Today we are going to look at the weekly picture !
My expected upside target (68’000) has unfortunately not been reached, the highest level seen so far was 66’894.
Potential double top formation in progress.
In addition, the ongoing weekly closing and the shape of its candle will be very important
for the future !!!
Indeed, currently, the current price action is showing a “doji” ( shooting star !!) is in progress and a
confirmation given on a weekly closing would be the first warning signal for a potential trend reversal.
IMPLICATIONS (2 scenarios) :
1) BULLISH :
Small consolidation towards 58’000. then sideways price action between 58’000 and 67’000 then upside breakout for higher levels (projection towards 85’000 area)
2) BEARISH :
Failure to sustainably hold above 60’000/58’000 and then downtrend (higher lows) towards firstly 56’525, 53’300 and the psychological 50’000 area, which roughly coincides with the primary weekly support trend line and which is also, by the way the current level of MBB !!!
For indication, the 38.2% Fib ret of the 28’600-66’994 rally is at 52327 while the 50% is at 47’797.
As usual, watch Daily picture and intraday time frames to get intermediate clues which will help you to validate or invalidate the scenarios above developped.
On D1, the support on the ongoing upside channel is under attack and current level is under TS ; a failure to hold above MBB , currently @ 58’720 would also be, on this time frame, a first warning signal, calling for potential downside.
On H4, currently inside the clouds support area , bottom zone being currently around 59’000
On H1, Currently below the clouds for a while in an ongoing downtrend price action; a move above 62’000/63’500 (above the clouds) would temporary neutralise the ongoing selling pressure.
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