After a nice ongoing rally which pushed the BTCUSD towards a intraday high of 51’864, lack of followthrough pushed it down again to close (@ 50’841) just slightly above the pivot level I mentioned yesterday @ 50’608; yesterday’sprice action triggered a new “DOJI SHOOTING STAR” and more important at a level which should be seen as the razor’s hedge for further development.
Indeed, ongoing today’s daily price action should give more clues for the upcoming trading session and this will mainly depends on the level of the closing price later on today !
A failure to close above 50’608 should be seen as a warning signal calling for a consolidation move (fragile zone 50’500-48’700, the bottom of this zone being the TS or Conversion line and also the MBB ).
A daily closing above 50’608 would keep alive my strategic technical target of 58’674 mentioned in my previous analysis published yesterday.
4 HOURS (H4)
Recent and current price action is showing a sideways price action and a failure to hold above KS which may trigger on short term further downside towards the psychological support level of 50’000 which is also in
this time frame the cluster support of MBB and Kijun-Sen or Base Line.$
Last but not least the 50’000, also roughly coincides with the ongoing support trend line in this H4 time frame.
1 HOUR (H1)
Recent and current price action is showing a corrective & consolidation in short term perspective !
As usual, monitor closely short term intraday time frames to get early signal of a validation or invalidation of the implications above mentioned.
Merry Christmas and all the best take care and have fun.
Ironman8848 & Jean-Pierre Bürki
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.