BTCUSD-D1/H4- CRITICAL SUPPORT LEVEL !
DAILY (D1)
Following the expected sharp decline (see previous analysis !) towards a low so far of 37'684, the BITCOIN
is now very close to an important support level, which is the 78,6 % Fibonacci extension retracement
@ 37273 which also coincides with the bottom of the weekly clouds support area.
Global picture remains heavy as technical indicators are still converging to the downside !
In addition the Lagging Line is also confirming further downside !
In order to neutralise this ongoing and persisting downside risk, the Bitcoin should at least recover and hold sustainably,
on a daily closing basis, above the Tenkan-Sen, currently @ 41'070 and this only will be the first obstacle to cross-over, the next one
being the Mid Bollinger Band (42'850)(the BAROMETER!) to breakout
DOWNSIDE RISK :
A breakout confirmed on a weekly closing basis of the clouds bottom of the 37'000 would be seen as a very negative signal, calling for lower
levels ; important to note the fragility of the 37'000-28'600 trading seen July 2021, when during the beginning of the rally, this zone gone through
in roughly less than 1 week and therefore a mirror effect could also be seen on the opposite side.
I would say that there is no real very significant support level except the psychological 30'000 level which is now replacing the previous one @ 40'000
4 HOURS (H4)
In this 4 hours time frame, a first RSI bullish divergence, has been detected early this morning, which triggered a small upside move towards 38'680, but with a lack of momentum.
More important, ongoing price action is showing a downside pullback in progress, towards the former intraday low, which may, potentially (wait for closing H4), trigger a second RSI bullish divergence.
A small bullish divergence has already been detected on H1 which triggered a very small recovery ,which rather looks like a small corrective move recovery only... for the time being.
CONCLUSION :
ONGOING CRITICAL SITUATION...WATCH AND MONITOR VERY CLOSELY, SHORTER INTRADAY TIME FRAMES WHICH WILL ALLOW YOU TO DETECT EARLY SIGNAL (S) WHICH WILL VALIDATE
OR INVALIDATE THE IMPLICATIONS PREVIOUSLY MENTIONED IN LONGER TIME FRAMES.
Ironman8848 & Jean-Pierre Burki
Following the expected sharp decline (see previous analysis !) towards a low so far of 37'684, the BITCOIN
is now very close to an important support level, which is the 78,6 % Fibonacci extension retracement
@ 37273 which also coincides with the bottom of the weekly clouds support area.
Global picture remains heavy as technical indicators are still converging to the downside !
In addition the Lagging Line is also confirming further downside !
In order to neutralise this ongoing and persisting downside risk, the Bitcoin should at least recover and hold sustainably,
on a daily closing basis, above the Tenkan-Sen, currently @ 41'070 and this only will be the first obstacle to cross-over, the next one
being the Mid Bollinger Band (42'850)(the BAROMETER!) to breakout
DOWNSIDE RISK :
A breakout confirmed on a weekly closing basis of the clouds bottom of the 37'000 would be seen as a very negative signal, calling for lower
levels ; important to note the fragility of the 37'000-28'600 trading seen July 2021, when during the beginning of the rally, this zone gone through
in roughly less than 1 week and therefore a mirror effect could also be seen on the opposite side.
I would say that there is no real very significant support level except the psychological 30'000 level which is now replacing the previous one @ 40'000
4 HOURS (H4)
In this 4 hours time frame, a first RSI bullish divergence, has been detected early this morning, which triggered a small upside move towards 38'680, but with a lack of momentum.
More important, ongoing price action is showing a downside pullback in progress, towards the former intraday low, which may, potentially (wait for closing H4), trigger a second RSI bullish divergence.
A small bullish divergence has already been detected on H1 which triggered a very small recovery ,which rather looks like a small corrective move recovery only... for the time being.
CONCLUSION :
ONGOING CRITICAL SITUATION...WATCH AND MONITOR VERY CLOSELY, SHORTER INTRADAY TIME FRAMES WHICH WILL ALLOW YOU TO DETECT EARLY SIGNAL (S) WHICH WILL VALIDATE
OR INVALIDATE THE IMPLICATIONS PREVIOUSLY MENTIONED IN LONGER TIME FRAMES.
Ironman8848 & Jean-Pierre Burki
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