BTC-DAILY-RECOVERY ? YES OR NO ...
WEEKLY (W1)
Ongoing price action is showing the BITCOIN , roughly in the middle of the clouds support area (48'517 - 38'152); as long as the BTC is not able to recover and hold on a weekly basis closing above the top of the clouds area, the downside risk is still alive.
DAILY (D1)
After having reached, yesterday an intraday low of 42'741, the BTC managed, for the time being to hold and close above the important support level (KIJUN-SEN) @ 42'900 , also the 50% Fibonacci retracement of the last rally which started @ 37'567 on March 13th towards a high of 48'234 reached on March 28th.
As you can see, on this daily chart , the yesterday's price action triggered a little white candle (very small body) which is showing some lack of momentum, uncertainty and indecision for further development.
RSI still below 50, @ 48.61.
LAGGING LINE in a sideways mode, still above the daily clouds.
UPSIDE :
As long as the BTC close on a daily basis above the KIJUN-SEN support line it should be seen as OK and in order to neutralise this still existing downside risk, the BTC needs to rise above, at least the middle of the long black bearish candle@ 44'350 of April 6th, which also coincides with the former downtrend resistance line starting from the former high of 45'850 - MID BOLLINGER BAND (my barometer !) @ 44'771 !
DOWNSIDE :
On the other side, a failure to close above 42'900 would be seen as a NEGATIVE SIGNAL, calling for lower levels towards the next support @ 41'641 (61.8% Fib retracement ahead of the very thin daily clouds support area ,(around the psychological 40'000), which is also the 78.6% Fibonacci extension level.
4 HOURS (H4)
Below the clouds and MBB and KS .
LAGGING LINE below the clouds, KS and TS too.
SIDEWAYS PRICE ACTION caught between 42'750 and 44'000.
Watch the Tenkan-Sen (43'385) on the downside as first support and MBB (44'590) on the upside as first significant resistance. (Corroboration with the daily view)
1 HOUR (H1)
BELOW THE CLOUDS in a sideways mode (H1 clouds resistance area between 43'750 and 45'000
Once again WATCH THE CLOUDS
IRONMAN8848 - Jean-Pierre Burki
Ongoing price action is showing the BITCOIN , roughly in the middle of the clouds support area (48'517 - 38'152); as long as the BTC is not able to recover and hold on a weekly basis closing above the top of the clouds area, the downside risk is still alive.
DAILY (D1)
After having reached, yesterday an intraday low of 42'741, the BTC managed, for the time being to hold and close above the important support level (KIJUN-SEN) @ 42'900 , also the 50% Fibonacci retracement of the last rally which started @ 37'567 on March 13th towards a high of 48'234 reached on March 28th.
As you can see, on this daily chart , the yesterday's price action triggered a little white candle (very small body) which is showing some lack of momentum, uncertainty and indecision for further development.
RSI still below 50, @ 48.61.
LAGGING LINE in a sideways mode, still above the daily clouds.
UPSIDE :
As long as the BTC close on a daily basis above the KIJUN-SEN support line it should be seen as OK and in order to neutralise this still existing downside risk, the BTC needs to rise above, at least the middle of the long black bearish candle@ 44'350 of April 6th, which also coincides with the former downtrend resistance line starting from the former high of 45'850 - MID BOLLINGER BAND (my barometer !) @ 44'771 !
DOWNSIDE :
On the other side, a failure to close above 42'900 would be seen as a NEGATIVE SIGNAL, calling for lower levels towards the next support @ 41'641 (61.8% Fib retracement ahead of the very thin daily clouds support area ,(around the psychological 40'000), which is also the 78.6% Fibonacci extension level.
4 HOURS (H4)
Below the clouds and MBB and KS .
LAGGING LINE below the clouds, KS and TS too.
SIDEWAYS PRICE ACTION caught between 42'750 and 44'000.
Watch the Tenkan-Sen (43'385) on the downside as first support and MBB (44'590) on the upside as first significant resistance. (Corroboration with the daily view)
1 HOUR (H1)
BELOW THE CLOUDS in a sideways mode (H1 clouds resistance area between 43'750 and 45'000
Once again WATCH THE CLOUDS
IRONMAN8848 - Jean-Pierre Burki
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