BTC - WEEKLY- BREAKOUT ?
WEEKLY (W1)
Last week price action triggered a LONG WHITE CANDLE, usually a BULLISH SIGNAL with its weekly closing level (@ 46'864) for the first time, since the beginning of 2022, above the WEEKLY CLOUDS TOP ZONE (@ 45'937) and also the MID BOLLINGER BAND (45'505).
RSI above 50 @ 53.21 and the LAGGING LINE above the weekly clouds with still the TENKAN-SEN as last resistance level to break...
In addition the 38.2% Fibonacci retracement @ 46'721 of the 69'000 - 32'950 downside move has been filled and with the top of the weekly clouds in resistance too, we may see some consolidation within the clouds.
Should the Bitcoin continue its upside move, then the NEXT KEY VERY IMPORTANT RESISTANCE LEVEL will be @ 50'975 as it is the WEEKLY KIJUN-SEN & 50% Fibonacci retracement previously mentioned.
A WEEKLY CLOSING ABOVE 50'975 WOULD DEFINITELY CONFIRM A WEEKLY TREND REVERSAL IN REOPENING THE DOOR FOR MUCH HIGHER LEVELS !!!
DAILY (D1)
Yesterday's price action has invalidated the RISING WEDGE PATTERN i mentioned in my previous analysis in making an intraday peak @ 47'766 so far. The upside of the BROAD TRIANGLE PATTERN has also be broken for the first time and today's price action and more important its closing level will be very important to look at as it will validate or invalidate the recent upside breakout.
RSI @ 69.61 and LAGGING LINE far above the clouds.
4 HOURS (H4)
Strong move seen yesterday's evening in one H4 candle (from 44'864 to 46'950) - long white candle) which broke the former high @ 45'137
First significant support to look at in this time frame is @ 46'030 (TENKAN-SEN) ahead of the KIJUN-SEN @ 45'201 and the MID BOLLINGER BAND @ 44'859
1 HOUR (H1)
As mentioned in H4 a long white candle breakout the former ongoing sideways channel and crossed over both the KIJUN-SEN and the TENKAN-SEN, which now
become the new supports levels to watch at and which are @ 46'815 (TS) and 46'111 (KS): MBB @ 45'792.
H1 clouds support area 44'595-44'377
IRONMAN884. & Jean-Pierre Burki
Last week price action triggered a LONG WHITE CANDLE, usually a BULLISH SIGNAL with its weekly closing level (@ 46'864) for the first time, since the beginning of 2022, above the WEEKLY CLOUDS TOP ZONE (@ 45'937) and also the MID BOLLINGER BAND (45'505).
RSI above 50 @ 53.21 and the LAGGING LINE above the weekly clouds with still the TENKAN-SEN as last resistance level to break...
In addition the 38.2% Fibonacci retracement @ 46'721 of the 69'000 - 32'950 downside move has been filled and with the top of the weekly clouds in resistance too, we may see some consolidation within the clouds.
Should the Bitcoin continue its upside move, then the NEXT KEY VERY IMPORTANT RESISTANCE LEVEL will be @ 50'975 as it is the WEEKLY KIJUN-SEN & 50% Fibonacci retracement previously mentioned.
A WEEKLY CLOSING ABOVE 50'975 WOULD DEFINITELY CONFIRM A WEEKLY TREND REVERSAL IN REOPENING THE DOOR FOR MUCH HIGHER LEVELS !!!
DAILY (D1)
Yesterday's price action has invalidated the RISING WEDGE PATTERN i mentioned in my previous analysis in making an intraday peak @ 47'766 so far. The upside of the BROAD TRIANGLE PATTERN has also be broken for the first time and today's price action and more important its closing level will be very important to look at as it will validate or invalidate the recent upside breakout.
RSI @ 69.61 and LAGGING LINE far above the clouds.
4 HOURS (H4)
Strong move seen yesterday's evening in one H4 candle (from 44'864 to 46'950) - long white candle) which broke the former high @ 45'137
First significant support to look at in this time frame is @ 46'030 (TENKAN-SEN) ahead of the KIJUN-SEN @ 45'201 and the MID BOLLINGER BAND @ 44'859
1 HOUR (H1)
As mentioned in H4 a long white candle breakout the former ongoing sideways channel and crossed over both the KIJUN-SEN and the TENKAN-SEN, which now
become the new supports levels to watch at and which are @ 46'815 (TS) and 46'111 (KS): MBB @ 45'792.
H1 clouds support area 44'595-44'377
IRONMAN884. & Jean-Pierre Burki
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