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


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

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