BTC - AT A GLANCE - CORRECTIVE MOVE...IN A BROAD BEAR TREND !
Updated
M1 : Far above the clouds ! Ongoing bearish price action, currently
below the monthly pivot level @ 52021. May closing
will be important for further development !
W1 : Far above the clouds too ! Support trend line of the ongoing uptrend channel
has been briefly broken overnight in reaching a low so far
of 45'700, also moving briefly below MBB, currently @ 48785.
This level which also coincides with the bottom of the uptrend
channel is the first significant support level to look at on W1 closing basis.
D1 : Below the clouds !!!
The breakout of the clouds triggered a downside acceleration towards
a low so far of 45'700, filling on its way the double top technical target
@ 46245 (see previous analysis, related idea below)
H4 : Below the clouds.After this sharp decline a "normal" recovery took place and the BTC moved
up towards a high of 51382 so far, already filling the 61.8% Fib ret (see H1)
Next resistances to look at are @ 51860 ahead of 52'650.
Following this sharp rebound, upside potential from current level looks pretty limited
and shorter time frames should be watch carefully to detect early reversal signal (s)
H1 : Below the clouds, 61.8 % Fib ret @ 51335 filled, below KS and MBB
Watch shorter time frames for clues
M30 : Slightly above MBB, but still below the important resistance level of 52000, mentioned yesterday !
M15 : Above KS, MBB and TS, currently attempting to break the clouds resistance are in this time frame.
Watch carefully upcoming price action, validation of the breakout will be confirmed by a move above the 52000
previously mentioned.
M5 : Currently attempting to exit on the upside the short term sideways channel.
CONCLUSION :
FOR THE TIME BEING RECENT AND CURRENT PRICE ACTION SHOULD BE SEEN AS A CORRECTIVE MOVE ONLY IN
A ESTABLISHED BROAD BEAR TREND !!!
Watch 52'000 on the upside and cluster TS,MBB and KS on the downside (51135-50965)
A sustainable move above 52'000 or below 50950 will give the "temperature" for the upcoming trading hours.
Have a nice trading day.
All the best and take care
Tks for supporting my work in liking my analyses and in adding Ironman8848 in your following list if it has not been done yet :-)
Best
Ironman8848
below the monthly pivot level @ 52021. May closing
will be important for further development !
W1 : Far above the clouds too ! Support trend line of the ongoing uptrend channel
has been briefly broken overnight in reaching a low so far
of 45'700, also moving briefly below MBB, currently @ 48785.
This level which also coincides with the bottom of the uptrend
channel is the first significant support level to look at on W1 closing basis.
D1 : Below the clouds !!!
The breakout of the clouds triggered a downside acceleration towards
a low so far of 45'700, filling on its way the double top technical target
@ 46245 (see previous analysis, related idea below)
H4 : Below the clouds.After this sharp decline a "normal" recovery took place and the BTC moved
up towards a high of 51382 so far, already filling the 61.8% Fib ret (see H1)
Next resistances to look at are @ 51860 ahead of 52'650.
Following this sharp rebound, upside potential from current level looks pretty limited
and shorter time frames should be watch carefully to detect early reversal signal (s)
H1 : Below the clouds, 61.8 % Fib ret @ 51335 filled, below KS and MBB
Watch shorter time frames for clues
M30 : Slightly above MBB, but still below the important resistance level of 52000, mentioned yesterday !
M15 : Above KS, MBB and TS, currently attempting to break the clouds resistance are in this time frame.
Watch carefully upcoming price action, validation of the breakout will be confirmed by a move above the 52000
previously mentioned.
M5 : Currently attempting to exit on the upside the short term sideways channel.
CONCLUSION :
FOR THE TIME BEING RECENT AND CURRENT PRICE ACTION SHOULD BE SEEN AS A CORRECTIVE MOVE ONLY IN
A ESTABLISHED BROAD BEAR TREND !!!
Watch 52'000 on the upside and cluster TS,MBB and KS on the downside (51135-50965)
A sustainable move above 52'000 or below 50950 will give the "temperature" for the upcoming trading hours.
Have a nice trading day.
All the best and take care
Tks for supporting my work in liking my analyses and in adding Ironman8848 in your following list if it has not been done yet :-)
Best
Ironman8848
Comment
so far so good.. watch the clouds friends :-)Have a nice evening
All the best
Comment
warning ! rising wedge on M5Watch breakout on one or on the other side.
Usually for this kind of pattern, breakout occurs on the downside !!
Have a good night
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