BTC - H4 - HANGING MAN VALIDATION !
Updated
H4: Failure to recover, firstly, above the secondary downtrend line resistance and secondly, the body (black candle) of the last H4 period, are the first signs of the validation of the “Hanging Man” pattern, previously mentioned which should now trigger further downside, focusing on the Fibonacci retracements levels and Mid Bollinger Band, which are :
S1 : 52658
S2 : 51577
S3 : MBB 51183
S3 : 50704
S4 : 49831
ONLY A SUSTAINABLE RECOVERY ABOVE THE FORMER HIGH @ 54405 AND ABOVE THE CLOUDS, WOULD INVALIDATE THIS EXPECTED BEARISH SCENARIO !
Watch H1 and M15 to get intermediate signal (s)
Have a nice trading day
All the best
Take care
Ironman8848
S1 : 52658
S2 : 51577
S3 : MBB 51183
S3 : 50704
S4 : 49831
ONLY A SUSTAINABLE RECOVERY ABOVE THE FORMER HIGH @ 54405 AND ABOVE THE CLOUDS, WOULD INVALIDATE THIS EXPECTED BEARISH SCENARIO !
Watch H1 and M15 to get intermediate signal (s)
Have a nice trading day
All the best
Take care
Ironman8848
Note
Last candle is going against my expectation of the validation of the Hanging Man pattern.Nevertheless, as you can see the last closing level is slighly higher than the former
high of 57'405.
Therefore, I would wait for the next candle for additional confirmation !!
In the meantine, continue to monitor carefully price action on shorter H1 and M15 time frames.
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