BTC-D1-TENKAN-SEN IN RESISTANCE !
DAILY (D1)
After having reached, yesterday an intraday low @ 41'575, the BTC recovered to close @ 42'077 in making
a "small" BULLISH ENGULFING pattern.
Ongoing price action is showing a first important resistance to break, which is the TENKAN-SEN or Conversion Line @ 43'712 and this, of course on a daily closing basis !
Looking on the downside, the BTC, in this daily time frame is supported by the cluster of both the Mid Bollinger Band (my Barometer !) and by the ongoing daily uptrend support line, currently
around 40'830.
Therefore, in this daily time frame, supports and resistance levels to watch are the following :
DOWNSIDE :
S1 : 41'575 (yesteday's intraday low)
S2 : 40'833 ( MBB) - 38.2% Fib ret @ 40'922
S3 : Kijun-Sen or Base line @ 39'400 - 50 % Fib ret
UPSIDE :
R1 : 43'712
R2 : 45'850 (Former high)
R3 : 48'000 (78.6% Fib ret of the 52'098-32950 downside move)
CONCLUSION :
1. Watch the DAILY CLOUDS on the upside
2. Watch the MID BOLLINGER BANDS on the downside
A clear breakout, ON A DAILY CLOSING BASIS, of one of those levels would open the door for a move of 5'000 points, targeting
respectively the psychological 50'000 level on the upside and the 35'000 area on the downside, which coincides with the lower
daily closing level seen in January 22nd.
4 HOURS (H4)
Currently above the Mid Bollinger Band (ongoing long white candle !) and attempting to test and potentially breakout the top of the 4 hours
clouds resistance area @ 44'090.
RSI is above 50 @ 60.31, no bearish divergence detected in this H4 time frame yet.
An H4 closing above the clouds would be the first positive signal for further upside in this H4 time frame
1 HOUR (H1)
Last 1 hour trading (long white candle) confirmed in this time frame the upside clouds breakout, filling on its way the 38.2% Fibonacci retracement @ 43'208.(intraday high so far @ 43'661)
Next resistance being the 50% Fib ret @ 43'712 (also the level of the Tenkan-Sen on the daily chart !)
RSI is also above 50 @ 69.36 and no bearish divergence detected so far either.
As usual watch shorter intraday time frames which will give you a warning signal of a reversal or a validation of the trend continuation.
Have a nice trading day.
All the best and take care.
Ironman8848 & Jean-Pierre Burki
After having reached, yesterday an intraday low @ 41'575, the BTC recovered to close @ 42'077 in making
a "small" BULLISH ENGULFING pattern.
Ongoing price action is showing a first important resistance to break, which is the TENKAN-SEN or Conversion Line @ 43'712 and this, of course on a daily closing basis !
Looking on the downside, the BTC, in this daily time frame is supported by the cluster of both the Mid Bollinger Band (my Barometer !) and by the ongoing daily uptrend support line, currently
around 40'830.
Therefore, in this daily time frame, supports and resistance levels to watch are the following :
DOWNSIDE :
S1 : 41'575 (yesteday's intraday low)
S2 : 40'833 ( MBB) - 38.2% Fib ret @ 40'922
S3 : Kijun-Sen or Base line @ 39'400 - 50 % Fib ret
UPSIDE :
R1 : 43'712
R2 : 45'850 (Former high)
R3 : 48'000 (78.6% Fib ret of the 52'098-32950 downside move)
CONCLUSION :
1. Watch the DAILY CLOUDS on the upside
2. Watch the MID BOLLINGER BANDS on the downside
A clear breakout, ON A DAILY CLOSING BASIS, of one of those levels would open the door for a move of 5'000 points, targeting
respectively the psychological 50'000 level on the upside and the 35'000 area on the downside, which coincides with the lower
daily closing level seen in January 22nd.
4 HOURS (H4)
Currently above the Mid Bollinger Band (ongoing long white candle !) and attempting to test and potentially breakout the top of the 4 hours
clouds resistance area @ 44'090.
RSI is above 50 @ 60.31, no bearish divergence detected in this H4 time frame yet.
An H4 closing above the clouds would be the first positive signal for further upside in this H4 time frame
1 HOUR (H1)
Last 1 hour trading (long white candle) confirmed in this time frame the upside clouds breakout, filling on its way the 38.2% Fibonacci retracement @ 43'208.(intraday high so far @ 43'661)
Next resistance being the 50% Fib ret @ 43'712 (also the level of the Tenkan-Sen on the daily chart !)
RSI is also above 50 @ 69.36 and no bearish divergence detected so far either.
As usual watch shorter intraday time frames which will give you a warning signal of a reversal or a validation of the trend continuation.
Have a nice trading day.
All the best and take care.
Ironman8848 & Jean-Pierre Burki
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