2021/11/22 06:35 AM – BTCUSD -H1 -REMAINS UNDER DT INFLUENCE !

BTC – D1 – REMAINS UNDER DT INFLUENCE ! by Ironman8848 on TradingView.com

DAILY : DOUBLE TOP IN PROGRESS STILL ALIVE

As mentioned in my previous analysis (see related ideas below), the recovery which took place recently was only a corrective move in a broad new bear trend which started @ ATH 69’000.


Indeed, the ongoing double top formation is still intact and a daily closing below its trigger level (@ 57’500) would be the first warning signal which would confirm this bearish formation, calling for a target @ 46’000.


The clouds, once again worked perfectly well in rejecting the upside breakout and I will strongly suggest to monitor carefully price action around the clouds as failure to hold above the daily clouds will be the second signal calling for further downside and a move towards the psychological 50’000 first, ahead of 46’000 previously mentioned.


Look also RSI price action which continue to converge to the downside in being below the 50 level.

WEEKLY : LAST WEEK PRICE ACTION TRIGGERED A BEARISH ENGULFING PATTERN ( Long black candle) !!!

On this time frame the next significant support is @ 54’295 while on the upside the next important level to look at is @ 60’000.


In order to neutralise the ongoing downside price action on this weekly time frame, BTCUSD should recover at least above 62’100 which if occurs, would trigger a “PIERCING LINE PATTERN”, which would be seen as a reversal signal in this weekly time frame.

IMPORTANT LEVELS TO WATCH ON A WEEKLY BASIS ARE THE FOLLOWING :

54’295

62’100

INTRADAY – 4 HOURS – KIJUN-SEN UNDER ATTACK !!!

On the intraday, 4 hours picture, the Kijun-Sen @ 57’368 is under attack and a failure to hold above it on the next closing observation would also be a warning signal for further downside; on short term a move above the MBB , currently @ 58’205 ahead of TS (@ 58’450) would temporary slow the current bearish move and reopen the door for the psychological and important resistance level of 60’000 which should really clearly be broken and if it is the case, that would force to a view reassessment of my still bearish expected scenario already detected a couple days ago.

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Have a nice trading week and all the best.

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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