BTC- 1 HOUR - SIDEWAYS PRICE ACTION...
Today, we are going to look at the hourly time frame which is showing a sideways price action between the former high @ 45'<37 and the bottom of the hourly clouds support zone, currently @ 43'900.
RSi above 50, @ 54.58.
LAGGING LINE is looking tired, also moving in a sideways mode.
Currently below the Tenkan-Sen (44'765) and still slightly above both KIjun-Sen and Mid Bollinger Band (44'555).
As already mentioned in my yesterday's analysis (see related ideas below), and in oder to confirm further upside, the BTC need to clearly break and hold, ideally on a DAILY CLOSING BASIS the former high reached 2 days ago @ 45'137.
Such kind of successful price action would put the focus on the weekly Mid Bollinger Band@ 45'193, ahead of the TOP OF THE WEEKLY CLOUDS RESISTANCE ZONE, currently @ 45'937;
AN UPSIDE BREAKOUT CONFIRMATION OF THE CLOUDS BY THE WEEKLY LAGGING LINE WOULD ALSO ADD MORE VALUE FOR A CONTINUATION TO THE UPSIDE.
A failure to hold above the hourly clouds support, currently @ 43'900, would open the door for lower levels towards 43'371 (38.2% Fib ret) - 43'458 is the level of the 4 hours Kijun-Sen !), ahead of 42'826 (50& Fib ret).
Looking briefly at the DAIYL PICTURE, we can still see this RISING WEDGE PATTERN IN PROGRESS being in this BROAD TRIANGLE PATTERN on which the downtrend resistance line is under attack.
As previously mentioned a DAILY CLOSING LEVEL above the former high (45'137) would be the first significant warning signal which should of course be validated. Watch if the usual pullback will hold (CONSOLIDATION) or not. (POTENTIAL BULL TRAP !)
Do you like my analysis ? Do you think it bring you some added value ? If it is the case, please do not forget to like it and for those who do not follow me yet, please do not forget either to add Ironman8848 in your following list.
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HAVE A NICE SUNDAY AND ALL THE BEST.
Take care and have fun.
IRONMAN8848 & Jean-Pierre Burki
RSi above 50, @ 54.58.
LAGGING LINE is looking tired, also moving in a sideways mode.
Currently below the Tenkan-Sen (44'765) and still slightly above both KIjun-Sen and Mid Bollinger Band (44'555).
As already mentioned in my yesterday's analysis (see related ideas below), and in oder to confirm further upside, the BTC need to clearly break and hold, ideally on a DAILY CLOSING BASIS the former high reached 2 days ago @ 45'137.
Such kind of successful price action would put the focus on the weekly Mid Bollinger Band@ 45'193, ahead of the TOP OF THE WEEKLY CLOUDS RESISTANCE ZONE, currently @ 45'937;
AN UPSIDE BREAKOUT CONFIRMATION OF THE CLOUDS BY THE WEEKLY LAGGING LINE WOULD ALSO ADD MORE VALUE FOR A CONTINUATION TO THE UPSIDE.
A failure to hold above the hourly clouds support, currently @ 43'900, would open the door for lower levels towards 43'371 (38.2% Fib ret) - 43'458 is the level of the 4 hours Kijun-Sen !), ahead of 42'826 (50& Fib ret).
Looking briefly at the DAIYL PICTURE, we can still see this RISING WEDGE PATTERN IN PROGRESS being in this BROAD TRIANGLE PATTERN on which the downtrend resistance line is under attack.
As previously mentioned a DAILY CLOSING LEVEL above the former high (45'137) would be the first significant warning signal which should of course be validated. Watch if the usual pullback will hold (CONSOLIDATION) or not. (POTENTIAL BULL TRAP !)
Do you like my analysis ? Do you think it bring you some added value ? If it is the case, please do not forget to like it and for those who do not follow me yet, please do not forget either to add Ironman8848 in your following list.
Last but not least for those who do not have access to TRADING VIEW yet (one of the best CHARTING APPLICATION available in the market yet :-), please click on the following link (several plan available, the first plan being free of charge) :
tradingview.com/gopro/?share_your_love=Ironman_8848
HAVE A NICE SUNDAY AND ALL THE BEST.
Take care and have fun.
IRONMAN8848 & Jean-Pierre Burki
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