2021/12/06 07:08 AM – BTCUSD -H4 -CAUGHT BETWEEN TS AND KS !

BTCUSD – H4 – CAUGHT BETWEEN TS AND KS ! by Ironman8848 on TradingView.com

WEEKLY :

Following its weekly closing @ 49’463, below the former uptrend support line, the BTCUSD began the week in the red again.

DAILY :

Indeed, last daily closing triggered a “DOJI” pattern which confirm growing uncertainty about further development and which looks like an increase of the selling pressure.

RSI @ 31.38

H4 :

Looking now at the 4 hours time frame, we can clearly see that the BTCUSD is caught between the Tenkan-Sen & Conversion Line and the Kijun-Sen & Base Line, which are respectively @ 48’800 and 49’800.

The Mid Bollinger Band , currently @ 50’960 should, as already mentioned several times, really be seen as a very good indicator in considering this line as a barometer, which means BULLISH above and BEARISH below…

In addition, the Tenkan-Sen coincides also with a minor uptrend support line which if broken on a H4 closing basis, would directly open the door for lower levels, towards firstly the 46’500 area, ahead
of former low around 42’000 reached on Dec 4th.

Last but not least a rising wedge formation is in progress on RSI !

H1 :

Uncertainty confirmed by the recent and current price action within the clouds…

Interesting to note that the H1 bottom clouds also coincides with the support level above mentioned on H4 !

CONCLUSION :

Globally it does not smell good !

No change in my expected bearish scenario and any new long tactical exposure should be monitored very closely in adopting a disciplined risk management and in respecting a rational Risk Reward ratio !!!

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Many thanks in advance.

Have a nice week and all the best.

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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