BTC - TARGET OPF 33'320 JUST MISSED (LOW 33'425...)
Sorry guys, we just missed my target of 33'320 for roughly one hundred points...
M1 : Long black candle still in progress predicting a very bearish closing level if the BTC
does not managed to recover significantly, which is not expected !
W1 : Primary downtrend is clear; in addition, this week price action is confirming the BTC inability
to maintain any recovery attempt (ongoing candle showing currently a doji pattern) ! Moreover, BTC is under
KS which so far worked perfectly well as the first significant level to break...W1 closing will be
important to watch.
D1 : Far away below the clouds, below the cluster of KS, MBB and TS. Triangle formation in progress, Watch breakout (expected on the downside !)
H4: Below the clouds and the cluster.
H1 : Low seen 33'425, very close of my expected target of 33'320 (see previous analysis link below).RSI bullish divergence, triggered some corrective recovery.
A sustainable move above 35'400 would neutralise, for the time being the ongoing downside risk but above there is the most significant clouds resistance area
to break, which is currently projected between 35'800-37400.
M30 : Currently close to the clouds resistance area. Watch the clouds !
M15 : Currently attempting to breakout the clouds resistance area. Watch very closely price action in the upoming M15 period (s) which will validate or invalidate
this upside clouds potential breakout.
M5 : Clouds have been broken 2 hours ago (important to note the clouds thickness at the breakout level = very thin = very fragile !)
In this time frame, a RSI bearish divergence already took place and a failure to recover above 35'000 would call for further downside.
CONCLUSION : NO CHANGE IN MY VIEW, I STILL MAINTAIN MY EXPECTED BEARISH SCENARIO IN SEEING ANY RECOVERY ATTEMPT AS A CORRECTIVE MOVE ONLY AND NOT
AS A STRATEGIC TREND REVERSAL YET. SELL ON RALLY ! A SUSTAINABLE MOVE ABOVE 40'000 WOULD FORCE TO A VIEW REASSESSMENT.
M1 : Long black candle still in progress predicting a very bearish closing level if the BTC
does not managed to recover significantly, which is not expected !
W1 : Primary downtrend is clear; in addition, this week price action is confirming the BTC inability
to maintain any recovery attempt (ongoing candle showing currently a doji pattern) ! Moreover, BTC is under
KS which so far worked perfectly well as the first significant level to break...W1 closing will be
important to watch.
D1 : Far away below the clouds, below the cluster of KS, MBB and TS. Triangle formation in progress, Watch breakout (expected on the downside !)
H4: Below the clouds and the cluster.
H1 : Low seen 33'425, very close of my expected target of 33'320 (see previous analysis link below).RSI bullish divergence, triggered some corrective recovery.
A sustainable move above 35'400 would neutralise, for the time being the ongoing downside risk but above there is the most significant clouds resistance area
to break, which is currently projected between 35'800-37400.
M30 : Currently close to the clouds resistance area. Watch the clouds !
M15 : Currently attempting to breakout the clouds resistance area. Watch very closely price action in the upoming M15 period (s) which will validate or invalidate
this upside clouds potential breakout.
M5 : Clouds have been broken 2 hours ago (important to note the clouds thickness at the breakout level = very thin = very fragile !)
In this time frame, a RSI bearish divergence already took place and a failure to recover above 35'000 would call for further downside.
CONCLUSION : NO CHANGE IN MY VIEW, I STILL MAINTAIN MY EXPECTED BEARISH SCENARIO IN SEEING ANY RECOVERY ATTEMPT AS A CORRECTIVE MOVE ONLY AND NOT
AS A STRATEGIC TREND REVERSAL YET. SELL ON RALLY ! A SUSTAINABLE MOVE ABOVE 40'000 WOULD FORCE TO A VIEW REASSESSMENT.
