2022/01/10 09:08 AM – BTCUSD – W1 – WATCH THE CLOUDS !

BTCUSD-W1-WATCH THE CLOUDS !!! by Ironman8848 on TradingView.com


Last week price action triggered a long black candle which went down towards an intra-week low @ 40’517, testing the top of the weekly clouds area.

This week ongoing price action will be very interesting as there is a strong support zone between 40’860 and 37’360 !

Global picture is showing a major double top formation in progress, coupled with a bearish divergence, in an ongoing bearish mode price action.

Indeed, the BTCUSD , in this weekly time frame is below all important indicators ( TS MBB and KS ) !

In order to neutralise the downside risk the BTCUSD should at least recover and hold above the Kijun-Sen, currently @ 49’148, on a weekly closing basis.

On the downside, a failure to hold (on a weekly closing basis) above the clouds support zone would open the door for a retest of former low @ 28’600 reached on June 2021 and which is also, roughly the level of the 61.8% Fibonacci retracement (28’737) of the big rally which started @ 3’850 towards the ATH @ 69’000.


Downtrend remains intact, below :

1) the clouds

2) the ongoing downtrend line

3) the Mid Bollinger Band

4) the Kijun-Sen ( KS )

5) the Tenkan-Sen ( TS )

After the recent decline seen ove the last couple of days a Doji pattern, took place on Jan 8th, which triggered, so far, only a small recovery which should not be seen as a strategic trend reversal yet as it has not been confirmed by a RSIbullish divergence !!

Indeed, such kind of price action is corrective only in a still ongoing bearish trend price action!

Only a sustainable recovery above 44253 would neutralise this ongoing downside risk !


In this 4 hours time frame, a RSIbullish divergence , triggered the recent rally from the low of 40’517 to an intraday high reached yesterday evening @ 42’796; such reversal price action has been short lived as a failure to cross over the Kijun-Sen, pushed down again the BTCUSD which is now again facing this important resistance ( KS ), currently @ 42’150.

A 4 hours closing above 42’150 would be the first warning signal for a potential upside move towards the 4 hours downtrend line resistance, currently around the 44’000 area; nevertheless, on the other hand, on the downside, there is also an important support area around 41’850 and 41’760 and a failure to hold above 41’760 on a 4 hours closing basis would be the other warning, calling for further downside towards 41’200 ahead of the former lows around 40’500


On short term, watch the following levels, on a 4 hours closing basis :

Above 42’150 (short term bullish )

Between 42’150-41’760 (short term neutral)

Below 41’760 (short term bearish )

Have a nice week.

Ironman8848 & Jean-Pierre Burki

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