BTC - DAILY- SUPPORTS HOLD !
DAILY (D1)
Both TENKAN-SEN and ongoing uptrend line support rejected, yesterday, the downside breakout attempt; indeed, despite a intraday breakout of those two important supports, the BITCOIN managed to recover and close @ 46'598 which trigger a DOJI pattern and which still can be seen as a persisting indecision and uncertainty about further development.
No change in my view, continue to watch the TENKAN-SEN as a LEADING INDICATOR, meaning daily closing above = positive signal and closing below = warning first negative signal.
Recent and current price action could be seen as a BROAD PULLBACK PRICE ACTION with the top of the triangle line, currently around the 44'500 area, which by the way coincides with the MID BOLLINGER BAND, as THE MAJOR SUPPORT !!!
On the UPSIDE, the first resistance, R1 is the ongoing downtrend resistance line (red arrow), currently @ 47'450 and then the former high @ 48'234.
4 HOURS (H4)
H4 CLOUDS SUPPORT HOLD , low reached yesterday @ 45'124 was roughly the bottom of the H4 clouds @ 45'006, after this decline the Bitcoin recovered nicely and managed a coupled of hours ago to recover above the top of the clouds which could be seen in this time frame as a positive signal.
Nevertheless, it could also be seen as PULLBACK towards the former uptrend line support which had been broken on April 3rd.
Watch carefully price action over the upcoming trading hours to get more clues about further development.
DOWNSIDE :
S1 : @ 46'291
S2 : @ 45'850
S3 : @ 46'110-45'050 (H4 clouds support area)
1 HOUR (H1)
WARNING ! The thickness of the hourly clouds is very thin and therefore could cross over or under very quickly...
For the time being, the Bitcoin is above the clouds with a potential short term double top in progress ! watch 46'900 on H1 closing basis
A failure to close on a hourly basis above 46'900 may trigger a new selling pressure, with the TENKAN-SEN @ 45'543 in very short term support, ahead
of MBB @ 46'233 , also 38.2% Fib ret of the recent 45'124-46'891 rally) and KS @ 46'007.
Ironman8848 - Jean-Pierre Burki
Both TENKAN-SEN and ongoing uptrend line support rejected, yesterday, the downside breakout attempt; indeed, despite a intraday breakout of those two important supports, the BITCOIN managed to recover and close @ 46'598 which trigger a DOJI pattern and which still can be seen as a persisting indecision and uncertainty about further development.
No change in my view, continue to watch the TENKAN-SEN as a LEADING INDICATOR, meaning daily closing above = positive signal and closing below = warning first negative signal.
Recent and current price action could be seen as a BROAD PULLBACK PRICE ACTION with the top of the triangle line, currently around the 44'500 area, which by the way coincides with the MID BOLLINGER BAND, as THE MAJOR SUPPORT !!!
On the UPSIDE, the first resistance, R1 is the ongoing downtrend resistance line (red arrow), currently @ 47'450 and then the former high @ 48'234.
4 HOURS (H4)
H4 CLOUDS SUPPORT HOLD , low reached yesterday @ 45'124 was roughly the bottom of the H4 clouds @ 45'006, after this decline the Bitcoin recovered nicely and managed a coupled of hours ago to recover above the top of the clouds which could be seen in this time frame as a positive signal.
Nevertheless, it could also be seen as PULLBACK towards the former uptrend line support which had been broken on April 3rd.
Watch carefully price action over the upcoming trading hours to get more clues about further development.
DOWNSIDE :
S1 : @ 46'291
S2 : @ 45'850
S3 : @ 46'110-45'050 (H4 clouds support area)
1 HOUR (H1)
WARNING ! The thickness of the hourly clouds is very thin and therefore could cross over or under very quickly...
For the time being, the Bitcoin is above the clouds with a potential short term double top in progress ! watch 46'900 on H1 closing basis
A failure to close on a hourly basis above 46'900 may trigger a new selling pressure, with the TENKAN-SEN @ 45'543 in very short term support, ahead
of MBB @ 46'233 , also 38.2% Fib ret of the recent 45'124-46'891 rally) and KS @ 46'007.
Ironman8848 - Jean-Pierre Burki
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