BTCUSD - D1 - DOUBLE TOP IN PROGRESS...
D1 : After having reached the triangle formation target of 58058 and making an intraday high yesterday @ 58155
profit taking pushed down the BTC towards a low so far of 56632.
Looking at the global picture in D1, we can see a potential double top formation in progress (58354 & 58155).
Usually, the second top should be higher than the first one but some tolerance could be accepted.
Therefore, I would strongly suggest to watch very carefully the ongoing price action during the day. Indeed,
a failure to stay and close above the first significant support of 55918 (middle level of yesterday long white
bullish candle) should be seen as the first signal of a potential trend reversal as such kind of price action would
trigger a BEARISH ENGULFING PATTERN.
Moreover, technical indicators are not for the time being, showing great support and conviction, for a continuation move on the
upside.
Watch carefully ongoing price action in the coming hours, on shorter time frames, H4, H1 and M15 to get early signals of validation or invalidation
of this potential trend reversal formation.
On the other hand, a new high closing above 58354 (Feb 21st) would invalidate for the time being the above potential bearish scenario in opening the door
for higher level towards 61075 (Fib proj 50%) ahead of 65575 (Fib proj 61.8%)
Have a nice trading day and have fun
All the best
Take care
Ironman8848
profit taking pushed down the BTC towards a low so far of 56632.
Looking at the global picture in D1, we can see a potential double top formation in progress (58354 & 58155).
Usually, the second top should be higher than the first one but some tolerance could be accepted.
Therefore, I would strongly suggest to watch very carefully the ongoing price action during the day. Indeed,
a failure to stay and close above the first significant support of 55918 (middle level of yesterday long white
bullish candle) should be seen as the first signal of a potential trend reversal as such kind of price action would
trigger a BEARISH ENGULFING PATTERN.
Moreover, technical indicators are not for the time being, showing great support and conviction, for a continuation move on the
upside.
Watch carefully ongoing price action in the coming hours, on shorter time frames, H4, H1 and M15 to get early signals of validation or invalidation
of this potential trend reversal formation.
On the other hand, a new high closing above 58354 (Feb 21st) would invalidate for the time being the above potential bearish scenario in opening the door
for higher level towards 61075 (Fib proj 50%) ahead of 65575 (Fib proj 61.8%)
Have a nice trading day and have fun
All the best
Take care
Ironman8848
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