WEEKLY (W1)
The last weekly closing was @ 39'691, just below the bottom of the weekly clouds support area !!!
As already mentioned several time the CLOUDS SHOULD NEVER BE UNDERESTIMATED on both sides, either on the UPSIDE as a RESISTANCE area and on the DOWNSIDE as a SUPPORT area.
Therefore, ongoing price action which will take place this week will be very important to monitor very closely and most important its weekly closing which will either validate or invalidate this downside breakout, which if confirmed will put the focus on lower levels.
DAILY (D1)
TRIANGLE PATTERN, in progress to breakdown (wait for the first confirmation of today's closing - target 37'235, ahead of the primary uptrend support line, currently @ 36'379.
RSI should be watch also closely as there is potentially a BULLISH DIVERGENCE in progress too !!!
LAGGING LINE is also attempting to cross under the daily clouds bottom level.
In order to invalidate this triangle pattern, the BTC should at least, firstly recover and hold on a daily closing basis above 39'750 and secondly, quickly reenter in the clouds area.
4 HOURS (H4)
As for D1, watch closely RSI price action and especially next H4 closing which, potentially, may trigger a RSI bullish divergence.
1 HOUR (H1)
No RSI bullish divergence detected yet; for the time being this indicator is still converging to the downside, meaning that any reversal should be seen as a corrective move only.
As already mentioned in D1, a recovery above 39'750 in this hourly time frame would, temporary, neutralise the ongoing downside risk
Your comments are welcome.
Have a nice week and all the best
IRONMAN8848 - Jean-Pierre Burki
The last weekly closing was @ 39'691, just below the bottom of the weekly clouds support area !!!
As already mentioned several time the CLOUDS SHOULD NEVER BE UNDERESTIMATED on both sides, either on the UPSIDE as a RESISTANCE area and on the DOWNSIDE as a SUPPORT area.
Therefore, ongoing price action which will take place this week will be very important to monitor very closely and most important its weekly closing which will either validate or invalidate this downside breakout, which if confirmed will put the focus on lower levels.
DAILY (D1)
TRIANGLE PATTERN, in progress to breakdown (wait for the first confirmation of today's closing - target 37'235, ahead of the primary uptrend support line, currently @ 36'379.
RSI should be watch also closely as there is potentially a BULLISH DIVERGENCE in progress too !!!
LAGGING LINE is also attempting to cross under the daily clouds bottom level.
In order to invalidate this triangle pattern, the BTC should at least, firstly recover and hold on a daily closing basis above 39'750 and secondly, quickly reenter in the clouds area.
4 HOURS (H4)
As for D1, watch closely RSI price action and especially next H4 closing which, potentially, may trigger a RSI bullish divergence.
1 HOUR (H1)
No RSI bullish divergence detected yet; for the time being this indicator is still converging to the downside, meaning that any reversal should be seen as a corrective move only.
As already mentioned in D1, a recovery above 39'750 in this hourly time frame would, temporary, neutralise the ongoing downside risk
Your comments are welcome.
Have a nice week and all the best
IRONMAN8848 - Jean-Pierre Burki
