BTC - INVERSED HAMMER AND DOJI....
WEEKLY
Last weekly closing triggered an inversed hammer pattern which could be interpreted as a potential trend reversal; however, it is important to note that the weekly closing is now under the weekly clouds area which means a persisting downside risk bias, stil alive...
RSI below 50, @ 43.70
LAGGING LINE is still in the bottom part of the weekly clouds support area which currently gives little support
Globally the trend remains bearish (higher lows) and this trend would only reverse if the BTC manage to recover and hold above the Tenkan-Sen, currently @ 42'701.
The next weekly closing level will be very important to look at as it will either validate the inversed hammer pattern in making a bullish engulfing pattern or invalidate in making a closing below 39'467.
DAILY
Yesterday's price action triggered a DOJI pattern (uncertainty and indecision !) this time, below the minor support, I mentioned in my previous analysis (see related ideas below)
The triangle target @ 37'581 is still valid and the base of this triangle@ 40'128) should be considered as the first significant resistance area to break which would stabilize and neutralise, for the time being this persisting selling pressure.
RSI below 5, @ 38.43
LAGGING LINE broke the clouds support area, which means, if the BTC does not recover quickly, the selling pressure will increase and will push the BTC lower towards the primary uptrend support line, currently around the 37'000 area.
4 HOURS
Below the clouds, the Kijun-Sen and the Tenkan-Sen
Watch carefully at the level of the RSI at the next upcoming H4 closing level (potential bulish divergence and double bottom !)
LAGGING LINE far away below the clouds
1 HEURE
Watch also as per H4 the upcoming price action
IRONMAN8848 - Jean-Pierre Burki
Last weekly closing triggered an inversed hammer pattern which could be interpreted as a potential trend reversal; however, it is important to note that the weekly closing is now under the weekly clouds area which means a persisting downside risk bias, stil alive...
RSI below 50, @ 43.70
LAGGING LINE is still in the bottom part of the weekly clouds support area which currently gives little support
Globally the trend remains bearish (higher lows) and this trend would only reverse if the BTC manage to recover and hold above the Tenkan-Sen, currently @ 42'701.
The next weekly closing level will be very important to look at as it will either validate the inversed hammer pattern in making a bullish engulfing pattern or invalidate in making a closing below 39'467.
DAILY
Yesterday's price action triggered a DOJI pattern (uncertainty and indecision !) this time, below the minor support, I mentioned in my previous analysis (see related ideas below)
The triangle target @ 37'581 is still valid and the base of this triangle@ 40'128) should be considered as the first significant resistance area to break which would stabilize and neutralise, for the time being this persisting selling pressure.
RSI below 5, @ 38.43
LAGGING LINE broke the clouds support area, which means, if the BTC does not recover quickly, the selling pressure will increase and will push the BTC lower towards the primary uptrend support line, currently around the 37'000 area.
4 HOURS
Below the clouds, the Kijun-Sen and the Tenkan-Sen
Watch carefully at the level of the RSI at the next upcoming H4 closing level (potential bulish divergence and double bottom !)
LAGGING LINE far away below the clouds
1 HEURE
Watch also as per H4 the upcoming price action
IRONMAN8848 - Jean-Pierre Burki
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