WEEKLY (w1)
The 50% Fibonacci retracement @ 40'087 of the last downside move (45'850-34'324) has been filled, intra-day high being 40'330.
Upcoming weekly closing level will be very important for further development; indeed, a weekly closing above 40'225 would trigger a PIERCING LINE PATTERN, which would be a first positive bullish signal for the next week.
DAILY (D1)
Currently roughly in the middle of the clouds resistance zone with its top level @ 42'524 which remains, on a DAILY BASIS, the pivot level to break.
Last daily closing @ 39'231, just slightly below the TENKAN-SEN @ 39'264.
The KIJUN-SEN @ 40'087 has briefly been broken on the recent price action but the BTC, failed, so far to hold above it !
There is a POTENTIAL SHOOTING STAR IN PROGRESS (wait daily closing level for validation or invalidation !)
On the DOWNSIDE, the first significant support area remains the former congestion zone between 38'350 and 37'000.
TS is @ 37'660 and daily clouds bottom @ 37'410.
The LAGGING LINE is attempting to breakout both KS and MBB.
RSI still below 50, @ 46.71
On the UPSIDE, THE 61.8% Fibonacci retracement is @ 41'447 ahead of the KEY PIVOT RESISTANCE LEVEL @ 42'524 previously mentioned.
4 HOURS (H4)
Currently in the clouds zone (38'364-40'577)
The TENKAN-SEN @ 38'826 which currently coincides with the ongoing short term uptrend line) is working as the first support level, area of the MID BOLLINGER BAND @ 37'907 and then the KIJUN-SEN @ 37'327.
RSI is moving sideways and showing some lack of momentum...
1 HOUR (H1)
Currently in a RSI BEARISH DIVERGENCE MODE !
Watch carefully the H4 clouds bottom support zone @ 39'330 (in overlay in the hourly chart) ahead of the cluster of MBB and KS @ 39'200-39'180 as short term barometer indicators ! (closing basis)
The H1 clouds support area is between 37'500 and 37'000 and for information the 50% Fibonacci Retracement of the last rally from 34'324 towards 40'330 is @ 37'327
CONCLUSION :
Watch and monitor closely intraday short term time frames which would help you to validate or invalidate implications above mentioned in W1, D1 and H4
Have a great weekend and all the best.
Take care.
IRONMAN8848. & Jean-Pierre Burki
The 50% Fibonacci retracement @ 40'087 of the last downside move (45'850-34'324) has been filled, intra-day high being 40'330.
Upcoming weekly closing level will be very important for further development; indeed, a weekly closing above 40'225 would trigger a PIERCING LINE PATTERN, which would be a first positive bullish signal for the next week.
DAILY (D1)
Currently roughly in the middle of the clouds resistance zone with its top level @ 42'524 which remains, on a DAILY BASIS, the pivot level to break.
Last daily closing @ 39'231, just slightly below the TENKAN-SEN @ 39'264.
The KIJUN-SEN @ 40'087 has briefly been broken on the recent price action but the BTC, failed, so far to hold above it !
There is a POTENTIAL SHOOTING STAR IN PROGRESS (wait daily closing level for validation or invalidation !)
On the DOWNSIDE, the first significant support area remains the former congestion zone between 38'350 and 37'000.
TS is @ 37'660 and daily clouds bottom @ 37'410.
The LAGGING LINE is attempting to breakout both KS and MBB.
RSI still below 50, @ 46.71
On the UPSIDE, THE 61.8% Fibonacci retracement is @ 41'447 ahead of the KEY PIVOT RESISTANCE LEVEL @ 42'524 previously mentioned.
4 HOURS (H4)
Currently in the clouds zone (38'364-40'577)
The TENKAN-SEN @ 38'826 which currently coincides with the ongoing short term uptrend line) is working as the first support level, area of the MID BOLLINGER BAND @ 37'907 and then the KIJUN-SEN @ 37'327.
RSI is moving sideways and showing some lack of momentum...
1 HOUR (H1)
Currently in a RSI BEARISH DIVERGENCE MODE !
Watch carefully the H4 clouds bottom support zone @ 39'330 (in overlay in the hourly chart) ahead of the cluster of MBB and KS @ 39'200-39'180 as short term barometer indicators ! (closing basis)
The H1 clouds support area is between 37'500 and 37'000 and for information the 50% Fibonacci Retracement of the last rally from 34'324 towards 40'330 is @ 37'327
CONCLUSION :
Watch and monitor closely intraday short term time frames which would help you to validate or invalidate implications above mentioned in W1, D1 and H4
Have a great weekend and all the best.
Take care.
IRONMAN8848. & Jean-Pierre Burki
