2022/01/03 09:27 PM – BTCUSD – H4 -BELOW THE CLOUDS !

BTCUSD-H4-SIDEWAYS… BELOW THE CLOUDS by Ironman8848 on TradingView.com

4 HOURS (H4)

Broad sideways price action (45’500-52’000) with, roughly in the middle of the range the clouds resistance
area which for the time being, should be seen as a major zone to break, in order to neutralize this persisting
ongoing downside selling pressure.

Interesting to look at the Chikou-span price action (have a look back to what happened at the beginning of December !) and compare with where we are now ?

The Chikou-span is confirming this sideways price action, being still, for the time being below TS KS and the clouds.

The BTCUSD is trying again to cross over its former cluster support(47300-47100) which is becoming the new resistance to break on this H4 time frame.

RSI is converging to the South.

UPSIDE :

A successful recovery and closing above 47’300 on this time frame would temporary neutralize this short term downside risk and would
open the door for 48’000-49’000 (H4 clouds resistance area )


DOWNSIDE :

A failure to close above 47’100 would put the focus on the former congestion bottom @ 46’500 ahead of former lows of 45’500 and probably lower towards
the 42’000 reached on Dec 4th.

Looking briefly a longer time frames, the last long black candle on the weekly picture triggered a “DARK CLOUD COVER” which neutralized the previous long white candle (seen previously as a Bullish Engulfing pattern) !

The BTCUSD also closed below the Kijun-Sen (Base line @ 49’148) which should also seen as an additonnal warning signal calling for further downside.

On the downside weekly clouds zone is the next significant support to watch at !

The daily picture is showing a BTCUSD :

1) below the clouds
2) below both TS and Ks
and last but not least below the Mid Bollinger Band and also below the former uptrend support line

CONCLUSION :

Continue to monitor very closely price action on shorter intra-day time frames as such kind of screening will help you to detect early signal (s) which will validate or invalidate the scenarios implications on longer time frames previously mentioned.

Have a nice week

All the best and 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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