Today, we are going to look at the hourly time frame which is showing a sideways price action between the former high @ 45′<37 and the bottom of the hourly clouds support zone , currently @ 43’900.

RSi above 50, @ 54.58.

LAGGING LINE is looking tired, also moving in a sideways mode.

Currently below the Tenkan-Sen (44’765) and still slightly above both KIjun-Sen and Mid Bollinger Band (44’555).

As already mentioned in my yesterday’s analysis (see related ideas below), and in oder to confirm further upside, the BTC need to clearly break and hold, ideally on a DAILY CLOSING BASIS the former high reached 2 days ago @ 45’137.

Such kind of successful price action would put the focus on the weekly Mid Bollinger Band@ 45’193, ahead of the TOP OF THE WEEKLY CLOUDS RESISTANCE ZONE , currently @ 45’937;

AN UPSIDE BREAKOUT CONFIRMATION OF THE CLOUDS BY THE WEEKLY LAGGING LINE WOULD ALSO ADD MORE VALUE FOR A CONTINUATION TO THE UPSIDE.

A failure to hold above the hourly clouds support, currently @ 43’900, would open the door for lower levels towards 43’371 (38.2% Fib ret) – 43’458 is the level of the 4 hours Kijun-Sen !), ahead of 42’826 (50& Fib ret).

Looking briefly at the DAIYL PICTURE, we can still see this RISING WEDGE PATTERN IN PROGRESS being in this BROAD TRIANGLE PATTERN on which the downtrend resistance line is under attack.

As previously mentioned a DAILY CLOSING LEVEL above the former high (45’137) would be the first significant warning signal which should of course be validated. Watch if the usual pullback will hold (CONSOLIDATION) or not. (POTENTIAL BULL TRAP !)

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IRONMAN8848 & Jean-Pierre Burki