Looking briefly at the WEEKLY picture, a potential INVERTED HAMMER is in progress which usually is considered as a REVERSAL PATTERN (Wait weekly closing for confirmation of this pattern)

In addition watch carefully the bottom of the weekly clouds support area @ 37’516, already tested once this week; a failure to hold above that level on a weekly closing too would add further downward pressure to the BTC for the upcoming week

RSI below 50 @ 43.15 and the LAGGGING LINE is still in the clouds.

Currently still below the TENKAN-SEN @ 40268.

A weekly closing above the TENKAN-SEN previously mentioned would be positive for the upcoming trading sessions.

DAILY (D1)

Yesterday’s price action triggered an HAMMER pattern with its closing level @ 39’417, below the daily clouds support level @ 40’054

Ongoing today’s price action is showing an upside attempt to recover in the clouds ahead of crossing over the MBB, currently @ 40’323.

IMPORTANT LEVELS TO WATCH ON A DAILY CLOSING BASIS ARE THE FOLLOWING :

40’825 (middle of the March 4th, long black candle !)
38’590 (former bottoms & potential double bottom !)

A breakout of one of those 2 levels should trigger respectively an upside move towards, respectively to the Tenkan-Sen @ 41’174 and ahead of the top of the clouds(42’524) first, and potentially higher towards the former high @ 45’332, while on the downside, a failure to hold above38’590, should put the focus on the former daily congestion bottom around the 37’000 area, which has already mentioned in my previous analysis.

Interesting to note the fragility of the 37’000 – 35’000 trading range.

RSI below 50 @ 46.65 and the LAGGING LINE still above the KIJUN-SEN.

4 HOURS (H4)

Below the CLOUDS, currently attempting to recover within the clouds area (39’652-41’875

Above the TENKAN-SEN @ 39’150.

MID BOLLINGER BAND @ 40’580, roughly in the middle of the clouds resistance area .

CONCLUSION :

Once again, watch and monitor very carefully price action on shorter intraday time frames ! That will either validate or invalidate the implications of the scenarios previously explained.

IRONMAN8848 & Jean-Pierre Burki