BTCUSD on a recovery path?
This is a followup of previous analysis, you will find the link below in the related ideas.
So after the massive selloff from last week-end, the BTCUSD seems to be on a recovery path, at least on the short term. Looking at the DLY chart, we see how strong the WLY KS level was and the price closed above it for 3 consecutive days.
Today, the price is trying to break its TS, which on many configuration like these, gives us an alert that the price will possibility go for the KS next. Remember that the KS is 50% of retracement and represent equilibrium on the short term where the price tend to go back to after a massive move like we had (see AUD Forex pairs for instance).
I've set a potential target zone between the DLY KS and the SSB. Breaking these levels will open the path to other target levels that we can easily draw on confirmation of the break.
Glossary :
WLY = Weekly
DLY = Daily
TS = Tenkan Sen
KS = Kijun Sen
LS = Lagging Span/Chikou Span
TL = Trend Line
TP = Take Profit
SL/INV = Stop Loss / Invalidation level
TF = Timeframe
Kumo = Cloud, Cloud = Kumo
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **
So after the massive selloff from last week-end, the BTCUSD seems to be on a recovery path, at least on the short term. Looking at the DLY chart, we see how strong the WLY KS level was and the price closed above it for 3 consecutive days.
Today, the price is trying to break its TS, which on many configuration like these, gives us an alert that the price will possibility go for the KS next. Remember that the KS is 50% of retracement and represent equilibrium on the short term where the price tend to go back to after a massive move like we had (see AUD Forex pairs for instance).
I've set a potential target zone between the DLY KS and the SSB. Breaking these levels will open the path to other target levels that we can easily draw on confirmation of the break.
Glossary :
WLY = Weekly
DLY = Daily
TS = Tenkan Sen
KS = Kijun Sen
LS = Lagging Span/Chikou Span
TL = Trend Line
TP = Take Profit
SL/INV = Stop Loss / Invalidation level
TF = Timeframe
Kumo = Cloud, Cloud = Kumo
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **
הערה
The correction has been invalidated by the price crossing the WLY KS. The next level of support is a WLY KS in extension that can potentially be a TP level for short term traders. Breaking that level will not be a good sign as the next potential strong support is far below at 36411 with the MLY KS.
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