BTC-H4/H1- ONGOING DOWNTREND IN PROGRESS !
4 HOURS (H4)
Recent price action is showing that, for the time being the top clouds support area (43'325), rejected two successive breakout attempts (43'312 and 43'367) with its H4 closing level,
respectively @ 43'650, but directly neutralised by the next white long candle (bullish engulfing pattern) with a failure of confirmation on this potential ongoing upside move.
Therefore, there is no change in my view which is to watch in this H4 time frame (on a closing basis level) the following points :
UPSIDE. : 44'785
DOWNSIDE : 43'420/43'325
RSI stil above 50, @ 55.10...but still pointing to the South !
A BREAKOUT (H4 closing basis !) OF ONE OF THOSE TWO LEVELS WILL SHOW THE DIRECTION and watch the clouds...
1 HOUR (H1)
Copy paste of yesterday's picture... but slightly lower.
Indeed the cluster of TS, MBB and KS is moving slightly down and is currently between 44'067 and 43'860 and already within the H1 clouds support zone !
A failure to stay(H1 closing basis) above KS (43'860) would put the focus on the ongoing very short term uptrend support line, currently @ 43'550 ahead of the H1 clouds support bottom @ 43'180
Next support area being the 4 hours clouds (in overlay(green) on this H1 chart (43'325-41'565)
DAILY (D1)
Still attempting to upside breakout the clouds (currently around the former high @ 45'850 and still supported by the Tenkan-Sen @ 43'712
A daily closing below 43'712 would be the first warning signal of a reversal in this daily time frame towards lower levels (cluster support of MBB (41'527) and ongoing daily support trend line (41'396).
Failure to hold above the cluster would put the focus towards the next significant support level @ 39'400 (KS and 50% of Fibonacci retracement of the last 32'950-45'850 with minor intermediate support
@ 40'000 (psychological ¨)
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Many thanks in advance.
KInd regards
Ironman8848 & Jean-Pierre Burki
Recent price action is showing that, for the time being the top clouds support area (43'325), rejected two successive breakout attempts (43'312 and 43'367) with its H4 closing level,
respectively @ 43'650, but directly neutralised by the next white long candle (bullish engulfing pattern) with a failure of confirmation on this potential ongoing upside move.
Therefore, there is no change in my view which is to watch in this H4 time frame (on a closing basis level) the following points :
UPSIDE. : 44'785
DOWNSIDE : 43'420/43'325
RSI stil above 50, @ 55.10...but still pointing to the South !
A BREAKOUT (H4 closing basis !) OF ONE OF THOSE TWO LEVELS WILL SHOW THE DIRECTION and watch the clouds...
1 HOUR (H1)
Copy paste of yesterday's picture... but slightly lower.
Indeed the cluster of TS, MBB and KS is moving slightly down and is currently between 44'067 and 43'860 and already within the H1 clouds support zone !
A failure to stay(H1 closing basis) above KS (43'860) would put the focus on the ongoing very short term uptrend support line, currently @ 43'550 ahead of the H1 clouds support bottom @ 43'180
Next support area being the 4 hours clouds (in overlay(green) on this H1 chart (43'325-41'565)
DAILY (D1)
Still attempting to upside breakout the clouds (currently around the former high @ 45'850 and still supported by the Tenkan-Sen @ 43'712
A daily closing below 43'712 would be the first warning signal of a reversal in this daily time frame towards lower levels (cluster support of MBB (41'527) and ongoing daily support trend line (41'396).
Failure to hold above the cluster would put the focus towards the next significant support level @ 39'400 (KS and 50% of Fibonacci retracement of the last 32'950-45'850 with minor intermediate support
@ 40'000 (psychological ¨)
Do you like my analysis ?
If the answer is YES, please do not forget :
1) to like it
2) for those who did not follow me yet on Trading View, please add Ironman8848 on your following list
3) and for those who do not have a Trading View access (the best charting application available at the moment !, please do not hesitate to sign up (different levels :-) , in clicking on the following link :
tradingview.com/gopro/?share...
Many thanks in advance.
KInd regards
Ironman8848 & Jean-Pierre Burki
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