Good morning to all of you. Hope you are well today ?
We are looking at the 4 hours chart where you can see a triangle formation in progress.
Breakout levels to watch are the following :
46580 on the upside
45783 on the downside
Breakout (confirmed) implications should trigger a +/- move of 3’200 points targeting respectively
49’780 on the upside and 42’580 on the downside.
BTC is currently traded above Tenkan-Sen @ 45’911 but still below Kijun-Sen @ 47928 and Mid Bollinger Band @ 48’803, the latter level being also, by the way the bottom of the H4 clouds resistance area !
On the downside, a failure to hold inside of the triangle would trigger a downside acceleration move as you can see there is no really important and significant support to the South and a sustainable move below Tenkan-Sen would be the first signal for further downside continuation.
As already mentioned several times, look carefully to the shorter time frames, starting from M5 to H1 to detect early signal of validation or invalidation, which will help you to act accordingly.
A constructive move above 46’900 would neutralise the ongoing sideways price action and open the door for 47’928 while on the downside a failure to hold above
45’911 would then clear the way for further downside towards 45’500-45’000
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