2022/01/16 12:10 PM – BTCUSD – H4 – ONGOING SIDEWAYS PRICE ACTION !

BTCUSD-H4-ONGOING SIDEWAYS PRICE ACTION by Ironman8848 on TradingView.com

4 HOURS (H4)

The sideways price action continues inside the 4 hours clouds.

As already mentioned yesterday, a breakout of the clouds (43’250 upside and 41’7870 on H4 closing basis), in one way or the other will open the door for the following
targets :

A) UPSIDE :

R1 : 44350
R2 : 45’828 (VERY IMPORTANT !)
R3 : 47’308

B) DOWNSIDE :

S1 : 40’000 (Psychological)
S2 : 39’550 (former low)
S3 : 37’360 (weekly clouds bottom)
S4 : 36’425 (50 % Fibonacci retracement 3’850-69’000 !)

DAILY (D1)

Two very important levels to look at on a daily closing level basis, which are :

42’000

and

45’828

as a clear breakout confirmed of one of those points will either :

1) confirm the ongoing downside move price action in opening the door for lower levels previously mentioned

2) give a strong trend reversal signal in breaking the KS …nevertheless, even if such kind of move
should occur, do not forget the next obstacle (daily clouds) which still weigh on the Bitcoin in a strategical downtrend view !)

ONLY A CLEAR UPSIDE BREAKOUT OF THE CLOUDS WOULD FORCE A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO !!!

WEEKLY (W1)

Ongoing weekly closing level will also (maybe) give additional clues for the upcoming trading sessions ; indeed, on its weekly time frame, the Bitcoin is under the influence of a major double top formation with its trigger level… @ 28’700.

Intermediate strong support area being the weekly clouds support zone between 41’000 and 37400

On this time frame, only a sustainable recovery above KS @ 49’150 would be seen as the first positive signal in this weekly picture.

Watch also price action of the Chikou-Span which is currently between the TS and the KS and a cross UNDER THE TS or OVER THE KS would also add valuable indication for the upcoming trading sessions.

Have a nice Sunday 🙂

Ironman8848 & Jean-Pierre Burki

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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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