BTC - ONGOING DOWNTREND STILL INTACT !
M1 : Recovery attempt failed...!
W1 : Bearish engulfing pattern in progress (wait W1 closing for validation or invalidation)
D1 : Below the clouds and for the time being below the cluster of TS, MBB and KS
In order to neutralise the ongoing downtrend, BTC should at least, quickly recover above
MBB (@ 37'040) ahead of TS, currently @ 38'000). A failure to do it would probably increased this
ongoing selling pressure, in opening the door for lower levels towards 33'500/33'000 first ahead of
31'000/30'000.
H4 : 61.8% Fib ret @ 34'965 filled, with an intraday low of 34'718. Below the clouds. In this time frame,
first significant resistance level is @ 36'460 (TS) ahead of the 38'000 area, level already mentioned in D1.
H1 : The low @ 34'718, triggered a bullish divergence which pushed, slightly up the BTC, facing currently MBB
as first resistance level ahead of KS slighly higher @ 36'345
M30 : Bullish divergence also clearly confirmed. Watch clouds resistance area which also coincides with H1 KS !
M15 : Currently facing clouds resistance zone
M5 : Currently attempting to upside breakout a triangle pattern (Warning the breakout is to close of the Apex, which means
this kind of triangle should be seen cautiously !!)
CONCLUSION :
No change in my bearish view, already expressed long time ago, any recovery should be seen as a tactical move only and not as a strategic
trend reversal yet. ONLY A MOVE ABOVE 43'380 ON A WEEKLY BASIS WOULD FORCE TO A VIEW REASSESSMENT OF MY EXPECTED BEARISH SCENARIO.
Have a nice weekend and have fun.
All the best and take care
Ironman8848
W1 : Bearish engulfing pattern in progress (wait W1 closing for validation or invalidation)
D1 : Below the clouds and for the time being below the cluster of TS, MBB and KS
In order to neutralise the ongoing downtrend, BTC should at least, quickly recover above
MBB (@ 37'040) ahead of TS, currently @ 38'000). A failure to do it would probably increased this
ongoing selling pressure, in opening the door for lower levels towards 33'500/33'000 first ahead of
31'000/30'000.
H4 : 61.8% Fib ret @ 34'965 filled, with an intraday low of 34'718. Below the clouds. In this time frame,
first significant resistance level is @ 36'460 (TS) ahead of the 38'000 area, level already mentioned in D1.
H1 : The low @ 34'718, triggered a bullish divergence which pushed, slightly up the BTC, facing currently MBB
as first resistance level ahead of KS slighly higher @ 36'345
M30 : Bullish divergence also clearly confirmed. Watch clouds resistance area which also coincides with H1 KS !
M15 : Currently facing clouds resistance zone
M5 : Currently attempting to upside breakout a triangle pattern (Warning the breakout is to close of the Apex, which means
this kind of triangle should be seen cautiously !!)
CONCLUSION :
No change in my bearish view, already expressed long time ago, any recovery should be seen as a tactical move only and not as a strategic
trend reversal yet. ONLY A MOVE ABOVE 43'380 ON A WEEKLY BASIS WOULD FORCE TO A VIEW REASSESSMENT OF MY EXPECTED BEARISH SCENARIO.
Have a nice weekend and have fun.
All the best and take care
Ironman8848
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