H4 : Last candle closing @ 44'636 is the first warning signal which triggered, as expected and mentioned in my previous
analysis published yesterday, a "shy" pullback, which should be watch at very carefully and which will be crucial for further development.
Indeed, a failure to recover above the ongoing support trend line (green line) and watch also RSI which broke down as well, will confirm further downside in the cards, calling
probably for a retest of former lows (44'125 ahead of 42'900) where situation should be reassessed ! (double bottom ?)
On the upside, a recovery above the support trend line, would temporary neutralise the downside risk but as long as BTC stay below the
H4 cluster (currently 45'508-45772), the selling pressure will remain. The MBB worked, once again, very well, breakouts attempts but...not confirmed !
A breakout of the cluster resistance area would then put the focus on the next key pivot resistance area...which is once again the H4 clouds
zone (46'900-48'000).
Watch shorter time frames to detect early signal (s) which will validate or invalidate the two scenarios above mentioned.
Have a nice day & week.
All the best and take care
Ironman8848
analysis published yesterday, a "shy" pullback, which should be watch at very carefully and which will be crucial for further development.
Indeed, a failure to recover above the ongoing support trend line (green line) and watch also RSI which broke down as well, will confirm further downside in the cards, calling
probably for a retest of former lows (44'125 ahead of 42'900) where situation should be reassessed ! (double bottom ?)
On the upside, a recovery above the support trend line, would temporary neutralise the downside risk but as long as BTC stay below the
H4 cluster (currently 45'508-45772), the selling pressure will remain. The MBB worked, once again, very well, breakouts attempts but...not confirmed !
A breakout of the cluster resistance area would then put the focus on the next key pivot resistance area...which is once again the H4 clouds
zone (46'900-48'000).
Watch shorter time frames to detect early signal (s) which will validate or invalidate the two scenarios above mentioned.
Have a nice day & week.
All the best and take care
Ironman8848
Have a look at the daily picture and you will see... the clouds !
Watch shorter time frames to get intermediate signal (s)
have fun and all the best
Take care