BTCUSD -D1- DOUBLE BOTTOM IN PROGRESS ! by Ironman8848 on TradingView.com

Good morning, today we are going to look at the daily and 4 hours time frame where something is cooking !


Price action seen over the last days is showing a potential double bottom in progress coupled with a bullish divergence !

The trigger level of this potential double bottom is @ 48’307 which if broken (on a daily basis) would open the door for a technical target of 51’136.

The Tenkan-Sen also coincides with this trigger level and therefore an upside breakout of that level (again on a daily closing level) should not be underestimated.

Nevertheless, do not forget either, the Mid Bollinger Band , currently @ 49’044, which should also be watched at very carefully as this indicator worked, as you can see on the daily chart perfectly well as a barometer
indicator, from the breakout of the 63’135 level !

On the downside, the 45’500 area has already been tested three times and therefore should be seen as the first significant support zone to look at as a failure to hold above it would this time open the door for the former low of 42’000 reached on December 4th.

4 HOURS (H4)

Still in its ongoing downtrend, below the clouds but above the cluster of MBB TS and KS .

Interesting to note that the top of the clouds in this H4 time frame is currently around 48’300 which also coincides with the trigger level of the potential double bottom , above mentioned.

Indeed a breakout confirmation of the H4 time frame would also trigger a breakout of this ongoing downtrend channel and would open the door for higher levels.

On the downside, the former 46’700-46’900 resistance area (cluster) should now be seen as the new support zone in this H4 time frame


Watch also shorter intraday time frames which will help you :

1) to detect early signal (s) of a “bull trap” as we are still in a broad bear trend !
2) intraday (very short term price action) will validate or invalidate the implications of each scenario
above mentioned in H4 and D1

Have a nice day.

Ironman8848 & Jean-Pierre Burki

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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