BTC - D1 - TRIANGLE TARGET @ 23590 - SELL ON RALLY!
D1 : Yesterday's price action , a long black candle with an intraday low @ 28800 ! and a closing price # 30818 confirmed
a clear breakout of the triangle pattern, calling for a technical target @ 23'590...
Nevertheless, after this sharp decline, it is likely to see some technical recovery which is expected to be relatively limited
and which should be seen as a CORRECTIVE move only in a BEARISH trend and not as a trend reversal yet !
Indeed, in order to neutralise the ongoing bearish price action, BTC should at least recover above KS, currently @ 33915, which
is also the middle of yesterday's black candle, ahead of TS @34456 and finally MBB @ 35975; only a move above the latter level
would force to a view reassessment of the expected bearish scenario calling for a move, towards first 27426, which is the
38.2% Fibonacci retracement (3850-42000) and then towards the triangle pattern target @ 23590, also daily clouds support area.
I mentionned several times in my previous post the importance of both MBB and TS as leading indicators !
Have a look at W1 price action, which for the time being does not look very encouraging...
a clear breakout of the triangle pattern, calling for a technical target @ 23'590...
Nevertheless, after this sharp decline, it is likely to see some technical recovery which is expected to be relatively limited
and which should be seen as a CORRECTIVE move only in a BEARISH trend and not as a trend reversal yet !
Indeed, in order to neutralise the ongoing bearish price action, BTC should at least recover above KS, currently @ 33915, which
is also the middle of yesterday's black candle, ahead of TS @34456 and finally MBB @ 35975; only a move above the latter level
would force to a view reassessment of the expected bearish scenario calling for a move, towards first 27426, which is the
38.2% Fibonacci retracement (3850-42000) and then towards the triangle pattern target @ 23590, also daily clouds support area.
I mentionned several times in my previous post the importance of both MBB and TS as leading indicators !
Have a look at W1 price action, which for the time being does not look very encouraging...
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