Good morning, I hope you are all well :-)
Today we are going to look especially at the daily picture which is showing a crucial and critical support level around the 40'000 area !!!
Why ?
The reason is very simple : "WATCH THE CLOUDS !"
Indeed, as you can see on this chart, the first downside breakout has been rejected by what ?
By the clouds !
This rejection triggered an upside corrective move of roughly 10% (or +/- 5'000 points) towards a intraday high of 45'159 --> pullback towards
the former uptrend support line (in green) and failure to break it !!!
Now, BTCUSD is again very close of this important support level and a breakout confirmation of the clouds on a daily basis would be seen as the first
significant bearish signal on this daily time frame which would open the door for lower level targeting respectively 39'573 (former low of Sept 21st) ahead of
37'903 (61.8% Fib ret 28600-52956) then, the triangle target @ 36'732 and lower the bottom of the weekly clouds @ 33'812, which is also the 78.6% Fib ret).
[b]In order to neutralise, temporary, this ongoing strategic bearish structure, BTCUSD needs, firstly to quickly recover and hold on a daily closing basis above 42'366 --> bullish engulfing pattern; indeed,
such kind of price action would be the first step of a long journey as there are plenty of obstacles to go through on the upside before conclude that we will be again in a bull market.
PIVOT LEVELS TO BREAK ON THE UPSIDE ARE THE FOLLOWING :
45'000 CLUSTER
46'265 (KS)
48'000 (D1 CLOUDS TOP)
CONCLUSION :
Watch shorter time frames (intraday) to get early and intermediate signals which will validate or invalide the above scenarios mentioned and allow you to act accordingly.
Do not forget, we are currently in a STRATEGIC BEAR MARKET, and any TACTICAL EXPOSURE (countertrend) should be monitored on disciplined manner in using tight trailing stop losses
Do not forget to like my idea if you find it valuable for you and also if you want to follow me, also add me on your following list.
Have a nice day
Take care and all the best
Ironman8848
Today we are going to look especially at the daily picture which is showing a crucial and critical support level around the 40'000 area !!!
Why ?
The reason is very simple : "WATCH THE CLOUDS !"
Indeed, as you can see on this chart, the first downside breakout has been rejected by what ?
By the clouds !
This rejection triggered an upside corrective move of roughly 10% (or +/- 5'000 points) towards a intraday high of 45'159 --> pullback towards
the former uptrend support line (in green) and failure to break it !!!
Now, BTCUSD is again very close of this important support level and a breakout confirmation of the clouds on a daily basis would be seen as the first
significant bearish signal on this daily time frame which would open the door for lower level targeting respectively 39'573 (former low of Sept 21st) ahead of
37'903 (61.8% Fib ret 28600-52956) then, the triangle target @ 36'732 and lower the bottom of the weekly clouds @ 33'812, which is also the 78.6% Fib ret).
[b]In order to neutralise, temporary, this ongoing strategic bearish structure, BTCUSD needs, firstly to quickly recover and hold on a daily closing basis above 42'366 --> bullish engulfing pattern; indeed,
such kind of price action would be the first step of a long journey as there are plenty of obstacles to go through on the upside before conclude that we will be again in a bull market.
PIVOT LEVELS TO BREAK ON THE UPSIDE ARE THE FOLLOWING :
45'000 CLUSTER
46'265 (KS)
48'000 (D1 CLOUDS TOP)
CONCLUSION :
Watch shorter time frames (intraday) to get early and intermediate signals which will validate or invalide the above scenarios mentioned and allow you to act accordingly.
Do not forget, we are currently in a STRATEGIC BEAR MARKET, and any TACTICAL EXPOSURE (countertrend) should be monitored on disciplined manner in using tight trailing stop losses
Do not forget to like my idea if you find it valuable for you and also if you want to follow me, also add me on your following list.
Have a nice day
Take care and all the best
Ironman8848
