Multi time frames analysis from Weekly (W1) to Hourly (H1) :
WEEKLY (W1) :
Last week’s price action triggered a BULLISH ENGULFING PATTERN with an it is very important its closing level @ 50’791 above the Kijun-Sen !
Such kind of movement should be seen as the first warning positive signal on a weekly basis observation.
In order to confirm this weekly strategic trend reversal, the BTCUSD needs, this week, on a closing basis level, to break the ongoing downtrend line resistance which also coincides with the Mid Bollinger Band and slightly higher the former uptrend line support.
RSI , currently just above 50 @ 50.51
My strategic technical target @ 58’674 (stop loss @ 48’309) is still valid with intermediate resistance, respectively @ 52’294 ahead of 55’484 (this latter being also the level of the Tenkan-Sen or conversion line.
This week’s closing level would give more clues on a strategic view for the future.
Recent and current price action should be seen as a constructive move, being still on the top range of its sideways channel and above :
1) The former downtrend resistance line
2) The Mid Bollinger Band & the Tenkan-Sen
3) The Kijun-Sen
Nevertheless, stil below the clouds resistance area with the Chikou Span below the clouds too.
RSI , currently just above 50, @ 50.53
First significant support on a Daily closing basis is @ 49’800 ahead of 48’720
On the upside, resistances are those above mentioned in W1 which also roughly coincides with the clouds resistance zone .
4 HOURS (H4)
1) The clouds
2) The Kijun-Sen
3) The Tenkan-Sen
4) The Mid Bollinger Band
1 HOUR (H1)
BEAR TRAP occured yesterday after a wrong clouds breakout; indeed a double bottom coupled with a RSIbullish divergence neutralized this downside breakout and as a result pushed the BTCUSD higher towards the top of the clouds.
Currently holding slightly above the clouds and “flirting” with the Tenkan-Sen… Above the MBB and the Kijun-Sen.
In this H1 time frame watch the bottom of the clouds as a good indicator for short term tactical price action.
Have a nice week and all the best.
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Ironman8848 & Jean-Pierre Burki
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