Good morning, yesterday’s long black candle, (after the shooting star , the day before !) activated my stop loss at 48’309.
Looking at this daily picture, I have to say that, currently the BTCUSD is in trouble…and further downside should
not be underestimated with focus on the triple bottom congestion zone around 45’500.
4 HOURS (H4)
1) the Mid Bollinger Band
2) the Kijun-Sen
3) the Tenkan-Sen
and last but not least : below the clouds too !
Price action seen on the three last candles is showing a sideways range with on the ongoing candle, showing currently a dark cloud cover (confirmation will be given with the ongoing H4 closing level), meaning
that selling pressure persists.
There is no bullish divergence detected yet and I would suggest to monitor carefully the ongoing price action which could trigger a double bottom formation, coupled with a potential bullish divergence (wait for confirmation !)
Same observation than for H4, watch closely ongoing H1 closing price and upcoming trading hours price action which will give you more clues about further development.
Looking briefly at the weekly picture, the last week bullish engulfing pattern is currently neutraliZed by a DARK CLOUD COVER in progress, which of course will be validated or invalidated on a weekly closing basis.
WARNING !!! A weekly closing below 46’600 would trigger a BEARISH ENGULFING PATTERN!!!!
Have a nice day
Take care and all the best
Ironman8848 & 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.