BTC - RISING WEDGE IN PROGRESS...
DAILY (D1)
The RISING WEDGE is still in progress.
Actually the BTC Is trying to upside breakout the Tenkan-Sen which is the first minimum and significative level above which the BTC should close on a daily basis (20'275).
The LAGGING LINE and the RSI are currently confirming this uncertainty and indecision in showing a sideways move.
Two breakout of the Rising wedge formation to look at are the following :
19'350
21'450
An upside breakout would invalidate this rising wedge formation in putting the focus towards the cluster of (KS, MA21 and downtrend resistance line (24'980-25'350)
A failure to close on a daily basis above 1<9'350 would be the first warning signal of validation of this rising wedge which should be of course confirmed by at least a second closing level below 19'350. Target @ 16'184. (Warning at the BEAR TRAP !)
4 HOURS (H4)
The uptrend support line which started at the lowest level reached so far @ 17'592 has been broken which has been followed by a pullback attempt, rejected by the Tenkan-Sen.
Actually, in this H4 time frame, the BTC is still supported by the bottom of the cloud and is caught between the TS (20'640) and the KS (19'650).
The LAGGING LINE is also between the TS and the KS and the RSI is below 50, @ 48.27.
SUPPORTS LEVELS (H4)
S1 @ 19'650
S2 @ 19'164
S3 @ 18'472
S4 @ 17'592
RESISTANCES LEVELS (H4)
R1 @ 20'640
R2 @ 21'380
R3 @ 21'708
R4 @ 23'240
1 HOUR (H1)
Same than for H4 where the uptrend support line has been broken and in this H1 time horizon, in making some fine tuning, we can see a first pullback attempt which has been rejected by, on one hand the Tenkan-Sen and on the other hand by the top of the H4 clouds.
Currently below the clouds which should now be seen as the first resistance area (20'660-20'870 which is roughly the 50% and 61.8% Fibonacci retracement of the last downside move from 21'708 to 19'744
RESISTANCES LEVELS H1
R1 @ 24'495
R2 @ 20'726
R3 @ 20'957
R4 @ 21'287
SUPPORTS LEVELS H1
S1 @ 20'159
S2 @ 19'965
S3 @ 19'744
S4 @ 19'650
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Have a nice day,
Kind regards and all the best, take care
IRONMAN8848 - Jean-Pierre Burki
The RISING WEDGE is still in progress.
Actually the BTC Is trying to upside breakout the Tenkan-Sen which is the first minimum and significative level above which the BTC should close on a daily basis (20'275).
The LAGGING LINE and the RSI are currently confirming this uncertainty and indecision in showing a sideways move.
Two breakout of the Rising wedge formation to look at are the following :
19'350
21'450
An upside breakout would invalidate this rising wedge formation in putting the focus towards the cluster of (KS, MA21 and downtrend resistance line (24'980-25'350)
A failure to close on a daily basis above 1<9'350 would be the first warning signal of validation of this rising wedge which should be of course confirmed by at least a second closing level below 19'350. Target @ 16'184. (Warning at the BEAR TRAP !)
4 HOURS (H4)
The uptrend support line which started at the lowest level reached so far @ 17'592 has been broken which has been followed by a pullback attempt, rejected by the Tenkan-Sen.
Actually, in this H4 time frame, the BTC is still supported by the bottom of the cloud and is caught between the TS (20'640) and the KS (19'650).
The LAGGING LINE is also between the TS and the KS and the RSI is below 50, @ 48.27.
SUPPORTS LEVELS (H4)
S1 @ 19'650
S2 @ 19'164
S3 @ 18'472
S4 @ 17'592
RESISTANCES LEVELS (H4)
R1 @ 20'640
R2 @ 21'380
R3 @ 21'708
R4 @ 23'240
1 HOUR (H1)
Same than for H4 where the uptrend support line has been broken and in this H1 time horizon, in making some fine tuning, we can see a first pullback attempt which has been rejected by, on one hand the Tenkan-Sen and on the other hand by the top of the H4 clouds.
Currently below the clouds which should now be seen as the first resistance area (20'660-20'870 which is roughly the 50% and 61.8% Fibonacci retracement of the last downside move from 21'708 to 19'744
RESISTANCES LEVELS H1
R1 @ 24'495
R2 @ 20'726
R3 @ 20'957
R4 @ 21'287
SUPPORTS LEVELS H1
S1 @ 20'159
S2 @ 19'965
S3 @ 19'744
S4 @ 19'650
Do you like my analysis, if Yes, please do not forget to :
1) Like it
2) to add Ironman8848 in your following list
3) to talk to your friends about Trading View and Ironman8848
3) to write comments :-)
Have a nice day,
Kind regards and all the best, take care
IRONMAN8848 - Jean-Pierre Burki
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