Would it be a “goodbye” or a “goodbuy”, that is the question ?
We should get the answer quite soon 🙂
Indeed, looking at the weekly picture, a double top formation is in progress and the price action
seen over the last three weeks (following the rally from 40’000 towards 63’000) is showing some lack of
momentum, uncertainty and indecision, confirmed by a shooting star (already detected in my previous analysis) and
two successive small body candles !!!
Therefore, once again the ongoing weekly closing level will be important to look at, as a failure to show a new long white candle (bullish confirmation) would add further doubt about upside continuation.
On a weekly basis, the first significant support level is currently @ 53’300.
On the upside a weekly closing above 61’350 would mark a new ATH weekly closing and in order to neutralise the ongoing downside risk weneed to see at least a weekly close above 63’000
Indeed, a failure to hold above 60’000 on a daily closing basis, should open the door for lower levels, calling for 56’425 (38.2% Fib ret) also mid level of the uptrend channel , ahead of 53’195 (50 % Fib ret & daily clouds support.
Continue to closely monitor intraday price action in shorter time frames which will give you intermediate clues (validation or invalidation) and which allow you to act accordingly.
Have a nice Sunday and if you like my analysis, please do not forget to like it and for those who do not follow me yet on TradingView, please also add Ironman8848 on your following list.
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Take care and all the best
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.