BTC - H1 - RISING WEDGE IN PROGRESS
Unfortunately, my first significant technical target @ 27'169 has not been reached... Indeed, following
the low of 28'600, reached yesterday afternoon, BTC managed a very nice recovery, in breaking up, very quickly, several
resistance level on H1, beginning with TS, KS ahead of Mid Bollinger Band; interesting to note that MBB hold the pullback
attempt in rejecting the downside breakout.
Currently on H1, a "RISING WEDGE" pattern in on progress with its bottom support around the clouds area.
So, a failure to move above the former high (@ 34'438) and also to hold above the clouds support area would confirm a top in place
calling for renewing selling pressure and putting the focus on the level of MBB (32'213) as first significant support on this H1 time frame; a
confirmation will be given by a breakout of the KS, currently @ 31518.
CONCLUSION :
Watch carefully a the price action on shorter time frames which will either validate or invalidate this potential rising wedge formation, which if confirmed
would trigger a downside move of roughly 4'250 pts from the downside breakout, targeting in this case, a retest of former low @ 28'600
A sustainable move above 34'438 would put the focus on the 35'000 area (34'970 being the 50% Fib ret of the 41'341-28'600 downside move)
Watch also H4 price action, which for the time being is attempting to upside breakout the downtrend line resistance (MBB currently @ 33632 should also be
seen as a good barometer for further development as a failure to hold above this level on H4 closing should also be seen as a warning signal of a reversal.
Have a nice trading day
All the best and take care
Ironman8848
the low of 28'600, reached yesterday afternoon, BTC managed a very nice recovery, in breaking up, very quickly, several
resistance level on H1, beginning with TS, KS ahead of Mid Bollinger Band; interesting to note that MBB hold the pullback
attempt in rejecting the downside breakout.
Currently on H1, a "RISING WEDGE" pattern in on progress with its bottom support around the clouds area.
So, a failure to move above the former high (@ 34'438) and also to hold above the clouds support area would confirm a top in place
calling for renewing selling pressure and putting the focus on the level of MBB (32'213) as first significant support on this H1 time frame; a
confirmation will be given by a breakout of the KS, currently @ 31518.
CONCLUSION :
Watch carefully a the price action on shorter time frames which will either validate or invalidate this potential rising wedge formation, which if confirmed
would trigger a downside move of roughly 4'250 pts from the downside breakout, targeting in this case, a retest of former low @ 28'600
A sustainable move above 34'438 would put the focus on the 35'000 area (34'970 being the 50% Fib ret of the 41'341-28'600 downside move)
Watch also H4 price action, which for the time being is attempting to upside breakout the downtrend line resistance (MBB currently @ 33632 should also be
seen as a good barometer for further development as a failure to hold above this level on H4 closing should also be seen as a warning signal of a reversal.
Have a nice trading day
All the best and take care
Ironman8848
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