BTCUSD- H1/M15 - BOTH TIME FRAMES IN A DOWNTREND CHANNEL...
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H1 : Currently within the clouds in a downtrend channel.
Watch carefully clouds area, either top and bottom of the clouds.
Indeed, a breakout of one of those levels would give the tone for the
next move.
M15 : Roughly the same picture than in H1; nevertheless, a bullish divergence
took place (potential bullish engulfing in progress), which is likely to trigger some technical rebound.
Watch development in checking first, top of the clouds and then top of the
downtrend channel which will be the first levels to be broken for confirmation
of a very short term trend reversal
Watch carefully clouds area, either top and bottom of the clouds.
Indeed, a breakout of one of those levels would give the tone for the
next move.
M15 : Roughly the same picture than in H1; nevertheless, a bullish divergence
took place (potential bullish engulfing in progress), which is likely to trigger some technical rebound.
Watch development in checking first, top of the clouds and then top of the
downtrend channel which will be the first levels to be broken for confirmation
of a very short term trend reversal
Note
H1 : Last H1 closing below the bottom support of the downtrend channel.A failure to reenter in the former downtrend channel would open the door for
further downside towards 46900 ahead of former high @ 46294.
Below check the H4 pivot zone 46300-43000 which looks quite fragile.
On the upside, watch closely ongoing price action and check again MBB (
(48594) as the main short term resistance level to break.
M15 : Downtrend channel clearly broken !
Watch now Tenkan-Sen (Conversion Line) @ 47846 as the first very short
term resistance level ahead of MBB @ 48205
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