BTCUSD-W1-UNDER MAJOR DOUBLE TOP INFLUENCE ! by Ironman8848 on TradingView.com
WEEKLY (W1)
In the weekly time frame, the Bitcoin remains under the influence of a MAJOR DOUBLE TOP IN PROGRESS !!!
The ongoing downtrend price action is still intact as the BTC is below :
1) the ongoing downtrend resistance line
2) the Tenkan-Sen & Conversion line (@ 49’537)
3) the Kijun-Sen & Base line (@ 52’141)
Note also the important barometer, which is the Mid Bollinger Band , currently @ 52’007 !
The last weekly closing level (@ 43’107) was slightly above the important weekly clouds support area between
40’860 and 37’360; interesting to also note that the 78.6% Fibonacci retracement extension level is @ 37’245.
In order to neutralise and stabilize this ongoing downside price action, the Bitcoin should at least recover and hold on a weekly closing basis above the ongoing downtrend line resistance, currently around the 45’000-45’500 area.
A failure to do it would maintain the focus on the weekly clouds support zone (40’860-37’360)
DAILY (D1)
Currently in a sideways price action between 42’000 and 44’000.
The daily Mid Bollinger Band currently @ 44’105 should be seen, on a daily closing basis, as the first significant level to break, ahead of the ongoing daily downtrend resistance line, currently @ 44’900 and last but not least the Kijun-Sen @ 45’828 which also was the former congestion bottom zone seen in December 2021.
Finally, do not forget either, the daily clouds resistance are between 49’500 and 55’500 and only a clear breakout of the top of the clouds would confirm a STRATEGIC TREND REVERSAL !
CONCLUSION :
Watch shorter time frames to get more clues.
If you go TACTICALLY LONG,(countertrend exposure !), do not forget to monitor the Risk Reward ratio accordingly and with a strict stop losses discipline (trailing stop losses).
Have a nice week.
Ironman8848 & Jean-Pierre Burki
