BTCUSD - D1/H4 - IN TROUBLE !
Good morning, yesterday's long black candle, (after the shooting star, the day before !) activated my stop loss at 48'309.
Indeed, the failure to hold above the former support zone (cluster of KS,TS and MBB, triggered an acceleration
towards a low reached, so far at 47'300).
Looking at this daily picture, I have to say that, currently the BTCUSD is in trouble...and further downside should
not be underestimated with focus on the triple bottom congestion zone around 45'500.
In order to neutralise this ongoing downside move, the BTCUSD should recover at least above the Mid Bollinger Band (48'571) and even
better above the Tenkan-Sen, currently @ 49'382.
4 HOURS (H4)
Following the yesterday's sharp decline, the BTCUSD in that H4 time frame is currently below :
1) the Mid Bollinger Band
2) the Kijun-Sen
3) the Tenkan-Sen
and last but not least : below the clouds too
Price action seen on the three last candles is showing a sideways range with on the ongoing candle, showing currently a dark cloud cover (confirmation will be given with the ongoing H4 closing level), meaning
that selling pressure persists.
There is no bullish divergence detected yet and I would suggest to monitor carefully the ongoing price action which could trigger a double bottom formation, coupled with a potential bullish divergence (wait for confirmation !)
Hourly (H1)
Same observation than for H4, watch closely ongoing H1 closing price and upcoming trading hours price action which will give you more clues about further development.
Looking briefly at the weekly picture, the last week bullish engulfing pattern is currently neutraliZed by a DARK CLOUD COVER in progress, which of course will be validated or invalidated on a weekly closing basis.
WARNING !!! A weekly closing below 46'600 would trigger a BEARISH ENGULFING PATTERN!!!!
Have a nice day
Take care and all the best
Ironman8848 & Jean-Pierre Burki
Indeed, the failure to hold above the former support zone (cluster of KS,TS and MBB, triggered an acceleration
towards a low reached, so far at 47'300).
Looking at this daily picture, I have to say that, currently the BTCUSD is in trouble...and further downside should
not be underestimated with focus on the triple bottom congestion zone around 45'500.
In order to neutralise this ongoing downside move, the BTCUSD should recover at least above the Mid Bollinger Band (48'571) and even
better above the Tenkan-Sen, currently @ 49'382.
4 HOURS (H4)
Following the yesterday's sharp decline, the BTCUSD in that H4 time frame is currently below :
1) the Mid Bollinger Band
2) the Kijun-Sen
3) the Tenkan-Sen
and last but not least : below the clouds too
Price action seen on the three last candles is showing a sideways range with on the ongoing candle, showing currently a dark cloud cover (confirmation will be given with the ongoing H4 closing level), meaning
that selling pressure persists.
There is no bullish divergence detected yet and I would suggest to monitor carefully the ongoing price action which could trigger a double bottom formation, coupled with a potential bullish divergence (wait for confirmation !)
Hourly (H1)
Same observation than for H4, watch closely ongoing H1 closing price and upcoming trading hours price action which will give you more clues about further development.
Looking briefly at the weekly picture, the last week bullish engulfing pattern is currently neutraliZed by a DARK CLOUD COVER in progress, which of course will be validated or invalidated on a weekly closing basis.
WARNING !!! A weekly closing below 46'600 would trigger a BEARISH ENGULFING PATTERN!!!!
Have a nice day
Take care and all the best
Ironman8848 & Jean-Pierre Burki
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