Good Morning to all of you 🙂
Hope you are well today ?
We are going to look at the daily time frame today.
Indeed, following the bearish engulfing pattern triggered a couple of days ago (very long black candle) and the downside breakout of the cluster ( TS , MBB and KS ),
the BTC attempted to recover without great success so far as you can see in this chart !!!
More important, it did not achieved to retest the Kijun-Sen (former support level ) which became now the first significant resistance level to look carefully at.
So what next ?
Well, looking at the last 3 days price action, I have to say that it is not very encouraging and that the ongoing downside move is likely to continue for a while in this
D1 time frame.
First significant support is at arount 43’000/42’900 which is the former low reached on Sept 7th and which also coincides with the top of the clouds support area . Globally
I would recommand to look globally at the clouds zone as a very good support area indicator; in addition, the 50% Fib ret of the 28’600-52956 rally is @ 40’778, being currently, roughly
in the middle of the clouds support area .
D1 GLOBAL PICTURE REMAINS BEARISH , SHOWING A SELL ON RALLY STRATEGICALLY ; ANY TACTICAL LONG EXPOSURE TRIGGERED BY SIGNAL (S) IN SHORTER TIME FRAMES SHOULD BE MANAGED
WITH DISCIPLINE IN PUTTING IN PLACE TIGHT TRAILING STOP LOSS !!!!
Once again, if you find my analysis as an added value for your trading strategies, please do not forget to like it and for those who do not follow Ironman8848, please also add him on your following list. Many thanks in advance
All the best, take care and have a wonderful weekend
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.