2021/12/24 06:38 AM – BTCUSD -D1- EN ROUTE FOR 58’674 !

BTCUSD-D1-EN ROUTE FOR 58’674 ! by Ironman8848 on TradingView.com

Good morning,Christmas is coming and.. a warning buy signal has been given by a first daily closing above the Kijun-Sen.

As mentioned previously, a view reassessment of my expected bearish scenario took place and now the way is open for further upside and my strategic target is @ 58’674.

Indeed, the before yesterday’s, shooting star has been neutralised by a BULLISH ENGULFING PATTERN (long white candle) whith its opening level at the cluster supportof MBB and TS and its closing level above KS or base line which should be seen as a positive signal; today’s closing above 50’608 would give an added value to this new expected scenario.

DAILY (D1)

If you go long now at current level (around 51’000) or on dips, I would suggest to apply a Risk Reward ratio of 3:1, meaning putting a stop loss @ 48’309 and act accordingly in following the trade price action with a trailing stop method in order to protect potential profit.

Once again the Mid Bollinger Band did its job perfectly, in rejecting, this time, the yesterday’s downside breakout attempt sucsessfully, also supported and helped by the 4 hours clouds support area which hold perfectly well too. 🙂

So, in short term, we may see some consolidation which should be seen as a buying opportunity, calling for the following targets :

R1 : 52’294 (38.2% Fib ret)
R2 : 55’483 (50% Fib ret)
R3 : 58’674 (daily clouds resistance area & 61.8% Fib ret)

RSI crossed over 50 and is @ 50.81

4 HOURS (H4)

Looking at this 4 hours time frame and after the price action seen at the yesterday’s end of afternoon (long white bullish candle, from 48’700 to 51’400) it is likely to see some consolidation in a new strategic bullish trend reversal.

Therefore, long exposure should be rebuilt from current level and on dips towards, 50’725-49’400 protected by a stop loss previously mentioned.

Looking briefly at the weekly picture, we can see a BULLISH ENGULFING PATTERN IN PROGRESS and a weekly closing above 50’100 would confirm this formation and would open the door for higher levels towards 53’275 ( MBB ) ahead of 55’483 ( TS and also 50% Fib ret of the 69’000-41’967 downside move.

Have a nice trading day and all the best.

Take care.

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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