2021/09/22 8:09 AM – D1 – WATCH THE CLOUDS

BTCUSD – D1 – WATCH THE CLOUDS ! by Ironman_8848 on TradingView.com

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Good morning, today we are going to look at the daily picture again. 


Indeed, as you clearly can see on this chart, the bottom of the clouds in this time 
frame, worked, once again perfectly well in rejecting the breakout attempt with 
an intraday low, below the clouds @ 39573. 


BTCUSD is currently traded at, I would say a key  pivot level on the daily picture; indeed 
the 41’800/42’000 area, should be seen, on a daily closing basis as an important level for  
further development.
 


This area (41’800) coincides with the middle level of the 3rd black candle which has been triggered 
by yesterday’s price action with a closing level within the clouds @ 40’596. 


A failure to recover, hold and close above the 42’000 would add further selling pressure in the cards in opening 
the door for lower levels, targeting first the clouds breakout ahead of 37’904 (61.8%  Fibonacci retracement of the 
28’600-2956 rally. 


A successful recovery would put the focus on the 44’000 area, being both former minor and fragile uptrend line support (in green) and also  KS 


Very important to note that, strategically speaking we are currently in a broad  bearish trend and any recovery should only be seen as a corrective move for the time being. 


ONLY A CLEAR BREAKOUT OF THE ONGOING DOWNTREND LINE RESISTANCE, WHICH ALSO COINCIDES ROUGHLY WITH THE TOP OF THE DAILY CLOUDS WOULD FORCE TO A VIEW REASSESSMENT OF MY  BEARISH VIEW 


That’s why, any long tactical exposure (countertrend) should be closely monitored and managed with tight trailing stop losses !!! 


Good luck and have a nice day 
All the best and take care 


Last but not least, please do not hesitate to like my idea if you find my analysis valuable for you. Many thanks in advance.

 
Kind regards. 
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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