H1 : Watch both downtrend and support lines as broad indicators in this time frame.
Important to also screen very carefully the clouds support area with the former low @ 50627
ahead of the 38.2% Fib ret @ 50071 (45915-52640)
On the upside, in order to neutralise the ongoing downside price action, we need to see an upside
move which should hold above the downtrend line resistance line, currently slightly below the 52'000 area .
A failure to stay and hold above the psychological level of 50'000 should accelerate the selling pressure, putting
the focus on the 50% Fib ret @ 49277 ahead of the 61.8% Fib ret @ 48483
M15 : Currently in a downtrend channel picture.
In order to neutralise the ongoing downside move, we need to see a recover, as mentioned on H1, and shown
in M15, above 52000 (pivot zone between 51940 and 52220 !)
On the downside, watch the downtrend channel support line as the first support ahead of former low @ 50627
and Fib ret @ 50071.
Below, same view than expressed on H1
Important to also screen very carefully the clouds support area with the former low @ 50627
ahead of the 38.2% Fib ret @ 50071 (45915-52640)
On the upside, in order to neutralise the ongoing downside price action, we need to see an upside
move which should hold above the downtrend line resistance line, currently slightly below the 52'000 area .
A failure to stay and hold above the psychological level of 50'000 should accelerate the selling pressure, putting
the focus on the 50% Fib ret @ 49277 ahead of the 61.8% Fib ret @ 48483
M15 : Currently in a downtrend channel picture.
In order to neutralise the ongoing downside move, we need to see a recover, as mentioned on H1, and shown
in M15, above 52000 (pivot zone between 51940 and 52220 !)
On the downside, watch the downtrend channel support line as the first support ahead of former low @ 50627
and Fib ret @ 50071.
Below, same view than expressed on H1
