DAILY (D1)
First breakout attempt of the Mid Bollinger Band failed yesterday !
Today's price action is showing a new attempt in progress with on its way the Kijun-Sen which should also be broken on a daily closing basis !
So, in this daily time frame, the closing level later on, will tell us if the ongoing persisting downtrend is invalidated or not.
Indeed, a clear breakout of both Kijun-Sen & Base line, confirmed by the breakout of the Mid Bollinger Band would force to a view reassessment of this
expected bearish scenario, calling for a strategic technical target of 28'600
RSI is below 50 @ 40.91 !
WARNING !!!
A successful upside breakout on a daily closing basis would open the door for higher levels (top of the weekly clouds on overlay in the daily chart ahead of the
most important clouds resistance area (daily basis - 45'430-50'750) !
On the downside, first significant support area (daily basis) is @ 37'400 (Tenkan-Sen and also roughly the weekly bottom clouds level !)
4 HOURS (H4)
Recent and current price action in this time frame is showing a breakout of the tof of the clouds resistance which is not very clear yet !!
Indeed, looking at the successive small candles and bodies, there is, for the time being, a lack of momentum and followthrough which would clearly confirm this upside clouds breakout and then open the door
for higher levels.
In addition, the RSI indicator is moving in a sideways channel without clear direction too !
LAST BUT NOT LEAST, THE BITCOIN IS ALSO FACING THE ONGOING DOWNTREND RESISTANCE LINE WHICH SO FAR, REJECTED ALL BREAKOUT ATTEMPTS ON H4 CLOSING BASIS !!!
1 HOUR (H1)
DIAMOND pattern in progress !
Downside breakout done, currently pullback in progress towards the former support trend line (which is also the hourly clouds area)
Watch the clouds as a good barometer in this Hourly time frame as a failure to recover above it would confirm this Diamond pattern - technical target @ 37'300 which roughly coincides with the H4 support trend line
and the H4 clouds bottom level.
Ironman8848 & Jean-Pierre Burki
First breakout attempt of the Mid Bollinger Band failed yesterday !
Today's price action is showing a new attempt in progress with on its way the Kijun-Sen which should also be broken on a daily closing basis !
So, in this daily time frame, the closing level later on, will tell us if the ongoing persisting downtrend is invalidated or not.
Indeed, a clear breakout of both Kijun-Sen & Base line, confirmed by the breakout of the Mid Bollinger Band would force to a view reassessment of this
expected bearish scenario, calling for a strategic technical target of 28'600
RSI is below 50 @ 40.91 !
WARNING !!!
A successful upside breakout on a daily closing basis would open the door for higher levels (top of the weekly clouds on overlay in the daily chart ahead of the
most important clouds resistance area (daily basis - 45'430-50'750) !
On the downside, first significant support area (daily basis) is @ 37'400 (Tenkan-Sen and also roughly the weekly bottom clouds level !)
4 HOURS (H4)
Recent and current price action in this time frame is showing a breakout of the tof of the clouds resistance which is not very clear yet !!
Indeed, looking at the successive small candles and bodies, there is, for the time being, a lack of momentum and followthrough which would clearly confirm this upside clouds breakout and then open the door
for higher levels.
In addition, the RSI indicator is moving in a sideways channel without clear direction too !
LAST BUT NOT LEAST, THE BITCOIN IS ALSO FACING THE ONGOING DOWNTREND RESISTANCE LINE WHICH SO FAR, REJECTED ALL BREAKOUT ATTEMPTS ON H4 CLOSING BASIS !!!
1 HOUR (H1)
DIAMOND pattern in progress !
Downside breakout done, currently pullback in progress towards the former support trend line (which is also the hourly clouds area)
Watch the clouds as a good barometer in this Hourly time frame as a failure to recover above it would confirm this Diamond pattern - technical target @ 37'300 which roughly coincides with the H4 support trend line
and the H4 clouds bottom level.
Ironman8848 & Jean-Pierre Burki
