BTC-DAILY-KIJUN-SEN BREAKOUT ...
DAILY (D1)
Yesterday's price action triggered a long black candle (BEARISH ENGULFING) with, and IT IS VERY IMPORTANT, ITS DAILY CLOSING LEVEL (@ 42'290), for the first time, since a while, BELOW THE KIJUN-SEN !!!
This move must not be underestimated and must be taken very seriously.
Indeed, the KIJUN-SEN was the last significant support to look at and the breakout of it is confirming further downside in the cards towards the next support level, which will be this time the weekly TENKAN-SEN @ 41'279 ahead of the DAILY VERY THIN CLOUDS SUPPORT AREA (39'854-39'400) slightly below the psychological 40'000 level.
Secondary support trend line currently @ 38'739 and primary uptrend support line currently @ 36'225
Watch and monitor ongoing today's price action (pullback) in the direction of the Kijun-Sen recent breakout (actually @ 43'188).
In the current environment and in order to neutralise this ongoing downside risk, the BTC should quickly recover and close on a daily closing basis above the KIJUN-SEN, which if it is the case, would at least trigger a PIERCING LINE , (slightly bullish pattern, not as powerful as a Bullish engulfing pattern, but at least a stabilization signal)
A failure to do it would be seen as a natural pullback providing selling opportunity (ie selling on rally with a stop loss above 44'000 targeting tactically 40'000 in applying a RR ratio of at least, ideally 1:3). Strategic idea would target 36'225 allowing to increase the level of the stop loss above the ongoing downtrend line resistance in keeping a respective and coherent RR ratio !
As usual watch H4, H1 and shorter intraday time frames to get early signal (s) which will help you to act accordingly in validating or invalidating the DAILY implications previously mentioned.
And do not forget, if you like my analysis to like it and for those who do not follow me yet on TRADING VIEW (one of the best charting application available at the moment),tradingview.com/gopro/?share_your_love=Ironman_8848,please do not forget either to add IRONMAN8848 in your following list.
Many thanks in advance for your support.
Have a great weekend.
IRONMAN8848 - Jean-Pierre Burki
Yesterday's price action triggered a long black candle (BEARISH ENGULFING) with, and IT IS VERY IMPORTANT, ITS DAILY CLOSING LEVEL (@ 42'290), for the first time, since a while, BELOW THE KIJUN-SEN !!!
This move must not be underestimated and must be taken very seriously.
Indeed, the KIJUN-SEN was the last significant support to look at and the breakout of it is confirming further downside in the cards towards the next support level, which will be this time the weekly TENKAN-SEN @ 41'279 ahead of the DAILY VERY THIN CLOUDS SUPPORT AREA (39'854-39'400) slightly below the psychological 40'000 level.
Secondary support trend line currently @ 38'739 and primary uptrend support line currently @ 36'225
Watch and monitor ongoing today's price action (pullback) in the direction of the Kijun-Sen recent breakout (actually @ 43'188).
In the current environment and in order to neutralise this ongoing downside risk, the BTC should quickly recover and close on a daily closing basis above the KIJUN-SEN, which if it is the case, would at least trigger a PIERCING LINE , (slightly bullish pattern, not as powerful as a Bullish engulfing pattern, but at least a stabilization signal)
A failure to do it would be seen as a natural pullback providing selling opportunity (ie selling on rally with a stop loss above 44'000 targeting tactically 40'000 in applying a RR ratio of at least, ideally 1:3). Strategic idea would target 36'225 allowing to increase the level of the stop loss above the ongoing downtrend line resistance in keeping a respective and coherent RR ratio !
As usual watch H4, H1 and shorter intraday time frames to get early signal (s) which will help you to act accordingly in validating or invalidating the DAILY implications previously mentioned.
And do not forget, if you like my analysis to like it and for those who do not follow me yet on TRADING VIEW (one of the best charting application available at the moment),tradingview.com/gopro/?share_your_love=Ironman_8848,please do not forget either to add IRONMAN8848 in your following list.
Many thanks in advance for your support.
Have a great weekend.
IRONMAN8848 - Jean-Pierre Burki
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