2021/10/08 9:33 AM – BTCUSD – D1 -TRICKY ZONES !!!

BTCUSD – D1 – TRICKY ZONES !!! by Ironman8848 on TradingView.com

Following yesterday’s price action, we can now draw a new downtrend resistance line (currently around 55’000)

UPSIDE :

In order to neutralise, this potential trend reversal the BTCUSD should recover and hold sustainably above 55’000 and this on a DAILY CLOSING BASIS !!!

DOWNSIDE :


The level of 53’433 (already mentioned in my previous analysis and already tested yesterday !) should be seen
as a warning signal;
 a daily closing below this level would trigger at least a “DARK CLOUD COVER” which is not a strong bearish signal but nevertheless considered as an alert, calling for potential further downside.

Indeed, as you can see on this chart, the 53’300-47’700 trading range is very fragile (sept 7th, long black candle on the downside) and4 successive white candles on the upside !!! (Mirror effect)

CONCLUSION :

A clear breakout of the 53’300 support area which would put the BTCUSD in a very fragile trading zone, should accelerate the downside move !

Watch carefully intraday shorter time frames to get intermediate clues.

Have a nice day

Ironman8848

Disclaimer :

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. 

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