Yesterday’s price action filled for a couple of points to make a “PIERCING LINE” (following the RSIbullish divergence detected and mentioned in my previous analysis yesterday I mentioned the level of 39’295 which was the minimum point to reach to confirm this “minor” reversal pattern which, to be cleat a white candle, in order to be validate should close at least above the middle of the prior black candle and in our case closed @ 39’256…)
Please also note the importance of this 39’300 area which was for a while the daily congestion support which rejected several downside breakout attempt with success before to only be broken once and now the BTC is attempting to recover above this former support which became the new short term resistance to break, ON A DAILY CLOSING BASIS, to neutralise the downside risk !!!
Currently, a FALLING WEDGE IS IN PROGRESS, the upside BREAKOUT being…the bottom of the DAILY CLOUDS…
LEVELS TO WATCH REMAINS THE SAME :
UPSIDE : 39’295 – 40’340
DOWNSIDE : 39’295 – 37’700
So, in this daily time frame, the next closing will give us the answer..
in the meantime we are looking at the shorter time frames, in order to try to find more clues about further development.
Currently in an uptrend ongoing channel (39’000 – 40’000)
38.2 % Fibonacci retracement @ 39’717 (nearly filled, high so far being @ 39’692)
Above both the Tenkan-Sen and the Kijun-Sen, respectively @ 38’696 and 29’250)
In this 4 hours time frame, a failure to hold on H4 closing basis above the Kijun-Sen @ 39’250 would already be the first warning signal to take in account… as it would put the focus to lower levels towards the 38’700 area, then to the former low @ 37’700
On the other hand, in order to maintain its current upside bias, the BTC should close above the former closing level which was @ 39’359.
A next closing level above 39’359 would open the door for the 40’000 area being the H4 clouds resistance zone and also the 50% Fib ret @ 40’340
Currently above the hourly clouds area, therefore this zone (39’250-38’700) should now be seen as the new intraday support area which also roughly match with the ongoing uptrend support line (39’100) which started from the former low @ 37’700 and with the Kijun-Sen @ 39’000.
VERY IMPORTANT TO NOTE THE CORROBORATION BETWEEN THE COMMENTS MENTIONED IN EVERY TIME FRAME !
IRONMAN8848 – JEAN-PIERRE BURKI
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