BTC - TRADING IN THE ZONE - AT THE GLANCE - D1-H4-H1
D1 : Yo-yo price action seen over the last couple of days
Indeed, last 3 days are showing :
1) doji
2) bearish engulfing (invalidated !)
3) bullish engulfing (to be confirmed on closing basis today !)
Global picture is under the influence of a "Double top formation" in progress (trigger level @ 43746
target 38492 !
Nevertheless, in order to confirm this expected bearish scenario several important supports should be broken;
the first one being @ 48418 (middle level of the yesterday's long white bullish candle).
Indeed, a closing level, today, below that level would trigger a "dark cloud cover" pattern (first signal of a potential tactical reversal !)
Strategic uptrend is still in place, supported by the uptrend line (in green)
KEY PIVOT LEVEL @ 42643 , which is the cluster of several leading strategic indicators levels !!!
H4 : Clear picture of the double top formation in progress
In addition all 4 technical indicators are showing bearish divergences
Watch support uptrend line (in green) ahead of Mid Bollinger band (46505) as very important supports indicators.
Bullish above and bearish below...
H1 : Zoomed picture of the Double top formation in progress with target simulation.
Watch in the past the price action and especially when MBB has been broken... it triggered an acceleration
Moreover the important support zone in this time frame is currently around the clouds support zone; therefore
a failure to hold above the hourly clouds would also be the first signal, confirming the expected bearish scenario
expressed on D1 and H4
As usual, screen very carefully shorter time frames (M15 and M5) to get intermediates signals which are going to either
validate or invalidate the ongoiging bearish price action.
All the best and may your long goes up and your short goes down.
Indeed, last 3 days are showing :
1) doji
2) bearish engulfing (invalidated !)
3) bullish engulfing (to be confirmed on closing basis today !)
Global picture is under the influence of a "Double top formation" in progress (trigger level @ 43746
target 38492 !
Nevertheless, in order to confirm this expected bearish scenario several important supports should be broken;
the first one being @ 48418 (middle level of the yesterday's long white bullish candle).
Indeed, a closing level, today, below that level would trigger a "dark cloud cover" pattern (first signal of a potential tactical reversal !)
Strategic uptrend is still in place, supported by the uptrend line (in green)
KEY PIVOT LEVEL @ 42643 , which is the cluster of several leading strategic indicators levels !!!
H4 : Clear picture of the double top formation in progress
In addition all 4 technical indicators are showing bearish divergences
Watch support uptrend line (in green) ahead of Mid Bollinger band (46505) as very important supports indicators.
Bullish above and bearish below...
H1 : Zoomed picture of the Double top formation in progress with target simulation.
Watch in the past the price action and especially when MBB has been broken... it triggered an acceleration
Moreover the important support zone in this time frame is currently around the clouds support zone; therefore
a failure to hold above the hourly clouds would also be the first signal, confirming the expected bearish scenario
expressed on D1 and H4
As usual, screen very carefully shorter time frames (M15 and M5) to get intermediates signals which are going to either
validate or invalidate the ongoiging bearish price action.
All the best and may your long goes up and your short goes down.
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