As mentioned in my previous analysis, shorter time frames should be used to validate or invalidate the expected scenario and in the case of the Bitcoin
yesterday’s price action has really been a school case…

Indeed, the BTC went sharply up and broke successfully the resistance levels on each intraday and daily pictures.

FOR THE TIME BEING, THE BITCOIN IS STILL IN THE WEEKLY CLOUDS RESISTANCE AND NEXT WEEKLY CLOSING WILL VALIDATE OR INVALIDATE A BREAKOUT OF THE TOP OF THE CLOUDS.

The MONTHLY FEBRUARY CLOSING LEVEL @ 43’178.98 WAS AS THE SAME LEVEL THAN THE LONG TERM DOWNTREND RESISTANCE LINE

MONTHLY ( M1 )

February closing level was above both the KIJUN-SEN @ 36’425 and the Mid Bollinger Band @ 38’706

At the same level tha n the long term downtrend resistance line.

Ongoing March price action will validate or invalidate this upside breakout at the end of the month.

WEEKLY (W1)

Above the Tenkan-Sen @ 40’268 but still in the clouds and below the Mid Bollinger Band and the Kijun-Sen

RSI below 50, @ 47.56

DAILY (D1)

Yesterday’s sharp recovery went up towards an intraday high of 44’256, filling in its way the 78.6% Fibonacci retracement extension @ 43’383 and with a daily closing above the clouds @ 43’179

RSI above 50 @ 58.69

Today’s closing level will be important and will validate or invalidate the top of the clouds breakout.

Important to note that the 37’000 support level hold well.

4 HOURS (H4)

Above the cluster of KS and TS @ 40’635 which should now be seen as the new support level area in this H4 time frame

1 HOUR (H1)

Currently still above the Tenkan-Sen @ 42’953 and in this short term time frame the BTC looks to lose some momentum…

CONCLUSION :

Again watch shorter intraday time frames and monitor carefully price action in each time frame which as seen yesterday, will validate or invalidate price action on longer time frames.

IRONMAN8848 & Jean-Pierre Burki