D1 : Failure to recover above the pivot level @ 51530 triggered a retest of
both Mid Bollinger Band and Strategic uptrend support line.
This recent price action increases considerably the risk for a downside breakout
of MBB, putting directly the focus on yesterday's low of 47000 ahead of the 45000 area.(KS)
In order to neutralise this ongoing bearish price action, BTC should recover and hold at least
above the pivot point of 51530 (50% Fib ret @ 51599 !)
H4 : Three successive failures to breakout both clouds resistance area and slighly higher the 50%
Fibonacci retracement @ 51599 is confirming this ongoing price action.
Moreover, a secondary downtrend line took place which also, coincides with the Mid Bollinger Band
@ 50940, which should be seen as the first resistance to break on the upside in order to neutralise this ongoing
downside risk.
Watch shorter time frames for intermediate validation or invalidation !
Have a great trading day and do not forget to like my analysis and add "Ironman8848" in your following list if you found
my comments are bringing some added value to your trading decisions.
both Mid Bollinger Band and Strategic uptrend support line.
This recent price action increases considerably the risk for a downside breakout
of MBB, putting directly the focus on yesterday's low of 47000 ahead of the 45000 area.(KS)
In order to neutralise this ongoing bearish price action, BTC should recover and hold at least
above the pivot point of 51530 (50% Fib ret @ 51599 !)
H4 : Three successive failures to breakout both clouds resistance area and slighly higher the 50%
Fibonacci retracement @ 51599 is confirming this ongoing price action.
Moreover, a secondary downtrend line took place which also, coincides with the Mid Bollinger Band
@ 50940, which should be seen as the first resistance to break on the upside in order to neutralise this ongoing
downside risk.
Watch shorter time frames for intermediate validation or invalidation !
Have a great trading day and do not forget to like my analysis and add "Ironman8848" in your following list if you found
my comments are bringing some added value to your trading decisions.
