BTCUSD-W1-UNDER MAJOR DOUBLE TOP INFLUENCE ! by Ironman8848 on TradingView.com


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)


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 !


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

Disclaimer / Avertissement :

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. 

Toutes les opinions exprimées dans mes analyses sont les miennes et ne représentent pas les opinions d’une entité, quelle qu’elle soit, avec laquelle j’ai été, je suis ou je serai affilié. Toute action que vous entreprenez sur la base des informations contenues dans ces analyses est strictement à vos propres risques et ne doit pas être considérée comme un conseil. L’auteur n’assume aucune responsabilité pour toute erreur ou omission dans le contenu de ses analyses. Les informations contenues sont fournies “en l’état”, sans garantie d’exhaustivité, d’exactitude, d’utilité ou d’opportunité et sans aucune garantie de quelque nature que ce soit, expresse ou implicite.