BTC - D1/H4 - BEARISH STRATEGIC DEVELOPMENT CONFIRMED !
D1 : For the first time since March 6th, BTC closed down
blow the Mid Bollinger Band !
This recent price action should considered and seen as very serious.
Indeed, as already mentioned several times in the past, the MID BOLLINGER BAND
should be seen as THE LEADING INDICATOR, which means BULLISH above and BEARISH below.
The 38.2% Fib ret @ 54614 has already been filled, low so far being 53120.
Next target is @ 52401 , which is th 50% Fib ret and last but not least also the level of Kijun-Sen or Base line !
Below the psychological support level of 50'000 with the 61.8% Fib ret @ 50187
Nevertheless, after this sharp decline, a pullback might be seen which would be healthy and would provide better
levels to SELL on rally.
In order to neutralise this ongoing BEARISH PRICE ACTION, BTC should recover above the cluster (57200-57500) created by :
A) the former clouds support whichbecame new resistance level
B)the support base of the triangle pattern which has been activated on the downside.
C) the Mid Bollinger Band on H4
H4 : Finally the BEARISH won the battle in breaking down the triangle pattern. The very thin clouds support zone, as expected,
has been broken very easily and triggered a sharp acceleration.
Technical indicators are not showing any signs of reversal yet; nevertheless, as usual, check and monitor closely price action on
shorter time frames to detect early signal (s) as bullish divergences which would allow you to cover short positions or initiate a short term long (speculative !)
position (trend contrarian) having in mind a pullback.
Have a nice trading day and have fun.
All the best and do not forget to like and follow me if you find my analysis valuable for you...
Take care
Ironman8848
blow the Mid Bollinger Band !
This recent price action should considered and seen as very serious.
Indeed, as already mentioned several times in the past, the MID BOLLINGER BAND
should be seen as THE LEADING INDICATOR, which means BULLISH above and BEARISH below.
The 38.2% Fib ret @ 54614 has already been filled, low so far being 53120.
Next target is @ 52401 , which is th 50% Fib ret and last but not least also the level of Kijun-Sen or Base line !
Below the psychological support level of 50'000 with the 61.8% Fib ret @ 50187
Nevertheless, after this sharp decline, a pullback might be seen which would be healthy and would provide better
levels to SELL on rally.
In order to neutralise this ongoing BEARISH PRICE ACTION, BTC should recover above the cluster (57200-57500) created by :
A) the former clouds support whichbecame new resistance level
B)the support base of the triangle pattern which has been activated on the downside.
C) the Mid Bollinger Band on H4
H4 : Finally the BEARISH won the battle in breaking down the triangle pattern. The very thin clouds support zone, as expected,
has been broken very easily and triggered a sharp acceleration.
Technical indicators are not showing any signs of reversal yet; nevertheless, as usual, check and monitor closely price action on
shorter time frames to detect early signal (s) as bullish divergences which would allow you to cover short positions or initiate a short term long (speculative !)
position (trend contrarian) having in mind a pullback.
Have a nice trading day and have fun.
All the best and do not forget to like and follow me if you find my analysis valuable for you...
Take care
Ironman8848
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