2021/08/02 09:45 AM – MULTI TIME FRAMES AT A GLANCE

BTC – MULTI TIME FRAMES AT A GLANCE – REVERSAL ? by Ironman_8848 on TradingView.com

W1 : The last 2 weeks price action is encouraging; indeed, the bullish engulfing pattern identified 1 week ago has been confirmed by a long white bullish candle. Nevertheless, on one hand, the BTC remains under the weekly downtrend resistance line (currently @ 43645) and on the other hand also below KS (@46’747) and only a clear breakout of the latter level would confirm a strategic trend reversal calling for higher levels towards the 50’000 psychological and round level ! On the downside, in W1, watch 35’600 as the next support level .


D1 : Following the upside breakout of the clouds which took place three days ago, we can see a natural pullback price action; important to note the yesterday’s closing level @ 39’839 which was below the opening level of the long white candle which triggered the clouds breakout !!! That should be seen as a first warning of a bull trap. Daily clouds zone should now be seen, with Tenkan Sen as the first significant support area for further development.


H4 : Technical target of the double top , mentioned in my previous analysis @ 39’386 has been filled (intraday low @ 39’217), A doji bottom triggered a recovery which has been stopped for the time being by the KS . We can see a new downtrend picture from the former top @ 42’614.
Watch 40’473 ahead of the cluster 40’850/40’900 as first resistance area . A failure to recover above those levels would open the door for the H4 clouds support area 38’500-36’000


H1 : Recovery price action which should be seen as a corrective move only, no bullish divergence detected !


M30 : KS works perfectly well in rejecting the attempting to go higher


M15 : Clouds worked also well as a resistance zone for the time being


M5 : Following the clouds breakout, a quick recovery took place towards an intraday high of 40’224 ; it has been short lived and BTC is again below MBB , KS and TS


CONCLUSION:
As already mentioned several times, watch carefully all time frames from M5 to H4, in order to detect intermediate information which will validate or invalidate, technical views expressed on D1, W1 and M1


Have a nice week and all the best my friends.


Take care


Ironman8848

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