BTC - H1 - RISING WEDGE IN PROGRESS
Unfortunately, my first significant technical target @ 27'169 has not been reached... Indeed, following
the low of 28'600, reached yesterday afternoon, BTC managed a very nice recovery, in breaking up, very quickly, several
resistance level on H1, beginning with TS, KS ahead of Mid Bollinger Band; interesting to note that MBB hold the pullback
attempt in rejecting the downside breakout.
Currently on H1, a "RISING WEDGE" pattern in on progress with its bottom support around the clouds area.
So, a failure to move above the former high (@ 34'438) and also to hold above the clouds support area would confirm a top in place
calling for renewing selling pressure and putting the focus on the level of MBB (32'213) as first significant support on this H1 time frame; a
confirmation will be given by a breakout of the KS, currently @ 31518.
CONCLUSION :
Watch carefully a the price action on shorter time frames which will either validate or invalidate this potential rising wedge formation, which if confirmed
would trigger a downside move of roughly 4'250 pts from the downside breakout, targeting in this case, a retest of former low @ 28'600
A sustainable move above 34'438 would put the focus on the 35'000 area (34'970 being the 50% Fib ret of the 41'341-28'600 downside move)
Watch also H4 price action, which for the time being is attempting to upside breakout the downtrend line resistance (MBB currently @ 33632 should also be
seen as a good barometer for further development as a failure to hold above this level on H4 closing should also be seen as a warning signal of a reversal.
Have a nice trading day
All the best and take care
Ironman8848
the low of 28'600, reached yesterday afternoon, BTC managed a very nice recovery, in breaking up, very quickly, several
resistance level on H1, beginning with TS, KS ahead of Mid Bollinger Band; interesting to note that MBB hold the pullback
attempt in rejecting the downside breakout.
Currently on H1, a "RISING WEDGE" pattern in on progress with its bottom support around the clouds area.
So, a failure to move above the former high (@ 34'438) and also to hold above the clouds support area would confirm a top in place
calling for renewing selling pressure and putting the focus on the level of MBB (32'213) as first significant support on this H1 time frame; a
confirmation will be given by a breakout of the KS, currently @ 31518.
CONCLUSION :
Watch carefully a the price action on shorter time frames which will either validate or invalidate this potential rising wedge formation, which if confirmed
would trigger a downside move of roughly 4'250 pts from the downside breakout, targeting in this case, a retest of former low @ 28'600
A sustainable move above 34'438 would put the focus on the 35'000 area (34'970 being the 50% Fib ret of the 41'341-28'600 downside move)
Watch also H4 price action, which for the time being is attempting to upside breakout the downtrend line resistance (MBB currently @ 33632 should also be
seen as a good barometer for further development as a failure to hold above this level on H4 closing should also be seen as a warning signal of a reversal.
Have a nice trading day
All the best and take care
Ironman8848
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.