BTCUSD-D1/W4-AT A TRICKY LEVEL !
DAILY (D1)
Yesterday'price action triggered a nice recovery following the upside breakout of the Tenkan-Sen, (currently @ 47'539) ans as result the BTCUSD close @ 48'929,roughly at the level of the Mid Bollinger Band, which as already mentioned several times in the past should not be underestimated and should also be seen as a good barometer indicator.
Therefore, in order to confirm the yesterday's price action, the BTC, needs now to confirm by a clear follow through by keeping this ongoing upside move.
Next resistance to watch at is the psychological resistance level of 50'000 ahead of the most important KEY PIVOT LEVEL @ 50'608 on this daily time frame.
On the downside, the former KS @ 47'539 should now be seen as the first significant support level !
4 HOURS (H4)
The double & triple bottom area around 45'500 hold well and the former downtrend channel has also been broken, followed by a pullback towards the top downtrend line of this H4 channel; this downtrend line rejected the downside breakout attempt and therefore, I would suggest to look at vey carefully this former downtrend channel and mainly the top line of it as a good indicator for getting more clues about further the upcoming H4 trading period (s)
As usual, watch also carefully, shorter time frames to get early signal (s) of validation or invalidation.
Have a nice trading day and all the best.
Ironman8848 & Jean-Pierre Burki
Yesterday'price action triggered a nice recovery following the upside breakout of the Tenkan-Sen, (currently @ 47'539) ans as result the BTCUSD close @ 48'929,roughly at the level of the Mid Bollinger Band, which as already mentioned several times in the past should not be underestimated and should also be seen as a good barometer indicator.
Therefore, in order to confirm the yesterday's price action, the BTC, needs now to confirm by a clear follow through by keeping this ongoing upside move.
Next resistance to watch at is the psychological resistance level of 50'000 ahead of the most important KEY PIVOT LEVEL @ 50'608 on this daily time frame.
On the downside, the former KS @ 47'539 should now be seen as the first significant support level !
4 HOURS (H4)
The double & triple bottom area around 45'500 hold well and the former downtrend channel has also been broken, followed by a pullback towards the top downtrend line of this H4 channel; this downtrend line rejected the downside breakout attempt and therefore, I would suggest to look at vey carefully this former downtrend channel and mainly the top line of it as a good indicator for getting more clues about further the upcoming H4 trading period (s)
As usual, watch also carefully, shorter time frames to get early signal (s) of validation or invalidation.
Have a nice trading day and all the best.
Ironman8848 & Jean-Pierre Burki
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