H1 : As mentioned yesterday, a potential bullish divergence should not be overlooked ! Indeed, a bullish divergence took place and triggered a recovery, reaching the 50% Fib ret @ 54'439. A "weak" BUY signal has been detected but from current levels, the upside potential looks pretty limited, possible, towards the clouds resistance area (61.8% Fib ret around the top of the clouds !) M15 : The H1 bullish divergence @ 52'379 has been confirmed by a long white candle (bullish engulfing) which put the BTC in a uptrend channel, facing a first resistance area (clouds), staying for a while in the clouds and then breakout on the upside. Currently in the lower part of the bullish channel (below the middle line) Technical indicators looks tired and are showing some reversal signs CONCLUSION : As already mentioned, due to the high volatility seen on the BTC, it is absolutely crucial to monitor very carefully very short term time frames in order to catch early signs of reversal in one way or the other !!!
Commentaire
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As expected, H1 clouds worked once again perfectly well in rejecting the upside breakout attempt. Looking at the development in M15, the uptrend channel has been broken and the Mid Bollinger Band has already been tested twice. Watch carefully upcoming price action in M15 in monitoring closely MBB & Kijun-Sen on the downside and the base of the former uptrend channel & Middle line ! A sustainable move above 55'000 would force to a view reassessment on very short term perspective. Good luck
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And on the downside a failure to stay and hold above 54'250 would open the door for the clouds zone (54000-53400) which also coincides with the former H1 cluster area...
@dianaelena27, the future will tell you ! All depends on your tin frame analysis...
dianaelena27
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@Ironman_8848, really last past few days the price is struggling between 53k-54k...🙄🙄🙄.. Weekend is coming the volume isn't gonna to be increasing... How many correction down 51k..has been before btc reach 64k??? Corrections are healthy....
Ironman8848
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@dianaelena27, of course corrections are healthy on both sides :-)
dianaelena27
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@Ironman_8848, the correction need to be down now. Not up.. Cause yes evening it was over sold.. Still it is 🙄
Ironman8848
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@dianaelena27, in fact a correction could be seen on bith side ! It is depending on which trebd you are!!!
Actually , monthly,and weekly are still in an uptrend while dauly turned on a downtrend. therefore, in D1, for example, any recovery is corrective only !!!
dianaelena27
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@Ironman_8848, it is overbought again.. Cause no one wants to sell now.... This isn't trading..
Ironman8848
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@dianaelena27, at the end it is the market who is always right...