2022/04/18 06:59 AM – BTC – ON THE RAZOR’S EDGE !!!

BTC – ON THE RAZOR’S EDGE !!! by Ironman8848 on TradingView.com

WEEKLY (W1)

The last weekly closing was @ 39’691, just below the bottom of the weekly clouds support area !!!

As already mentioned several time the CLOUDS SHOULD NEVER BE UNDERESTIMATED on both sides, either on the UPSIDE as a RESISTANCE area and on the DOWNSIDE as a SUPPORT area.

Therefore, ongoing price action which will take place this week will be very important to monitor very closely and most important its weekly closing which will either validate or invalidate this downside breakout, which if confirmed will put the focus on lower levels.

DAILY (D1)

TRIANGLE PATTERN, in progress to breakdown (wait for the first confirmation of today’s closing – target 37’235, ahead of the primary uptrend support line, currently @ 36’379.

RSI should be watch also closely as there is potentially a BULLISH DIVERGENCE in progress too !!!

LAGGING LINE is also attempting to cross under the daily clouds bottom level.

In order to invalidate this triangle pattern , the BTC should at least, firstly recover and hold on a daily closing basis above 39’750 and secondly, quickly reenter in the clouds area.

4 HOURS (H4)

As for D1, watch closely RSI price action and especially next H4 closing which, potentially, may trigger a RSIbullish divergence .

1 HOUR (H1)

No RSI bullish divergence detected yet; for the time being this indicator is still converging to the downside, meaning that any reversal should be seen as a corrective move only.

As already mentioned in D1, a recovery above 39’750 in this hourly time frame would, temporary, neutralise the ongoing downside risk

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Have a nice week and all the best.

Take care

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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