H4 : As expected and mentioned in my previous analysis (W1) published early this morning, a corrective
and healthy downside move took place and reached an intraday low, so far at 59350, close to the 38.2% Fibonacci
Retracement @ 59194 ! Last H4 closing candle triggered a doji pattern which is showing some uncertainty about
the upcoming hours. In addition, you can see that at current level, the BTC is again reenter in the uptrend channel.
Therefore, I would suggest, to watch carefully, the following levels :
BULLISH :
Consider 61000-61100 as the first short term resistance area which, in order to neutralise the ongoing dowside risk;
indeed, an upside breakout confirmed of this zone would be the first signal that the correction has been short lived
and is over and would open the door for a retest of the previous high @ 61781.
BEARISH :
* S1 : 59194 (38.2% Fib ret) and also the top level of the broadening wedge pattern !
* S2 : 58931 (Tenkan-Sen & Conversion line)
*** S3 : 58396 & 58342 (50% Fib ret - Mid Bollinger Band
Interesting to note the former congestion zone resistance (56500-57500) which is becoming now, a new support zone (57500-56500) !
Watch development on shorter time frames H1 and M15 to get early signal (s) which will allow you to act accordingly.
Have a nice afternoon.
All the best
Take care
Ironman8848
and healthy downside move took place and reached an intraday low, so far at 59350, close to the 38.2% Fibonacci
Retracement @ 59194 ! Last H4 closing candle triggered a doji pattern which is showing some uncertainty about
the upcoming hours. In addition, you can see that at current level, the BTC is again reenter in the uptrend channel.
Therefore, I would suggest, to watch carefully, the following levels :
BULLISH :
Consider 61000-61100 as the first short term resistance area which, in order to neutralise the ongoing dowside risk;
indeed, an upside breakout confirmed of this zone would be the first signal that the correction has been short lived
and is over and would open the door for a retest of the previous high @ 61781.
BEARISH :
* S1 : 59194 (38.2% Fib ret) and also the top level of the broadening wedge pattern !
* S2 : 58931 (Tenkan-Sen & Conversion line)
*** S3 : 58396 & 58342 (50% Fib ret - Mid Bollinger Band
Interesting to note the former congestion zone resistance (56500-57500) which is becoming now, a new support zone (57500-56500) !
Watch development on shorter time frames H1 and M15 to get early signal (s) which will allow you to act accordingly.
Have a nice afternoon.
All the best
Take care
Ironman8848
