M1 : Ongoing bearish price action in progress.
W1 : Last week failure to recover above the W1 pivot level @ 41'230
confirmed that the downtrend is still intact
D1 : Despite yesterday's closing (39'220) which was above the important MBB level (38'900)
I have mentioned in my last analysis (see related idea below), BTC did not managed to stay
above that very important pivot level !! Ongoing candle is showing currently a long black candle
in progress (bearish signal) which also invalidated, for the time being the upside breakout of a triangle
formation: On Daily basis, closing level today will be very important to watch as a failure to quickly recover
above 39'000/40'000 would confirm further downside for the upcoming session (s), which is my expected scenario,
still calling for lower levels, as mentioned several times in the past !
H4 : Both primary and secondary downtrend are still intact after the yesterday's failure to confirm the breakout of the
secondary downtrend line resistance; this reversal has been triggered by a long black candle (bearish engulfing) which
is in progress to be confirmed(in a couple of minutes !)by a second long black candle. Finally, as you can see, the clouds
support zone(currently 35950-36000) is very, very thin = very fragile which means that a downside attack will be very likely successful
and will open the door for lower levels towards 35'500 first ahead of 34'700 congestion support zone.
H1: Below the former uptrend support line, below the clouds and below the cluster of MBB, KS and TS.
M30 : Same than H1
M15 : Same than M30
M5 : RSI bullish divergence triggered some recovery attempt; watch cluster as the first resistance area ahead of the clouds currently between
37000-37500. Only a sustainable recovery above that area would neutralise temporarily the ongoing downside risk in a short term perspective.
Fib ret @ 37'396 (38.2%) - 37'745 (50%) - 38092 (61.8%) the latter level being, also the clouds resistance area on M15 chart !
CONCLUSION :
GLOBAL PICTURE IS STILL SHOWING A BROAD BEAR TREND IN PROGRESS AND IN ORDER TO CONFIRM A TREND REVERSAL, BTC SHOULD RECOVER FIRST ABOVE
THE PSYCHOLOGICAL LEVEL OF 40'000 WHICH SHOULD BE CONFIRMED BY A BREAKOUT OF THE 41'130 AREA WHICH IS THE WEEKLY PIVOT LEVEL !!!
W1 : Last week failure to recover above the W1 pivot level @ 41'230
confirmed that the downtrend is still intact
D1 : Despite yesterday's closing (39'220) which was above the important MBB level (38'900)
I have mentioned in my last analysis (see related idea below), BTC did not managed to stay
above that very important pivot level !! Ongoing candle is showing currently a long black candle
in progress (bearish signal) which also invalidated, for the time being the upside breakout of a triangle
formation: On Daily basis, closing level today will be very important to watch as a failure to quickly recover
above 39'000/40'000 would confirm further downside for the upcoming session (s), which is my expected scenario,
still calling for lower levels, as mentioned several times in the past !
H4 : Both primary and secondary downtrend are still intact after the yesterday's failure to confirm the breakout of the
secondary downtrend line resistance; this reversal has been triggered by a long black candle (bearish engulfing) which
is in progress to be confirmed(in a couple of minutes !)by a second long black candle. Finally, as you can see, the clouds
support zone(currently 35950-36000) is very, very thin = very fragile which means that a downside attack will be very likely successful
and will open the door for lower levels towards 35'500 first ahead of 34'700 congestion support zone.
H1: Below the former uptrend support line, below the clouds and below the cluster of MBB, KS and TS.
M30 : Same than H1
M15 : Same than M30
M5 : RSI bullish divergence triggered some recovery attempt; watch cluster as the first resistance area ahead of the clouds currently between
37000-37500. Only a sustainable recovery above that area would neutralise temporarily the ongoing downside risk in a short term perspective.
Fib ret @ 37'396 (38.2%) - 37'745 (50%) - 38092 (61.8%) the latter level being, also the clouds resistance area on M15 chart !
CONCLUSION :
GLOBAL PICTURE IS STILL SHOWING A BROAD BEAR TREND IN PROGRESS AND IN ORDER TO CONFIRM A TREND REVERSAL, BTC SHOULD RECOVER FIRST ABOVE
THE PSYCHOLOGICAL LEVEL OF 40'000 WHICH SHOULD BE CONFIRMED BY A BREAKOUT OF THE 41'130 AREA WHICH IS THE WEEKLY PIVOT LEVEL !!!
Nevertheless, global picture remains heavy and further downside is in the cards !