BTC-D1-STRATEGIC PICTURE REMAINS HEAVY!
DAILY (D1)
The BTC is currently below :
1) the weekly clouds
2) the daily clouds
still slightly above the monthly clouds bottom, currently @ 36'061.
Yesterday's closing level @ 37'076, below the 61.8% Fibonacci retracement (37'877) !
Persisting selling pressure which is likely to push the BTC lower towards the next support level around the 37'000 area (lower recent daily closing level) ahead of the 78.6 % Fibonacci retracement extension @ 35'710.
RSI below 50, @ 33.96. still converging to the downside
The LAGGING LINE crossed under the Tenkan-Sen.
GLOBAL PICTURE REMAINS, STRATEGICALLY HEAVY !
Recoveries attempts seen over the last couple of days have been short lived with an upside potential pretty limited, providing better level to sell the BTC.
That is why, as already mentioned several times, it is very important to be very disciplined in trading tactically, countertrend, against the strategic downtrend.Do not forget to place stop losers accordingly in respecting the rule of the Risk Reward Ratio !!!
Looking to the UPSIDE, the daily clouds (39'350-42'500) should be seen as the main resistance area in which you will find intermediate resistance levels which are the following :
R1 : 40'577
R2 : 40'680
R3 : 41'465
4 Hours (H4)
Currently below KS, MBB and TS.
Watch RSI price action on closing basis level (potential bullish divergence in progress) should be confirmed !
1 Hour (H1)
Same comment than H4 , watch next closing level which will validate or invalidate a potential RSI bullish divergence.
CONCLUSION :
In this strategic downward trend, tactical trading opportunities will appear but as already told, stay cautious and use a strict RISK MANAGEMENT APPROACH IN FONCTION OF THE TIME FRAME YOU ARE LOOKING FOR !
Have a nice trading day.
Alll the best and take care.
IRONMAN8848 & Jean-Pierre Burki
The BTC is currently below :
1) the weekly clouds
2) the daily clouds
still slightly above the monthly clouds bottom, currently @ 36'061.
Yesterday's closing level @ 37'076, below the 61.8% Fibonacci retracement (37'877) !
Persisting selling pressure which is likely to push the BTC lower towards the next support level around the 37'000 area (lower recent daily closing level) ahead of the 78.6 % Fibonacci retracement extension @ 35'710.
RSI below 50, @ 33.96. still converging to the downside
The LAGGING LINE crossed under the Tenkan-Sen.
GLOBAL PICTURE REMAINS, STRATEGICALLY HEAVY !
Recoveries attempts seen over the last couple of days have been short lived with an upside potential pretty limited, providing better level to sell the BTC.
That is why, as already mentioned several times, it is very important to be very disciplined in trading tactically, countertrend, against the strategic downtrend.Do not forget to place stop losers accordingly in respecting the rule of the Risk Reward Ratio !!!
Looking to the UPSIDE, the daily clouds (39'350-42'500) should be seen as the main resistance area in which you will find intermediate resistance levels which are the following :
R1 : 40'577
R2 : 40'680
R3 : 41'465
4 Hours (H4)
Currently below KS, MBB and TS.
Watch RSI price action on closing basis level (potential bullish divergence in progress) should be confirmed !
1 Hour (H1)
Same comment than H4 , watch next closing level which will validate or invalidate a potential RSI bullish divergence.
CONCLUSION :
In this strategic downward trend, tactical trading opportunities will appear but as already told, stay cautious and use a strict RISK MANAGEMENT APPROACH IN FONCTION OF THE TIME FRAME YOU ARE LOOKING FOR !
Have a nice trading day.
Alll the best and take care.
IRONMAN8848 & Jean-Pierre Burki
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