BTC - D1 - A NEW DOWNTREND IS TAKING PLACE...
D1 : Last 2 trading sessions is showing a switch from a BULL mode to a BEAR one.
Indeed, looking at the last 2 closing sessions we can see 2 black candles with
the one of yesterday, closing "timidly" just above Tenkan-Sen (conversion line).
Today's ongoing price action is currently under that level, in having already tested
the secondary uptrend support line.
A new downtrend line (in red) took place and should now, be seen as the level
to break in order to neutralise the current ongoing bearish move; interesting to note
that, the resistance area to break, coincides roughly with the former D1 closing high @ 57500
reached on Feb 21st.
50 % Fib ret (43021-61781) @ 52401 !
CONCLUSION :
In D1 time frame, as long as BTC does not recover and hold above 57500, global picture
should be seen BEARISH.
A failure to hold above both Kijun-Sen (Base line) @ 52401 ahead of Mid Bollinger Band (Leading indicator)
@ 51908 would confirm further downside in opening the door for the 50000 psychological support...which is
also roughly the 61.8 % Fibonacci retracement of the 43021-61781 rally (@50187).
Have a nice trading day.
All the best and take care
Ironman@8848
Indeed, looking at the last 2 closing sessions we can see 2 black candles with
the one of yesterday, closing "timidly" just above Tenkan-Sen (conversion line).
Today's ongoing price action is currently under that level, in having already tested
the secondary uptrend support line.
A new downtrend line (in red) took place and should now, be seen as the level
to break in order to neutralise the current ongoing bearish move; interesting to note
that, the resistance area to break, coincides roughly with the former D1 closing high @ 57500
reached on Feb 21st.
50 % Fib ret (43021-61781) @ 52401 !
CONCLUSION :
In D1 time frame, as long as BTC does not recover and hold above 57500, global picture
should be seen BEARISH.
A failure to hold above both Kijun-Sen (Base line) @ 52401 ahead of Mid Bollinger Band (Leading indicator)
@ 51908 would confirm further downside in opening the door for the 50000 psychological support...which is
also roughly the 61.8 % Fibonacci retracement of the 43021-61781 rally (@50187).
Have a nice trading day.
All the best and take care
Ironman@8848
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