BTC - W1 - LAST WEEK PRICE ACTION TRIGGERED A BULLISH ENGULFING
W1 : As shown on this chart, last week price action triggered a long white candle (bullish engulfing)
which neutralized the former downside risk.
In addition BTC closed above the Tenkan-Sen (Conversion line) which is also a positive sign.
The pivot level on this W1 time frame is @ 52'700.
Indeed, as seen in the past, this area coincided at the middle of long candle and therefore should also
be seen as an equilibrium level.
Therefore, BTC is caught now in a 52'700-60'000 trading range (59'979 being the high weekly closing seeing so far !)
GLOBAL PICTURE ON A WEEKLY PERSPECTIVE - IMPLICATIONS OF A BREAKOUT OF THIS TRADING RANGE :
Upside : Door open for 61'075 ahead of a retest of historical high @ 64'895
Downside : Mid Bollinger Band @ 47'525
Watch D1 for clues
Have a nice week and have fun.
All the best
Take care
Ironman8848
which neutralized the former downside risk.
In addition BTC closed above the Tenkan-Sen (Conversion line) which is also a positive sign.
The pivot level on this W1 time frame is @ 52'700.
Indeed, as seen in the past, this area coincided at the middle of long candle and therefore should also
be seen as an equilibrium level.
Therefore, BTC is caught now in a 52'700-60'000 trading range (59'979 being the high weekly closing seeing so far !)
GLOBAL PICTURE ON A WEEKLY PERSPECTIVE - IMPLICATIONS OF A BREAKOUT OF THIS TRADING RANGE :
Upside : Door open for 61'075 ahead of a retest of historical high @ 64'895
Downside : Mid Bollinger Band @ 47'525
Watch D1 for clues
Have a nice week and have fun.
All the best
Take care
Ironman8848
