BTC-DAILY-TRIANGLE PATTERN IN PROGRESS
DAILY (D1)
Yesterday's price action, triggered a long white candle, which, usually is a BULLISH signal...but the failure to cross over and close above the CLUSTER (39'700-39'900 area) triggered new selling pressure which once again cross underthe ongoing daily support trend line, currently around 39'300 !
Interesting to note that the CLUSTER, also coincides roughly with the junction of both downtrend and uptrend resistance lines @ 39'800, respectively in red and green on this daily chart and also the TWIST in the daily clouds (very thin = very fragile, currently @40'770-41'025.
On the downside, a daily closing below 38'714 (middle of the yesterday long white candle) would make a DARK CLOUD COVER add further selling pressure over the upcoming trading sessions, in reopening the door for lower levels towards the former congestion bottom 37'500-37'000 ahead of the 35'000 area. lower daily closing level seen at the end of January.
RSI @ 45.90
LAGGING LINE below the clouds and below the Kijun-Sen !
Global daily picture is showing a broad triangle pattern in progress (red and green lines) and remains BEARISH !
4 HOURS (H4)
The upside breakout of both Mid Bollinger Band and Kijun-Sen has been short lived !
Indeed, this bull trap breakout has been invalidated by a long black candle (bearish engulfing pattern) which pushed the Bitcoin again below the Tenkan-Sen.
In this H4 time frame, the CLOUDS resistance area (40'145-41'250) remains the major resistance area to break in order to neutralise this ongoing downward pressure.
A successful sustainable recovery above this area would force to a view reassessment of the EXPECTED BEARISH SCENARIO calling for lower levels; a failure to hold above the ongoing short term support trend line, currently @ 37'750 ahead of the former low @ 37'193 would confirm further downside towards the 35'000 level and lower.
1 HOUR (H1)
Hourly clouds support area (38'469-38'317) currently under attack and a failure to hold above the hourly clouds would also be the first short term signal for further downside. On the other hand, if the BTC managed to hold above the hourly clouds we can see a potential short term recovery towards 38'800-39'230 having still in mind that such kind of price action should still be seen as A TACTICAL CORRECTIVE MOVE, in a STRATEGIC BEAR TREND and therefore, managed accordingly in term of Risk Reward Ratio (trailing stop loss !)
If you like my analysis, please do not forget firstly to like it and if you do not follow me yet on TradingView, please also add IRONMAN8848 in your following list and for those who do not have access to TRADING VIEW (The BEST charting application available for the moment) please sign up in clicking on the following link :
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Many thanks in advance.
Have a nice trading day and all the best.
Take care.
IRONMAN8848 & Jean-Pierre Burki
Yesterday's price action, triggered a long white candle, which, usually is a BULLISH signal...but the failure to cross over and close above the CLUSTER (39'700-39'900 area) triggered new selling pressure which once again cross underthe ongoing daily support trend line, currently around 39'300 !
Interesting to note that the CLUSTER, also coincides roughly with the junction of both downtrend and uptrend resistance lines @ 39'800, respectively in red and green on this daily chart and also the TWIST in the daily clouds (very thin = very fragile, currently @40'770-41'025.
On the downside, a daily closing below 38'714 (middle of the yesterday long white candle) would make a DARK CLOUD COVER add further selling pressure over the upcoming trading sessions, in reopening the door for lower levels towards the former congestion bottom 37'500-37'000 ahead of the 35'000 area. lower daily closing level seen at the end of January.
RSI @ 45.90
LAGGING LINE below the clouds and below the Kijun-Sen !
Global daily picture is showing a broad triangle pattern in progress (red and green lines) and remains BEARISH !
4 HOURS (H4)
The upside breakout of both Mid Bollinger Band and Kijun-Sen has been short lived !
Indeed, this bull trap breakout has been invalidated by a long black candle (bearish engulfing pattern) which pushed the Bitcoin again below the Tenkan-Sen.
In this H4 time frame, the CLOUDS resistance area (40'145-41'250) remains the major resistance area to break in order to neutralise this ongoing downward pressure.
A successful sustainable recovery above this area would force to a view reassessment of the EXPECTED BEARISH SCENARIO calling for lower levels; a failure to hold above the ongoing short term support trend line, currently @ 37'750 ahead of the former low @ 37'193 would confirm further downside towards the 35'000 level and lower.
1 HOUR (H1)
Hourly clouds support area (38'469-38'317) currently under attack and a failure to hold above the hourly clouds would also be the first short term signal for further downside. On the other hand, if the BTC managed to hold above the hourly clouds we can see a potential short term recovery towards 38'800-39'230 having still in mind that such kind of price action should still be seen as A TACTICAL CORRECTIVE MOVE, in a STRATEGIC BEAR TREND and therefore, managed accordingly in term of Risk Reward Ratio (trailing stop loss !)
If you like my analysis, please do not forget firstly to like it and if you do not follow me yet on TradingView, please also add IRONMAN8848 in your following list and for those who do not have access to TRADING VIEW (The BEST charting application available for the moment) please sign up in clicking on the following link :
tradingview.com/gopro/?share_your_love=Ironman_8848
Many thanks in advance.
Have a nice trading day and all the best.
Take care.
IRONMAN8848 & Jean-Pierre Burki
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