H4 : Triangle breakout triggered a downside move acceleration towards a low so far of 52603,
filling on its way the H1 rising wedge target @ 53067.
After this sharp decline and as mentioned in my previous M15 and H1 analysis published a couple
of minutes ago, a recovery took place.
In H4, the triangle base support line should now be seen as the new first significant resistance area.
Indeed, a pullback towards this zone is currently in progress.
Interesting to note that the Tenkan-Sen (Conversion line) coincides roughly with the current level
of the triangle base support line (@ around 54900).
Therefore, in order to neutralise this ongoing bearish price action, BTC should firstly reenter in this former triangle
pattern and confirm further upside above the Mid Bollinger Band (@ 55500)
CONCLUSION :
A failure to recover, would open the door for lower levels :
1) Former low @ 52603
2) 38.2% Fib ret @ 51106 (see D1 analysis)
3) Psychological support level of 50'000
4) Triangle technical target @ 48232
filling on its way the H1 rising wedge target @ 53067.
After this sharp decline and as mentioned in my previous M15 and H1 analysis published a couple
of minutes ago, a recovery took place.
In H4, the triangle base support line should now be seen as the new first significant resistance area.
Indeed, a pullback towards this zone is currently in progress.
Interesting to note that the Tenkan-Sen (Conversion line) coincides roughly with the current level
of the triangle base support line (@ around 54900).
Therefore, in order to neutralise this ongoing bearish price action, BTC should firstly reenter in this former triangle
pattern and confirm further upside above the Mid Bollinger Band (@ 55500)
CONCLUSION :
A failure to recover, would open the door for lower levels :
1) Former low @ 52603
2) 38.2% Fib ret @ 51106 (see D1 analysis)
3) Psychological support level of 50'000
4) Triangle technical target @ 48232
Bình luận:
4 successive failures in a row to reenter in the triangle pattern, last H4 candle being very bearish (long black candle) posting a new low on closing basis.
Taking in account the recent price action seen over the day and the failure to recover, further downside is likely to be seen overnight having in mind the targets
mentioned in my first analysis published early this morning.
No change in my view BTC is still a SELL on rally on a STRATEGIC VIEW !
Taking in account the recent price action seen over the day and the failure to recover, further downside is likely to be seen overnight having in mind the targets
mentioned in my first analysis published early this morning.
No change in my view BTC is still a SELL on rally on a STRATEGIC VIEW !
Đóng lệnh: đạt mục tiêu:
triangle target reached @ 48232
New H4 analysis will follow soon :-)
New H4 analysis will follow soon :-)
failed to reenter in this triangle pattern !
Monitor closely shorter time frames as mentioned in the updates done in H1 and M15