Good morning to all of you 🙂
Today we are going to look at two main intraday time frames which are Hourly (H1) and 4 hours (H4)
Indeed, in my last and previous analysis, I highlighted a potential double bottom formation in progress on H1 with its trigger level @ 47’450 which has been filled and broken with an intraday high, so far @ 47’750.
The lack of follow through and both ongoing H1 downtrend line resistance and also the former support trend line , clearly stopped and rejected the ongoing upside move; the lagging line, also, failed to upside breakout the clouds and as a result, the BTCUSD is currently traded around this important 47’450-47’500 area which is also, by the way the top of the H1 clouds resistance area .
The RSI upside move has also been broken by the failure to hold above its uptrend line support, still above 50 @ 56.37.
Watch the former resistance cluster which becomes now the FIRST SUPPORT area to look at (@47’300 -47’000).
A failure to hold above that area would put directly the focus to the H1 clouds bottom zone around 46’300 ahead of former lows “double bottom” @ 45’478.
On the upside a breakout of both the ongoing downtrend line resistance first ahead of a confirmation of an breakout of the former support trend line would neutralise the ongoing dowNside move in that hourly time frame.
4 HOURS (H4)
Still under the clouds resistance area which once more, so far, did perfectly its job, in rejecting an new upside breakout attempts !
In addition, the price action triggered by a long white candle has been quickly aborted by the next black candle in making a reversal pattern (which should be confirmed by the ongoing H4 candle on a closing basis in the next
A failure to stay and hold above this point would put the focus on lower levels, above mentioned in H1.
On the upside, watch the clouds ahead of the ongoing downtrend line resistance as only a clear recovery and breakout above those points would force to a view reassessment of my expected ongoing bearish scenario.
Today’s daily and weekly closing levels would give more clues for the upcoming week.
Daily and weekly closing level above 48’800 would be the first warning signal of potential trend reversal !!!
Have a nice Sunday.
Ironman8848 6 Jean-Pierre Burki
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.