BTC-DAILY-CRITICAL LEVEL !
As expected and mentioned in previous analysis (see related ideas below), after having briefly broken the 48'000 area (intraday high @ 48'234) a correction took place over the last couple of days and went down towards a VERY IMPORTANT SUPPORT LEVEL (cluster of of the 2 trend lines on both sides around the 44'700 in reaching an intraday low, so far @ 44'244, nearly filling the 38.2% Fibonacci retracement @ 44'159 !
So what next ?
Well, as previously mentioned, this 44'700 area should be seen as a very important support level , as a failure to hold and stay above it on a DAILY CLOSING BASIS, would be taken as a NEGATIVE SIGNAL for further development and would open the door for lower levels towards the 43'000-42'700; the 50% Fibonacci retracement of the last 37'567-4'234, being @ 42'900.
RSI @ 55.59, below its uptrend support line and the LAGGING LINE crossed under the former downtrend line (triangle resistance line).
Currently below the TENKAN-SEN (@ 45'437) and also important to note the DARK CLOUD COVER pattern triggered yesterday with its closing below 45'709, @ 45'517
CONCLUSION :
In order to neutralise this ongoing downside price action, the BITCOIN should recover and close later on today at least above 45'437 or even better above the ongoing new downtrend line resistance, currently @ 46'365. Such kind of price action would also confirm this corrective/consolidation move, seen as a PULLBACK towards the breakout (seen on March 27th, long white bullish candle) of the triangle pattern and therefore would also keep alive this triangle formation, calling for higher levels.
A FAILURE TO DO IT would put the focus to the 43'000-42'700 area and by the way would put in trouble the activation of the triangle pattern !!!
4 HOURS (H4)
Below the Mid Bollinger Band , the Kijun-Sen and the Tenkan-Sen and currently in the middle of the H4 clouds support area (45'476-44'141).
RSI sharply down @ 39.77 and LAGGING LINE below both the Tenkan-Sen and the Kijun-Sen.
WATCH THE CLOUDS AS A GOOD SUPPORT INDICATOR AND THE TENKAN-SEN (45'934), KIJUN-SEN (46'239) AND MBB (46'868) AS RESISTANCES TO BREAK.
1 HOUR (H1)
The failure to recover above the thin hourly clouds resistance area triggered. yesterday's afternoon this downside move which started above the 47'000 area towards its intraday low, so far @ 44'244.
The LAGGING LINE is far below the cluster of TS and KS and also below the CLOUDS !
WATCH RSI , to detect potential bullish divergence ( RSI still converging to the downside for the moment !)
In this hourly time frame, a recovery and a closing level on H1 basis above the TS (45'060) would be the first positive signal calling for a potential short term reversal. A confirmation would be given by the breakout of the 46'000 area, neXt resistance being the HOURLY VERY THIN CLOUDS (47'200-47'350
IRONMAN8848 & Jean-Pierre Burki
So what next ?
Well, as previously mentioned, this 44'700 area should be seen as a very important support level , as a failure to hold and stay above it on a DAILY CLOSING BASIS, would be taken as a NEGATIVE SIGNAL for further development and would open the door for lower levels towards the 43'000-42'700; the 50% Fibonacci retracement of the last 37'567-4'234, being @ 42'900.
RSI @ 55.59, below its uptrend support line and the LAGGING LINE crossed under the former downtrend line (triangle resistance line).
Currently below the TENKAN-SEN (@ 45'437) and also important to note the DARK CLOUD COVER pattern triggered yesterday with its closing below 45'709, @ 45'517
CONCLUSION :
In order to neutralise this ongoing downside price action, the BITCOIN should recover and close later on today at least above 45'437 or even better above the ongoing new downtrend line resistance, currently @ 46'365. Such kind of price action would also confirm this corrective/consolidation move, seen as a PULLBACK towards the breakout (seen on March 27th, long white bullish candle) of the triangle pattern and therefore would also keep alive this triangle formation, calling for higher levels.
A FAILURE TO DO IT would put the focus to the 43'000-42'700 area and by the way would put in trouble the activation of the triangle pattern !!!
4 HOURS (H4)
Below the Mid Bollinger Band , the Kijun-Sen and the Tenkan-Sen and currently in the middle of the H4 clouds support area (45'476-44'141).
RSI sharply down @ 39.77 and LAGGING LINE below both the Tenkan-Sen and the Kijun-Sen.
WATCH THE CLOUDS AS A GOOD SUPPORT INDICATOR AND THE TENKAN-SEN (45'934), KIJUN-SEN (46'239) AND MBB (46'868) AS RESISTANCES TO BREAK.
1 HOUR (H1)
The failure to recover above the thin hourly clouds resistance area triggered. yesterday's afternoon this downside move which started above the 47'000 area towards its intraday low, so far @ 44'244.
The LAGGING LINE is far below the cluster of TS and KS and also below the CLOUDS !
WATCH RSI , to detect potential bullish divergence ( RSI still converging to the downside for the moment !)
In this hourly time frame, a recovery and a closing level on H1 basis above the TS (45'060) would be the first positive signal calling for a potential short term reversal. A confirmation would be given by the breakout of the 46'000 area, neXt resistance being the HOURLY VERY THIN CLOUDS (47'200-47'350
IRONMAN8848 & Jean-Pierre Burki
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