2022/04/29 06:27 AM – BTC – SYMETRICAL TRIANGLE IN PROGRESS – BREAKOUT IMPLICATION : + / – 3’099 POINTS !

BTC- SYMETRICAL TRIANGLE IN PROGRESS ! by Ironman8848 on TradingView.com

Once again, the magical Fibonacci retracement occured… 🙂

Indeed, yesterday, the BTC filled its 50% Fibonacci retracement @ 40’340 (which is also by the way the KS and the 21 DMA ! (intraday being slightly higher @ 40’387).

Currently in a SYMETRICAL TRIANGLE IN PROGRESS.

BREAKOUT IMPLICATIONS COULD TRIGGER A MOVE OF + / – 3’099 pts !!!

TARGETING RESPECTIVELY (currently ) :

43’200 TO THE UPSIDE

35’100 TO THE DOWNSIDE

RECOMMENDATION :

WATCH (ON A DAILY CLOSING), THE POTENTIAL BREAKOUT LEVELS WHICH ARE, FOR TODAY, THE FOLLOWING. :

SUPPORT. : 38’200

RESISTANCE : 40’200

4 HOURS

Magical clouds too,,,

Currently still just above the MA 21 @ 39’400 and the Kijun-Sen @ 39’250

A failure to hold and stay on a 4 hours closing basis above the KS would be the first intraday warning signal, calling for further downside.

Please, also take note that a RISING WEDGE is now alive in this time frame (target 38’700)

1 HOUR (H1)

Currently supported by the hourly clouds support are which has already been tested twice (yesterday and a couple of hours ago today and as the thickness of the clouds becomes very thin (twist !) in a couple of hours, this support area should be seen as very fragile and a next breakout attempt will be difficult to be rejected…

Any comments or suggestions are always more than welcome 🙂

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IRONMAN8848 – Jean-Pierre Burki

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