MONTHLY ( M1 )
Ongoing double bottom formation in progress.
The double bottom trigger level is @ 1’919 and a breakout confirmation of this level would activate
the ongoing double bottom formation in progress, calling for a technical target of $ 2’164.70 (new ATH ).
On the downside, a monthly closing below 1’767 would postpone this expected bullish scenario and force
to a view reassessment of the situation.
Currently facing the weekly clouds resistance zone ; last weekly closing was :
1) above the Kijun-Sen
2) above the Mid Bollinger Band
3) above the Tenkan-Sen
which should be seen as a positive signal calling for higher levels.
A breakout of firstly, the ongoing downtrend line resistance (currently @ 1865) ahead of the top of the clouds @ 1’885 would open the door for the double bottom trigger level @ 1’919.
On the downside, watch 1’796-1’775 on a weekly closing basis as the first significant support zone .
1) 61.8 % Fibonacci retracement @ 1’831 filled.
2) Last daily closing level above the daily clouds
3) Chikou-span already, above Kijun-Sen and currently testing Tenkan-Sen
4) RSI is converging to the upside
Looks like that further upside will follow
On the downside watch the 1’800 area as the first support on a daily closing basis, which also coincides with the daily clouds bottom zone.
And as usual, watch shorter intraday time frames (H4, H1, M30, M15 and M5) to get additional clues which will give you more information about validation or invalidation of the implications previously mentioned.
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.