4 HOURS (H4)
Broad sideways price action (45'500-52'000) with, roughly in the middle of the range the clouds resistance
area which for the time being, should be seen as a major zone to break, in order to neutralize this persisting
ongoing downside selling pressure.
Interesting to look at the Chikou-span price action (have a look back to what happened at the beginning of December !)
and compare with where we are now ?
The Chikou-span is confirming this sideways price action, being still, for the time being below TS, KS and the clouds.
The BTCUSD is trying again to cross over its former cluster support(47300-47100) which is becoming the new resistance to break on this
H4 time frame.
RSI is converging to the South.
UPSIDE
A successful recovery and closing above 47'300 on this time frame would temporary neutralize this short term downside risk and would
open the door for 48'000-49'000 (H4 clouds resistance area)
DOWNSIDE
A failure to close above 47'100 would put the focus on the former congestion bottom @ 46'500 ahead of former lows of 45'500 and probably lower towards
the 42'000 reached on Dec 4th.
Looking briefly a longer time frames, the last long black candle on the weekly picture triggered a "DARK CLOUD COVER" which neutralized the previous long white
candle (seen previously as a Bullish Engulfing pattern) !
The BTCUSD also closed below the Kijun-Sen (Base line @ 49'148) which should also seen as an additonnal warning signal calling for further downside.
On the downside weekly clouds zone is the next significant support to watch at !
The daily picture is showing a BTCUSD :
1) below the clouds
2) below both TS and Ks
and last but not least below the Mid Bollinger Band and also below the former uptrend support line
CONCLUSION :
Continue to monitor very closely price action on shorter intra-day time frames as such kind of screening will help you to detect early signal (s) which will validate or invalidate
the scenarios implications on longer time frames previously mentioned.
Have a nice week
All the best and take care
Ironman8848 & Jean-Pierre Burki
Broad sideways price action (45'500-52'000) with, roughly in the middle of the range the clouds resistance
area which for the time being, should be seen as a major zone to break, in order to neutralize this persisting
ongoing downside selling pressure.
Interesting to look at the Chikou-span price action (have a look back to what happened at the beginning of December !)
and compare with where we are now ?
The Chikou-span is confirming this sideways price action, being still, for the time being below TS, KS and the clouds.
The BTCUSD is trying again to cross over its former cluster support(47300-47100) which is becoming the new resistance to break on this
H4 time frame.
RSI is converging to the South.
UPSIDE
A successful recovery and closing above 47'300 on this time frame would temporary neutralize this short term downside risk and would
open the door for 48'000-49'000 (H4 clouds resistance area)
DOWNSIDE
A failure to close above 47'100 would put the focus on the former congestion bottom @ 46'500 ahead of former lows of 45'500 and probably lower towards
the 42'000 reached on Dec 4th.
Looking briefly a longer time frames, the last long black candle on the weekly picture triggered a "DARK CLOUD COVER" which neutralized the previous long white
candle (seen previously as a Bullish Engulfing pattern) !
The BTCUSD also closed below the Kijun-Sen (Base line @ 49'148) which should also seen as an additonnal warning signal calling for further downside.
On the downside weekly clouds zone is the next significant support to watch at !
The daily picture is showing a BTCUSD :
1) below the clouds
2) below both TS and Ks
and last but not least below the Mid Bollinger Band and also below the former uptrend support line
CONCLUSION :
Continue to monitor very closely price action on shorter intra-day time frames as such kind of screening will help you to detect early signal (s) which will validate or invalidate
the scenarios implications on longer time frames previously mentioned.
Have a nice week
All the best and take care
Ironman8848 & Jean-Pierre Burki
