2021/10/06 5:18 AM – D1 – IN A CHANNEL…

BTCUSD – IN A CHANNEL… by Ironman8848 on TradingView.com

The breakout and the last D1 closing level above the 50’000 psychological level, accelerated the upside move towardsa high so far of 51’915.

Currently in a new uptrend channel with its first resistance around 52’000 (former yesterday’s high) ahead of former of Sept 6ht @ 52’956.

On the downside the former resistance of 50’000 became now the new support to look at very carefully.

Indeed, as you can see on this D1 chart, this level coincides exactly with the middle of the long black candle (Sept 7th) and also, roughly to the previous top of Aug 23rd; therefore, this 50’000 should really be seen as a PIVOT LEVEL and a failure to stay and hold above it would put the focus on the 48’000 zone,
which is currently the top of the clouds, ahead of the support trend line of the channel, currently around 46’330-45’430 , also cluster TS KS and MBB !

Last, but not least, a potential double top @ 52’956 could be triggered and can not be totally ruled out (watch indicators to detect bearish divergences !!)

As always, monitor also shorter intraday time frames.

All the best

Take care


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. 

Other Asset Classes