2021/12/04 08:30 AM – BTCUSD -D1 – MY DT TARGET @ 46000 FILLED !!

BTCUSD – MY DT TARGET @ 46000 FILLED !! by Ironman8848 on TradingView.com

Good morning to all of you. I hope you are well today ?

My double top technical target, already mentioned a couple days ago, with a technical target @ 46’000 has easily been filled with an intraday low reached early this morning @ 42’074.

So what next ?

This sharp downside move has, and it is obvious, triggered a TACTICAL REVERSAL ONLY !!!

Indeed, no strategic BULLISH signal (s) have been confirmed yet and that is why, recent and current price action should once again be seen as a corrective move only and not as a strategic trend reversal yet.

Technical indicators, such RSI (below 50 and currently @ 28.32) is still converging to the downside !

On a daily basis and in order to neutralise the still ongoing downside pressure, the BTCUSD should recover firstly above the former uptrend support line (in green), which is currently slightly above the psychological 50’000 level.

WEEKLY :

On the downside, plenty of space, the 78,6% Fib @ 45’883 of the 39’590-69’000 rally has also been filled, in by the way, testing the top of the weekly clouds support area and the next significant support area is between 40’000 and 39’590 (starting point of the 74 % rally or + 29’410 rally which took place from the end of September to the beginning of November.

Last but not least the 39’590 level is roughly in the middle of the weekly clouds support zone with its bottom level, currently around 36’750

ONGOING UPCOMING WEEKLY CLOSING WILL GIVE MORE CLUES FOR NEXT WEEK 🙂

H4

Everything worked perfectly well, clouds, Mid Bollinger Band , Tenkan-Sen and Kijun-Sen, what else ?

Well, the picture does not look good either !!!

RSI still converging to the South !

Any recovery is corrective only and should be protected with tight stop losses.

H1 :

The recovery went up towards the 38.2% Fib ret @ 48’050 which is also the Tenkan-Sen and which for the time being rejected further upside attempt.

Watch carefully this level of 48’050 as a clear breakout of this level on a hourly closing level would open the door for 49’882 ahead of 51’714.

Once again, if such kind of price action occurs, this should only be seen as a corrective tactical move in a broad strategic bear trend

Have a nice weekend, all the best and 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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