2021/10/26 06:22 AM – BTCUSD – H4/H1 – MAGICAL CLOUDS !

BTCUSD – H4/H1 – MAGICAL CLOUDS ! by Ironman8848 on TradingView.com

H4 :


Once again the clouds acted perfectly well on both side, in rejecting, respectively
a downside breakout attempt around 60’000 and more recently an upside breakout
around 63’600.


In addition, price action on the top of the clouds, triggered a “BEARISH ENGULFING”
pattern.


Ongoing downtrend channel still in place and clouds area should be seen as a barometer
for further development.


Indeed, IMPLICATIONS of a clear breakout :


1) UPSIDE : 63’000/63’500 (former congestion top) would open the door for —> a retest of ATH


2) DOWNSIDE : 61’500/61’000 ( MBB KS cluster and clouds support zone ) would put the focus on —> former
low @ 59’500 ahead of lower levels; 56’525 is the 38.2% Fib retracement of the 39’590-66’994 rally and 55’147 is
the Kijun-Sen or base line !

H1


Price action switched from an uptrend channel to an ongoing downtrend channel and this change has been
triggered by a “doji” which has been confirmed straight away by a long black candle ( bearish engulfing ).


Currently below both MBB and TS and flirting with the KS important support level in this H1 time frame.


A failure to hold above 62’763 would directly put the focus on the 62’000 area, ahead 61’600 and 61’000 (the latter
level being the bottom of the H1 clouds support zone.


In order to neutralise this ongoing downside move price action, the BTCUSD should quickly recover above 63’000 and hold sustainably on a closing basis; this would temporary neutralise the current ongoing selling pressure.

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Take care

Ironman8848

Disclaimer :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

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