2021/11/26 06:55 AM – BTCUSD -D1 – NOT OUT OF THE WOODS YET !

BTCUSD – D1 – NOT OUT OF THE WOODS YET ! by Ironman8848 on TradingView.com

DAILY :

The BTCUSD is not out of the woods yet; indeed, recent and current price action is still in the clouds currently traded around the important pivot level of 57’500 ( double top trigger level !)

Despite a recovery attempt seen yesterday which trigger an upside move towards an intraday high of 59’476 (rejected by the top clouds resistance…once again :-)… the BTCUSD lost momentum
and as a result went down again towards a low so far of 57’525.

No change in my view, on a daily basis obervation, the 57’500 area should be seen as a PIVOT LEVEL for further development.

Also note that this point coincides roughly with the level of the ongoing uptrend support line in green.

A failure to close on a daily basis above 57’500 and hold sustainably above it would trigger further selling pressure, putting the focus on lower levels towards the bottom of the daily clouds, currently @ 53’400, which
is also the former primary uptrend support line (In bold green)

On the upside, as already mentioned several times, only a clear breakout of the daily top clouds resistance level & ongoing downtrend line resistance (in red), – currently around 60’400 – would neutralise the ongoing dowsnside
risk, calling for the levels previously mentioned.

Last but not least, do not forget the influence of the double top pattern which is still alive; a validation of this formation (daily closing below 57’500) would give a technical target of 46’000

CONCLUSION :

Continue to watch and monitor very closely ongoing price action in intraday shorter time frames which will help you to detect early indication & signal of the potential validation or invalidation of this important double top formation.

On a weekly basis, as long as the BTCUSD hold above the TS (54’882) on a weekly basis, it is OK but a failure to do it would considerably increase the risk for lower levels towards the 50’000 area ( KS ).

I will be off from now and until Tuesday morning (Nov 30th), away from my screen for a long weekend in Bordeaux with my wonderful spouse for my birthday 🙂 ;therefore I will not published any update or analysis during that time.

I wish you a very nice weekend and all the best to all of you. Take care.

Kind regards

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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