BTC - D1/H4 - CRITICAL PIVOT POINT TO BREAK !
D1 : Indeed after having missed to reach, for few points, the 50 % Fibonacci retracement @ 55’949 (high being 55'810 !) BTC is trying to break the top of the clouds area which also coincides with Kijun-Sen.(55’949).
Therefore, today's price action and its closing level will be very important as a breakout of the clouds
would be the first confirmation on this time frame that BTC would switch from a neutral mode (in the clouds)
to a bullish mode, above the clouds.
Second confirmation would be a sustainable move above the MID BOLLINGER BAND, (56'875) which is as you know one of my favorite
leading indicators & barometer, as repeated frequently in my previous analysis.
Global picture is still under the influence of a broad rising wedge pattern and recent and current price action, could also be seen as a natural pullback against the breakout of this pattern, which occurred on April 18th) and which, also coincides roughly with
the 61.8% Fib ret @ 57'707.
H4 : Secondary downtrend line resistance has been broken but currently, still in its broad downtrend channel (primary downtrend !).
facing, also, a tough resistance area to break which is the top of the clouds resistance area.
last H4 candle triggered a "shooting star" which is normally interpreted as a first signal of a trend reversal !!! (need to be confirmed by
at least the next candle and ideally on 3 candles observation.
In addition, technical indicators are turning down showing bearish divergences.
Supports are mentioned on the chart and Mid Bollinger Band, in H4 time frame is @ 52840 !
CONCLUSION :
D1 : Currently in an uptrend channel
Warning : trend angle !!!
Wait today’s closing level
3 scenarios :
A) Bullish : above the clouds
B) Neutral : within the clouds
C) Bearish : below the clouds
H4 :
Upcoming H4 periods will show the direction
Watch H1 and M15 to get validation or invalidation
Have a nice trading day
All the best and take care
Ironman8848
Therefore, today's price action and its closing level will be very important as a breakout of the clouds
would be the first confirmation on this time frame that BTC would switch from a neutral mode (in the clouds)
to a bullish mode, above the clouds.
Second confirmation would be a sustainable move above the MID BOLLINGER BAND, (56'875) which is as you know one of my favorite
leading indicators & barometer, as repeated frequently in my previous analysis.
Global picture is still under the influence of a broad rising wedge pattern and recent and current price action, could also be seen as a natural pullback against the breakout of this pattern, which occurred on April 18th) and which, also coincides roughly with
the 61.8% Fib ret @ 57'707.
H4 : Secondary downtrend line resistance has been broken but currently, still in its broad downtrend channel (primary downtrend !).
facing, also, a tough resistance area to break which is the top of the clouds resistance area.
last H4 candle triggered a "shooting star" which is normally interpreted as a first signal of a trend reversal !!! (need to be confirmed by
at least the next candle and ideally on 3 candles observation.
In addition, technical indicators are turning down showing bearish divergences.
Supports are mentioned on the chart and Mid Bollinger Band, in H4 time frame is @ 52840 !
CONCLUSION :
D1 : Currently in an uptrend channel
Warning : trend angle !!!
Wait today’s closing level
3 scenarios :
A) Bullish : above the clouds
B) Neutral : within the clouds
C) Bearish : below the clouds
H4 :
Upcoming H4 periods will show the direction
Watch H1 and M15 to get validation or invalidation
Have a nice trading day
All the best and take care
Ironman8848
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.