The breakout and the last D1 closing level above the 50'000 psychological level, accelerated the upside move towards
a 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
Ironman8848
a 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
Ironman8848
