the top of the TRIANGLE PATTERN, triggered a downside acceleration towards the next support (42'900) mentioned in my yesterday's analysis in making an intraday low early in the morning @ 42'741.
The 50% Fibonacci retracement @ 42'900 of the 37'567-48'234 rally has been filled and after this decline it is likely to see some technical natural rebound which is expected in the current bearish environment to be relatively limited.
Indeed, in order to neutralise the ongoing and persisting downside risk, the BITCOIN should now, at least recover very quickly above the former support area (44'500) which became now the new resistance to cross over and hold above it; slightly above, the next level to watch at very carefully is the TENKAN-SEN (or conversion line) @ 45'237 which worked, as you can see perfectly well in the past either as a support or as resistance (meaning BULLISH above and BEARISH below !)
A failure to close on a daily basis above 42'900 would confirm further downside in the cards, calling for lower levels towards 41'641 (61.8% Fib ret) ahead of the psychological 40'000 area which also coincides with the very thin DAILY CLOUDS AREA...
RSI below 50, @ 47.35
LAGGING LINE failed to stay above the triangle resistance line and crossed under !
4 HOURS (H4)
Far below the clouds; below MBB, KS and TS too !
RSI in oversold territory,,, and may stay for a while in this mode (check potential bullish divergence !
LAGGING LINE also well below the clouds and TS and KS
In order to neutralise this ongoing downside risk in this H4 time frame, the BITCOIN should at least recover and hold on a H4 closing basis above TS (44'428)
1 HOUR (H1)
Below the clouds, TS, MBB and KS,
RSI in a OVERSOLD TERRITORY, but NO BULLISH DIVERGENCE DETECTED YET.
WAIT FOR THIS FIRST SIGNAL WHICH COULD POTENTIALLY TRIGGER A DOUBLE BOTTOM FORMATION AND AT LEAST A SHORT TERM RECOVERY
In this hourly time frame, a recovery above the KS, currently @ 44'159 would temporary neutralise this ongoing downside risk and if such kind of price action occurs it should be confirmed by the breakout of the H4 TS @ 44'428 previously mentioned in H4 analysis.
Do you like my analysis ? Do you think it bring you additional value to your trading activity ?
If your answer is YES, please do not forget to like it and for those who do not follow me yet on TRADING VIEW (the best charting application available at the moment)in adding IRONMAN8848 to your following list.
Last but not least for those who do not have access to TRADING VIEW, please sign up on the following link (several plans available from basis, free of charge to more sophisticated, against payment) :
www.tradingview.com/gopro/?share_your...
IRONMAN8848 - Jean-Pierre Burki
As expected, the failure to stay and hold above both MID BOLLINGER BAND and the top of the TRIANGLE PATTERN, triggered a downside acceleration towards the next support (42'900) mentioned in my yesterday's analysis in making an intraday low early in the morning @ 42'741.
The 50% Fibonacci retracement @ 42'900 of the 37'567-48'234 rally has been filled and after this decline it is likely to see some technical natural rebound which is expected in the current bearish environment to be relatively limited.
Indeed, in order to neutralise the ongoing and persisting downside risk, the BITCOIN should now, at least recover very quickly above the former support area (44'500) which became now the new resistance to cross over and hold above it; slightly above, the next level to watch at very carefully is the TENKAN-SEN (or conversion line) @ 45'237 which worked, as you can see perfectly well in the past either as a support or as resistance (meaning BULLISH above and BEARISH below !)
A failure to close on a daily basis above 42'900 would confirm further downside in the cards, calling for lower levels towards 41'641 (61.8% Fib ret) ahead of the psychological 40'000 area which also coincides with the very thin DAILY CLOUDS AREA...
RSI below 50, @ 47.35
LAGGING LINE failed to stay above the triangle resistance line and crossed under !
4 HOURS (H4)
Far below the clouds; below MBB, KS and TS too !
RSI in oversold territory,,, and may stay for a while in this mode (check potential bullish divergence !
LAGGING LINE also well below the clouds and TS and KS
In order to neutralise this ongoing downside risk in this H4 time frame, the BITCOIN should at least recover and hold on a H4 closing basis above TS (44'428)
1 HOUR (H1)
Below the clouds, TS, MBB and KS,
RSI in a OVERSOLD TERRITORY, but NO BULLISH DIVERGENCE DETECTED YET.
WAIT FOR THIS FIRST SIGNAL WHICH COULD POTENTIALLY TRIGGER A DOUBLE BOTTOM FORMATION AND AT LEAST A SHORT TERM RECOVERY
In this hourly time frame, a recovery above the KS, currently @ 44'159 would temporary neutralise this ongoing downside risk and if such kind of price action occurs it should be confirmed by the breakout of the H4 TS @ 44'428 previously mentioned in H4 analysis.
Do you like my analysis ? Do you think it bring you additional value to your trading activity ?
If your answer is YES, please do not forget to like it and for those who do not follow me yet on TRADING VIEW (the best charting application available at the moment)in adding IRONMAN8848 to your following list.
Last but not least for those who do not have access to TRADING VIEW, please sign up on the following link (several plans available from basis, free of charge to more sophisticated, against payment) :
www.tradingview.com/gopro/?share_your...
IRONMAN8848 - Jean-Pierre Burki
