D1 : Yesterday's strong recovery price action triggered a long white candle which is, usually considered as a BULLISH signal if confirmed by the next candle !
Therefore, as you can see on this time frame, BTC is, after having filling the 38.2% Fibonacci retracement @ 53'838
and making an intraday high, yesterday @ 54'405 (in the top range of my target mentioned in my previous short term tactical
analysis !), showing some lack of momentum, at least for the time being.
In addition, current level 54'000 is roughly in the middle of the D1 clouds which should be seen as NEUTRAL !
H4 : Last H4 candle triggered an HANGING MAN pattern (doji) which should be considered as a warning of a potential trend reversal (need to be confirmed
on a closing H4 basis by the ongoing candle.
Moreover, this bearish pattern took place roughly at the level of the secondary downtrend line resistance around 54'000 too.
CONCLUSION :
D1 : Today's closing will validate or invalidate the ongoing trend reversal (new uptrend channel)
BULLISH :
Next resistances : 54'405 (former high) ahead of 55'950
Supports : see H4 below
H4 : Ongoing H4 period will validate or invalidate the Hanging Man pattern
Scenarios :
BULLISH : H4 closing level above former high @ 54'405 would neutralise the downside risk
BEARISH : H4 closing level below 54'000 would confirm the Hanging Man pattern and open the door for further downside
Important to note : A lower closing price would reinforce the confirmation of the bearish pattern previously mentioned !!
S1 : 52'650
S2 : 51'577
S3 : 51'190 (Mid Bollinger) VERY IMPORTANT !!!
S4 :50'705 (Kijun-Sen)
Therefore, as you can see on this time frame, BTC is, after having filling the 38.2% Fibonacci retracement @ 53'838
and making an intraday high, yesterday @ 54'405 (in the top range of my target mentioned in my previous short term tactical
analysis !), showing some lack of momentum, at least for the time being.
In addition, current level 54'000 is roughly in the middle of the D1 clouds which should be seen as NEUTRAL !
H4 : Last H4 candle triggered an HANGING MAN pattern (doji) which should be considered as a warning of a potential trend reversal (need to be confirmed
on a closing H4 basis by the ongoing candle.
Moreover, this bearish pattern took place roughly at the level of the secondary downtrend line resistance around 54'000 too.
CONCLUSION :
D1 : Today's closing will validate or invalidate the ongoing trend reversal (new uptrend channel)
BULLISH :
Next resistances : 54'405 (former high) ahead of 55'950
Supports : see H4 below
H4 : Ongoing H4 period will validate or invalidate the Hanging Man pattern
Scenarios :
BULLISH : H4 closing level above former high @ 54'405 would neutralise the downside risk
BEARISH : H4 closing level below 54'000 would confirm the Hanging Man pattern and open the door for further downside
Important to note : A lower closing price would reinforce the confirmation of the bearish pattern previously mentioned !!
S1 : 52'650
S2 : 51'577
S3 : 51'190 (Mid Bollinger) VERY IMPORTANT !!!
S4 :50'705 (Kijun-Sen)
