BTC - H4 - STILL ABOVE THE CLOUDS...BUT...
Updated
H4 : Take a few seconds for looking back what happened since the peak reached 3 weeks ago !
Indeed, you can see that the downtrend (falling wedge in progress) is still intact.
1) Several recoveries attempt (upside breakout failures occured; the most important attempt
being the one seen a couple of days ago ;
A) A long white bullish candle
B) A doji top at the peak !
C) A reversal long black candle pushing down again the BTC inside the falling wedge pattern
2) Then sideways price action with, yesterday, a new upside breakout attempts of the downtrend line resistance
which triggered again a Doji and this time, roughly at the level of the donwtrend line resistance !
3) Current level is around the MBB (@ 33748) and below both TS and KS, respectively @ 33895 and 33885
4) Top of the clouds support zone has been tested this morning !
Conclusion :
Scenario bearish : Failure to quickly recover and hold above MBB, KS and TS should trigger further selling pressure
targeting a downside breakout of the clouds with the following targets :
1) 32641
2) 31975
3) 31308
Scenario bullish : Recovery success in breaking the downtrend line resistance opening the door for the following targets :
1) former high @ 34800
2) 35060
3) 35740
4) 36419
Due to high volatility I would strongly suggest to carefully screen shorter time frame , H1 and M15, to detect early signals
which would allow to act accordingly.
Have a nice Sunday :-)
Good luck
Ironman8848
Indeed, you can see that the downtrend (falling wedge in progress) is still intact.
1) Several recoveries attempt (upside breakout failures occured; the most important attempt
being the one seen a couple of days ago ;
A) A long white bullish candle
B) A doji top at the peak !
C) A reversal long black candle pushing down again the BTC inside the falling wedge pattern
2) Then sideways price action with, yesterday, a new upside breakout attempts of the downtrend line resistance
which triggered again a Doji and this time, roughly at the level of the donwtrend line resistance !
3) Current level is around the MBB (@ 33748) and below both TS and KS, respectively @ 33895 and 33885
4) Top of the clouds support zone has been tested this morning !
Conclusion :
Scenario bearish : Failure to quickly recover and hold above MBB, KS and TS should trigger further selling pressure
targeting a downside breakout of the clouds with the following targets :
1) 32641
2) 31975
3) 31308
Scenario bullish : Recovery success in breaking the downtrend line resistance opening the door for the following targets :
1) former high @ 34800
2) 35060
3) 35740
4) 36419
Due to high volatility I would strongly suggest to carefully screen shorter time frame , H1 and M15, to detect early signals
which would allow to act accordingly.
Have a nice Sunday :-)
Good luck
Ironman8848
Note
first target @ 32641 filled.continue to monitor M15 and H1 to identify a potential "short" term reversal.
First signal on M15 would be a recovery above MBB @ 33220 which should be confirmed by further upside above 33695 H1 MBB
Indeed as long as we stay below both levels above mentioned the downside risk remains alive for further downside towards the 32000 area first ahead of 31300
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