BTC - AT A GLANCE - THE TREND IS YOUR FRIEND...M1: Ongoing trend reversal which has been triggered by a doji pattern,
Current candle is for the time being confirming this bearish price action (long black
candle).
In addition, the 38.2 % Fib ret @ 45575, has nearly been reached, low so far being 42'185.
Monthly closing level at the end of May will be crucial !!!
W1 : Last W1 closing @ 46'444 is below the Mid Bollinger Band which should be seen as
an additional warning, confirming the ongoing trend reversal.
Last support barrier is @ 40'550 and a failure to hold above this level would open the door for
37'350 ahead of 34'372 !!!
D1 : Breakout confirmation of the former support trend line around 49300-49000 (yesterday's price
action triggered a doji pattern !)
H4 : Below the cluster and below the clouds.Only a sustainable recovery above 46'000 would neutralise
"temporarily" the ongoing downside risk.
H1 : MBB @ 46'000 too
M30 : MBB @ 44'800
M15 : Watch cluster @ 44'350
M5 : Watch the clouds ! A successfull upisde breakout of the 44'000-44'500 would be the first signal of a very
short term recovery which should be seen as A CORRECTIVE MOVE ONLY and used as TACTICAL TRADING OPPORTUNITY
in a BROAD BEAR TREND !!!
Have a nice week
All the best
Take care
Ironman8848
