D1 : Yesterday's long bullish white candle triggered a closing level above the Mid Bollinger Band which
should be seen as a first positive signal for an upside continuation price action.
Nevertheless, I would suggest to remain extremely cautious following this "shy" upside breakout of both, MBB and
channel downtrend line resistance.
Indeed, before switching from BEARISH to BULLISH, we clearly need to have a strong confirmation of this breakout in order
to avoid a BULL TRAP !!!
Therefore, ongoing price action over the coming hours and more important today's closing level would either validate or invalidate
the yesterday's breakout.
See H4 below for additional information on shorter time frame
H4 : As shown the upside breakout of both clouds and downtrend channel still looks fragile...
Indeed, successive small candles are showing some indecision and uncertainty about further development either on the upside
or on the downside.
BTC is currently traded in the upside pivot zone trading range (50000-52650) and a clear breakout of the former high @ 52650 woul
add further support for a continuation upside move.
On the other side, former top resistance line of the downtrend channel ahead of Tenkan-Sen (Conversion line) @ 50053, should be seen as the first short term support level, ahead of the former "cluster" of both Mid Bollinger Band and Kijun-Sen (Base line) which is the first significant
support area being slightly above the 49000 area and last but not least the top of the clouds support zone (49000-47800) !
Watch shorter time frames H1 and M15 to get intermediate validation or invalidation signal (s)
Have a nice trading week.
All the best and take care
should be seen as a first positive signal for an upside continuation price action.
Nevertheless, I would suggest to remain extremely cautious following this "shy" upside breakout of both, MBB and
channel downtrend line resistance.
Indeed, before switching from BEARISH to BULLISH, we clearly need to have a strong confirmation of this breakout in order
to avoid a BULL TRAP !!!
Therefore, ongoing price action over the coming hours and more important today's closing level would either validate or invalidate
the yesterday's breakout.
See H4 below for additional information on shorter time frame
H4 : As shown the upside breakout of both clouds and downtrend channel still looks fragile...
Indeed, successive small candles are showing some indecision and uncertainty about further development either on the upside
or on the downside.
BTC is currently traded in the upside pivot zone trading range (50000-52650) and a clear breakout of the former high @ 52650 woul
add further support for a continuation upside move.
On the other side, former top resistance line of the downtrend channel ahead of Tenkan-Sen (Conversion line) @ 50053, should be seen as the first short term support level, ahead of the former "cluster" of both Mid Bollinger Band and Kijun-Sen (Base line) which is the first significant
support area being slightly above the 49000 area and last but not least the top of the clouds support zone (49000-47800) !
Watch shorter time frames H1 and M15 to get intermediate validation or invalidation signal (s)
Have a nice trading week.
All the best and take care
