BTCUSD - D1 - DOUBLE TOP IN PROGRESS !
DAILY :
The Daily picture is clearly showing a double top formation in progress, its trigger level being @ 57'500; a breakout confirmed of this point would activate
this bearish formation in opening the door for a technical target @ 46'000.
Global picture is not very encouraging at all; indeed, the BTCUSD, is currently in an ongoing downtrend; meaning in a SELL ON RALLY MODE !
In addition, current level around 60'000 is firstly showing some uncertainty and nervousness; moreover, we are also below the important cluster area (MBB, KS and TS)
which should not be underestimated...
Of course, the daily clouds area, currently between 58'422 (top of the clouds and also roughly the former intraday low reached yesterday (58'435) and 53'300 should be
seen as the first significant support zone on this time frame; please, also note the thickness of the clouds which should also be considered as a strong support to break.
On the indicator side, RSI is continuing to converge to the downside and is currently below 50, @ 44.24.
Only a clear sustainable recovery above the 63'000 would force to a reassessment view of the expected bearish scenario above mentioned.
WEEKLY :
Looking briefly at the weekly picture, we can see a "BEARISH ENGULFING PATTERN" in progress, which of course, would be validated only on a weekly basis closing level; in term
of support levels, we can see :
- S1 @ 57'765 (warning !double top trigger level @ 57'500) see above for implication
- S2 @ 54'295 (also TS)
- S3 @ 50'824
Global weekly picture remains supported by respectively the Mid Bollinger Band (currently @ 50'000) ahead of both KS and the uptrend support line (currently @ 48'900)
4 HOURS :
Ongoing downtrend channel (mentioned in my previous analysis) remains intact and current level is below the middle level of this downtrend channe, on the lower part and traded
around the Tenkan-Sen @ 59'812
Sideways price action for the Lagging Line which is also below the clouds...
As mentioned yesterday, no Bullish divergence has been detected yet and recent and current price action should still be seen as a corrective move only and not yet as a trend reversal yet.
CONCLUSION :
Monitor and watch closely at the price action on intraday shorter time frames to detect early signal (s) of bullish divergence or bearish convergence !!!
Have a nice trading day and all the best to all of you.
Take care.
Ironman8848
The Daily picture is clearly showing a double top formation in progress, its trigger level being @ 57'500; a breakout confirmed of this point would activate
this bearish formation in opening the door for a technical target @ 46'000.
Global picture is not very encouraging at all; indeed, the BTCUSD, is currently in an ongoing downtrend; meaning in a SELL ON RALLY MODE !
In addition, current level around 60'000 is firstly showing some uncertainty and nervousness; moreover, we are also below the important cluster area (MBB, KS and TS)
which should not be underestimated...
Of course, the daily clouds area, currently between 58'422 (top of the clouds and also roughly the former intraday low reached yesterday (58'435) and 53'300 should be
seen as the first significant support zone on this time frame; please, also note the thickness of the clouds which should also be considered as a strong support to break.
On the indicator side, RSI is continuing to converge to the downside and is currently below 50, @ 44.24.
Only a clear sustainable recovery above the 63'000 would force to a reassessment view of the expected bearish scenario above mentioned.
WEEKLY :
Looking briefly at the weekly picture, we can see a "BEARISH ENGULFING PATTERN" in progress, which of course, would be validated only on a weekly basis closing level; in term
of support levels, we can see :
- S1 @ 57'765 (warning !double top trigger level @ 57'500) see above for implication
- S2 @ 54'295 (also TS)
- S3 @ 50'824
Global weekly picture remains supported by respectively the Mid Bollinger Band (currently @ 50'000) ahead of both KS and the uptrend support line (currently @ 48'900)
4 HOURS :
Ongoing downtrend channel (mentioned in my previous analysis) remains intact and current level is below the middle level of this downtrend channe, on the lower part and traded
around the Tenkan-Sen @ 59'812
Sideways price action for the Lagging Line which is also below the clouds...
As mentioned yesterday, no Bullish divergence has been detected yet and recent and current price action should still be seen as a corrective move only and not yet as a trend reversal yet.
CONCLUSION :
Monitor and watch closely at the price action on intraday shorter time frames to detect early signal (s) of bullish divergence or bearish convergence !!!
Have a nice trading day and all the best to all of you.
Take care.
Ironman8848
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