Watch also RSI price action which is for the time being below the 50 area, @ 39.61
A breakout confirmed on a daily closing basis would have the following implications :
ON THE DOWNSIDE :
Next support to look at is the 61.8% Fibonacci retracement @ 44’094 of the 28’700-69’000 rally ahead of the 78.6% Fib ret @ 37’324
ON THE UPSIDE :
As the 52’000 resistance areea is also roughly the 38.2% Fibonacci retracement of the 69’000-41’967 downside move, the next level to look at is @ 55’483 (50 % Fib ret & top of the daily clouds) ahead of 58’673 (61.8 % Fib ret)
Looking briefly to the weekly picture, we can also see that the clouds support area is currently between 44’000 and 37’000 which coincides with the support zones previously mentioned in the daily analysis (corroboration).
Watch the clouds on each time frames; only weekly and monthly pictures are showing the BTCUSD still above the clouds.
On all shorter time frames the BTCUSD is below…
In screening very carefully the intraday time frames you will be able to detect early (tactical short term reversal) which could provide, “very short term countertrend trading opportunities”, which should be, if taken, protected accordingly in respecting a strict Risk Reward ratio approach !
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.