2022/04/21 06:22 AM – BTC – DAILY – IN THE MIDDLE OF THE CLOUDS?

BTC-IN THE MIDDLE OF THE CLOUDS… by Ironman8848 on TradingView.com

DAILY (D1)

Yesterday’s price action triggered a DOJI pattern; indeed after having opened @ 41’476, briefly broken the former TRIANGLE BREAKOUT LEVEL @ 41’100 (low being 40’893, the BTC managed to recover in making a closing @ 41’375, confirming the still alive triangle target @ 43’400.

As long as the BTC stays and hold on a daily closing above 41’000, the way is open for 43’390-43’400 (50% FIb ret, Kijun-Sen and triangle target previously mentioned.

A failure to do it would invalidate this TRIANGLE FORMATION(daily closing below 41’000) and put the focus towards the daily bottom clouds support around the 40’400 area which is also, by the way the Tenkan-Sen level.

4 HOURS (H4)

Interesting price action seen yesterday and this morning where, yesterday, the upside breakout attempt of the clouds (long white candle) in this 4 hours time frame has been directly neutralized by a BEARISH ENGULFING PATTERN and the breakout of the ongoing uptrend support line, which pushed the BTC down again towards the middle area of the clouds.

The ongoing price action is showing a new breakout attempt with its last closing level (H4) matching roughly the top of the clouds zone in this time frame.

Therefore, upcoming trading hours should give more clues about further development, targeting respectively, 42’220 ahead 43’400 if the upside breakout is validated or in case of a failure to do it, a return in the clouds with first support level @ 40’858 ( MBB ) ahhead of the bottom of Hç clouds support at 40’400.

RSI above 50, @ 60.34 and LAGGING LINE, currently roughly in the middle of the clouds.

1 HOUR (H1)

The 38,2% Fibonacci retracement @ 40’811 of the recent rally (38’562-42202) has nearly been reached (yesterday’s intraday low being 40^8939.

Interesting to note that once again the CLOUDS worked perfectly well and this time as a SUPPORT AREA .

Continue to monitor and watch closely at this hourly clouds (41’300 – 40’000) as very short term support area , the 61.8% Fib ret being @ 39’952, also matching the hourly clouds bottom zone.

IRONMAN8848 – Jean-Pierre Burki

Disclaimer / Avertissement :

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. 

Toutes les opinions exprimées dans mes analyses sont les miennes et ne représentent pas les opinions d’une entité, quelle qu’elle soit, avec laquelle j’ai été, je suis ou je serai affilié. Toute action que vous entreprenez sur la base des informations contenues dans ces analyses est strictement à vos propres risques et ne doit pas être considérée comme un conseil. L’auteur n’assume aucune responsabilité pour toute erreur ou omission dans le contenu de ses analyses. Les informations contenues sont fournies “en l’état”, sans garantie d’exhaustivité, d’exactitude, d’utilité ou d’opportunité et sans aucune garantie de quelque nature que ce soit, expresse ou implicite.