2022/04/16 09:24 AM – BTC – TRIANGLE PATTERN IN PROGRESS ! BREAKOUT IMPLICATIONS + / – 2339 PTS …

BTC-TRIANGLE ! 43’659 & 37’235… by Ironman8848 on TradingView.com

Looking at the DAILY picture, we can see a TRIANGLE PATTERN IN PROGRESS, with the breakout levels, currently and respectively :

@ 41’320 on the upside

and

@ 39’574 on the downside

IMPLICATIONS ON A DAILY BASIS CLOSING LEVEL :

upside breakout : TARGET @ 43’659 (currently the Mid Bollinger Band and the Kijun-Sen)

downside breakout out : TARGET @ 37’235 (currently, roughly the ongoing weekly uptrend support line, starting @ 32’950, low reached in January.

RSI, below 50, @ 41.44

LAGGING LINE attempting to hold above both KS and TS

Continue to monitor closely price action and especially, WATCH THE CLOUDS !!!

4 HOURS (H4)

Caught in a relatively narrow trading range which confirm growing uncertainty about further development.

Currently attempting to upside breakout the Kijun-Sen with difficulty… successive small candles !!!

RSI also below 50, @ 46.23

LAGGING LINE far below the clouds and still below both TS and KS

Last but not least the 4 hours clouds resistance area is very thick (41’468-23’338) which means very strong resistance zone which should be broken to really confirm a reversal.

1 HOUR (H1)

Currently attempting to breakout the clouds to the upside without great success for the time being…

On this hourly time frame, watch the clouds too (40’255 – 40’570) as a sustainable breakout of one of those levels would give the direction for further short term price action.

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All the best

Take care

IRONMAN8848 – Jean-Pierre Burki

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