Last daily closing level @ 56’353 which means below the double top trigger level @ 57’500; this should be seen as the first warning validation signal of this double top formation, calling for a technical target @ 46’000.
Once again the clouds worked perfectly well as you can see on this daily chart in rejecting, yesterday, an upside breakout attempt @ 59’580 which coincides exactly with the top of
the clouds resistance… “magical fact”,,, isnt’it ?
No, it is not a “magical fact”, it is the powerful value of Ichimoku :-), trust me !
So what next ?
No change in my view, recent and current price action should still be seen as a CORRECTIVE MOVE ONLY and not as a trend reversal yet !!!
Indeed, as already mentioned, in order to neutralise this ongoing bearish price action (on a daily basis analysis !), the BTCUSD should recover and hold at least above the psychological 60’000 level which is also by the way the level of Tenkan-Sen or Conversion line (@ 60’050).
ONLY A SUSTAINABLE MOVE ABOVE 60’000 WOULD FORCE TO A VIEW REASSESSMENT OF MY BEARISH VIEW; THIS SHOULD BE CONFIRM BY A BREAKOUT OF THE ONGOING DOWNTREND LINE
RESISTANCE LEVEL , WHICH IS CURRENTLY AROUND 62’000 ( MBB being @ 61’800)
On the downside, bottom of the clouds (@ 53’200) and also, currently the former uptrend support line should be seen as the first significant support level area ahead of the psychological 50’000 level.
RSI @ 39.02
INTRADAY PICTURE :
Same than H4, in an ongoing downtrend channel and below the cluster above mentioned.
Watch potential RSI bullish divergence (potential short term double bottom around recent intraday low) which may trigger some small recovery and might be used, having in mind a tactical long exposure countertrend which should be monitor and protect with trailing stop losses accordingly !!!
Have a nice trading day and all the best.
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.