2021/12/08 05:58 AM – BTCUSD -D1 -BEARISH SCENARIO ALIVE !

BTCUSD -D1- BEARISH SCENARIO ALIVE ! by Ironman8848 on TradingView.com

DAILY :

As mentioned in my previous analysis written 2 days ago, the expected recovery took place on a CORRECTIVE TACTICAL MOVE ONLY... and not as a strategic trend reversal yet !!!

Indeed, so far the Tenkan-Sen, currently @ 50’608, worked well in rejecting its upside breakout and yesterday’s price action, after having roughly reached an intraday of roughly 52’000, the closing level @ 50’627, triggered a DOJI pattern which should be seen as an additional warning signal, calling for a new downside move.

Daily picture is still showing a broad bear picture with its clear downtrend resistance line (in red) which also coincides with one on my favorite barometer indicator (Mid Bollinger Band ) and last but not
least with the Kijun-Sen or Base line which is currently @ 54’177 and which should be seen as THE KEY PIVOT LEVEL on this daily time frame !!!: in addition, the RSI is in a broad bear trend price action too.

Only a clear sustainable breakout of 54’177 would force to a view reassessment of my bearish expected scenario.

Levels to watch at very carefully are the following on a daily closing basis :

R3 : 55’385
R2 : 54’177
R1 : 52’000

CURRENT LEVEL : 50’315

S1 : 49’240
S2 : 47’111
S3 : 42’000

H4 :

Watch the Mid Bollinger Band as a good barometer indicator too ( bullish above and bearish below on a H4 closing basis); currently slightly above it and under selling pressure; watch the ongoing H4 closing period (s)
which will give your more clues as a failure to hold above 49’830 would open the door for lower level with the focus on the next significant support level which is the Tenkan-Sen or Base Line @ 47’922.

This level, on thisH4 time frame should be seen as a Key pivot level too.

H1 :

Still above the clouds but already below Kijun-Sen, Mid Bollinger Band and Tenkan-Sen; Lagging line is currently trying to cross under Tenkan-Sen !!!

Watch the clouds and the price action of the Lagging line too.

Have a nice trading day and do not forget ; “THE TREND IS ALWAYS YOUR FRIEND” and if you fight against it, please be sure to act accordingly in protecting your tactical exposure with tight trailing stop losses !!!

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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