M1 : Recovery attempt in progress, confirmation will be given on M1 closing at the end of June.
W1 : KEY PIVOT LEVEL @ 43'380 (Kijun) as long as BTC is not able to sustainably hold above that
important level, the expected bearish scenario remains alive !
D1 : Currenty attempting to recover above the former uptrend line support which became now the
new resistance area to break. Wait closing for a breakout validation or invalidation
H4 : Kijun (38'062) worked perfectly well as support level, in rejecting the downside breakout attempt
which reached a low of 38'095 ! Currently trying to recover above Tenkan-Sen and MBB and a sustainable
move above 39'640 would, for the time being, neutralized the ongoing downside risk
H1 : Below the clouds and, currently between MBB (support) and KS (resistance)
M30 . Bullish divergence triggered the recovery.Facing the bottom of the clouds resistance zone
M15 : Above the clouds
M5 : Recent price action is showing a pullback towards the clouds which hold in rejecting the dowside breakout
CONCLUSION :
In H4, 2 levels to watch for further development :
On the upside : 39'640
On the downside : 38'000
IMPLICATIONS :
A clear breakout of one of those levels would imply a move towards, respectively :
Former high around 41'341, being also D+ bottom clouds resistance area
37'400 ahead of 36'183 and 34'965 being respectively 38.2%, 50% and 61.8% Fib ret and also broadly the clouds support zone in this H4 time frame.
Have a nice trading day and have fun.
All the best, take care
Ironman8848
W1 : KEY PIVOT LEVEL @ 43'380 (Kijun) as long as BTC is not able to sustainably hold above that
important level, the expected bearish scenario remains alive !
D1 : Currenty attempting to recover above the former uptrend line support which became now the
new resistance area to break. Wait closing for a breakout validation or invalidation
H4 : Kijun (38'062) worked perfectly well as support level, in rejecting the downside breakout attempt
which reached a low of 38'095 ! Currently trying to recover above Tenkan-Sen and MBB and a sustainable
move above 39'640 would, for the time being, neutralized the ongoing downside risk
H1 : Below the clouds and, currently between MBB (support) and KS (resistance)
M30 . Bullish divergence triggered the recovery.Facing the bottom of the clouds resistance zone
M15 : Above the clouds
M5 : Recent price action is showing a pullback towards the clouds which hold in rejecting the dowside breakout
CONCLUSION :
In H4, 2 levels to watch for further development :
On the upside : 39'640
On the downside : 38'000
IMPLICATIONS :
A clear breakout of one of those levels would imply a move towards, respectively :
Former high around 41'341, being also D+ bottom clouds resistance area
37'400 ahead of 36'183 and 34'965 being respectively 38.2%, 50% and 61.8% Fib ret and also broadly the clouds support zone in this H4 time frame.
Have a nice trading day and have fun.
All the best, take care
Ironman8848
