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BTC-DAILY- DARK CLOUD COVER for BITSTAMP:BTCUSD by Ironman8848

Good morning, let me just inform you that from a couple of days, i do not publish my technical analysis in the English version of Trading View but in the French version. (see related ideas below)

DAILY

Bitcoin incapacity toe recover and close above the resistance zone around 31’000 (intraday high reached yesterday @ 30’725) triggered a “DARK CLOUD COVER” which should be seen as an additional bearish signal.

Please also note that the third bearish resistance line, the one starting @ 32’411 (mentioned pt 7 in my yesterday’s morning analysis, see related ideas below) has. for the time being, worked perfectly in rejecting several successive upside breakout attempts.

Important levels to look at, on a daily closing basis, are the following :

TO THE UPSIDE : 31’000

TO THE DOWNSIDE : 28’600

A breakout of one of those levels would have the following implications :

32’551 – 33’100 with between 32’725 being the 50 % Fibonacci retracement

25’401 former intraday low reached on May 12th

Important to note the FRAGILITY of the 28’600 – 25’401 trading range; therefore a breakout of the 28’600. very important support level would likely trigger a downside acceleration move, similar at the one seen on May 12th.

4 HOURS

A “RISING WEDGE” is in progress.

Target is @ 23’872

Warning (BEAR TRAP !)

RSI below 50 @ 44.28

LAGGING LINE below TS , KS and the cloud.

Recent price action during the last three H4 periods is showing 3 successive dojis, giving a warning signal of uncertainty and indecsion about further development.

In order to neutralise this ongoing bearish pressure, the BITCOIn should at least recover and hold above the Rising wedge support line, currently @ 29’684)which also coincides with the KIJUN-SEN, and just above there is the cloud (twist) very thin around the psychological 30’000 level.

1 HOUR

The target of the Head and Shoulder mentioned in my technical analysis (very short term) of yesterday’s afternoon, has been reached, intraday low being @ 28’690, very close of the important support level of 28’600

Actually caught between the Tenkan-Sen (@ 29’138) which is also the short term uptrend support line and the Kijun-Sen (@ 29’599) with slightly above, the hourly cloud zone between 29’670 and 30’004.

Do not hesitate to make comment (s) or remarks in a constructive way :-)

Moreover, if you like my technical analysis and if you think it bring added value in your trading, do not forget to like it and speak around you to your friends; finally for those who do not follow mw yet, please do not forget either to add IRONMAN in your following list.

My first target is 8’848 “followers” (altitude of the Everest which is the highest summit of the world, synonym of excellence for me), currently I have 2’073 followers, alone we go may be faster but all together we go further…

Have a great weekend

IRONMAN8848 – Jean-Pierre Burki

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