DAILY :
The BTCUSD is not out of the woods yet; indeed, recent and current price action is still in the clouds currently traded around the important pivot level of 57'500 (double top trigger level !)
Despite a recovery attempt seen yesterday which trigger an upside move towards an intraday high of 59'476 (rejected by the top clouds resistance...once again :-)... the BTCUSD lost momentum
and as a result went down again towards a low so far of 57'525.
No change in my view, on a daily basis obervation, the 57'500 area should be seen as a PIVOT LEVEL for further development.
Also note that this point coincides roughly with the level of the ongoing uptrend support line in green.
A failure to close on a daily basis above 57'500 and hold sustainably above it would trigger further selling pressure, putting the focus on lower levels towards the bottom of the daily clouds, currently @ 53'400, which
is also the former primary uptrend support line (In bold green)
On the upside, as already mentioned several times, only a clear breakout of the daily top clouds resistance level & ongoing downtrend line resistance (in red), - currently around 60'400 - would neutralise the ongoing dowsnside
risk, calling for the levels previously mentioned.
Last but not least, do not forget the influence of the double top pattern which is still alive; a validation of this formation (daily closing below 57'500) would give a technical target of 46'000
CONCLUSION :
Continue to watch and monitor very closely ongoing price action in intraday shorter time frames which will help you to detect early indication & signal of the potential validation or invalidation of this important double top formation.
On a weekly basis, as long as the BTCUSD hold above the TS (54'882) on a weekly basis, it is OK but a failure to do it would considerably increase the risk for lower levels towards the 50'000 area (KS).
I will be off from now and until Tuesday morning (Nov 30th), away from my screen for a long weekend in Bordeaux with my wonderful spouse for my birthday :-) ;therefore I will not published any update or analysis during that time.
I wish you a very nice weekend and all the best to all of you. Take care.
Kind regards
Ironman8848
The BTCUSD is not out of the woods yet; indeed, recent and current price action is still in the clouds currently traded around the important pivot level of 57'500 (double top trigger level !)
Despite a recovery attempt seen yesterday which trigger an upside move towards an intraday high of 59'476 (rejected by the top clouds resistance...once again :-)... the BTCUSD lost momentum
and as a result went down again towards a low so far of 57'525.
No change in my view, on a daily basis obervation, the 57'500 area should be seen as a PIVOT LEVEL for further development.
Also note that this point coincides roughly with the level of the ongoing uptrend support line in green.
A failure to close on a daily basis above 57'500 and hold sustainably above it would trigger further selling pressure, putting the focus on lower levels towards the bottom of the daily clouds, currently @ 53'400, which
is also the former primary uptrend support line (In bold green)
On the upside, as already mentioned several times, only a clear breakout of the daily top clouds resistance level & ongoing downtrend line resistance (in red), - currently around 60'400 - would neutralise the ongoing dowsnside
risk, calling for the levels previously mentioned.
Last but not least, do not forget the influence of the double top pattern which is still alive; a validation of this formation (daily closing below 57'500) would give a technical target of 46'000
CONCLUSION :
Continue to watch and monitor very closely ongoing price action in intraday shorter time frames which will help you to detect early indication & signal of the potential validation or invalidation of this important double top formation.
On a weekly basis, as long as the BTCUSD hold above the TS (54'882) on a weekly basis, it is OK but a failure to do it would considerably increase the risk for lower levels towards the 50'000 area (KS).
I will be off from now and until Tuesday morning (Nov 30th), away from my screen for a long weekend in Bordeaux with my wonderful spouse for my birthday :-) ;therefore I will not published any update or analysis during that time.
I wish you a very nice weekend and all the best to all of you. Take care.
Kind regards
Ironman8848
