H1 :
The ongoing downtrend I mentioned yesterday morning is still intact.
In addition, for the time being, the clouds, once again, did "the job" !
After having attempt several times to get out of the downtrend channel base, the BTCUSD, a couple of hours ago
recovered, from its low reached of 46'789 (so far !) towards the H1 clouds resistance,currently between 48'600 and 49'400, interesting
to note that the latter level, also coincides, currently with the downtrend channel (top resistance line !)
RSI also slightly above the 50 level, @ 53.81
So what next ?
No change in my view yet !
I still consider recent and current price action as a CORRECTIVE MOVE ONLY and not as a strategic reversal yet.
In order to neutralise, this ongoing bearish price action, the BTCUSD should, firstly in this hourly time frame, recovered and hold sustainably
above the 50'000 which should be confirmed by a breakout of the 52'000 area which was the former high of Dec 7th.
In H4, such kind of potential move (not expected) would confirm the H4 clouds resistance area and open the door for higher levels (fragile zone
between 52'000 and 54'000)
Finally, in the daily time frame, the first KEY PIVOT POINTS is currently @ 53'000 (downtrend line resistance and Kijun-Sen & Base Line)
Only a clear sustainably breakout, on a daily basis of the 53'000 area would force to a view reassessment of my bearish view calling for lower levels.
Have a nice weekend.
Ironman8848 & Jean-Pierre Burki
The ongoing downtrend I mentioned yesterday morning is still intact.
In addition, for the time being, the clouds, once again, did "the job" !
After having attempt several times to get out of the downtrend channel base, the BTCUSD, a couple of hours ago
recovered, from its low reached of 46'789 (so far !) towards the H1 clouds resistance,currently between 48'600 and 49'400, interesting
to note that the latter level, also coincides, currently with the downtrend channel (top resistance line !)
RSI also slightly above the 50 level, @ 53.81
So what next ?
No change in my view yet !
I still consider recent and current price action as a CORRECTIVE MOVE ONLY and not as a strategic reversal yet.
In order to neutralise, this ongoing bearish price action, the BTCUSD should, firstly in this hourly time frame, recovered and hold sustainably
above the 50'000 which should be confirmed by a breakout of the 52'000 area which was the former high of Dec 7th.
In H4, such kind of potential move (not expected) would confirm the H4 clouds resistance area and open the door for higher levels (fragile zone
between 52'000 and 54'000)
Finally, in the daily time frame, the first KEY PIVOT POINTS is currently @ 53'000 (downtrend line resistance and Kijun-Sen & Base Line)
Only a clear sustainably breakout, on a daily basis of the 53'000 area would force to a view reassessment of my bearish view calling for lower levels.
Have a nice weekend.
Ironman8848 & Jean-Pierre Burki
Comment:
Have a look now at the 4 hours chart and you will see what ?
An upside top of the clouds breakout attempt which did not success so far.
It is also interesting to note that the current level of the H4 clouds top is around 50'500 which is the same resistance are seen on Dec 8th when the BTCUSD failed to breakout and as a result we saw a downside move towards the 47'000 area.
Therefore, watch carefully this top clouds area which should be seen as a good barometer for the upcoming trading hours.
Good luck
An upside top of the clouds breakout attempt which did not success so far.
It is also interesting to note that the current level of the H4 clouds top is around 50'500 which is the same resistance are seen on Dec 8th when the BTCUSD failed to breakout and as a result we saw a downside move towards the 47'000 area.
Therefore, watch carefully this top clouds area which should be seen as a good barometer for the upcoming trading hours.
Good luck
As long as the clouds resistance area (! on this time frame !), is not clearly broken, downside risk remains !
Should this upside breakout be confirmed, then you will need to focus on the next important time frame, which is the H4 on so on, D1, W1 and M1...
have a great weekend. Here is Switzerland the winter is here ... a lot of snow :-)
Best