H1 : Strong recovery seen overnight from 56'250 towards 58'315
which has been triggered by the breakout of the cluster (TS/MBB) around
It looks like BTC is losing momentum as shown over the last couple of candles,
with a doji, at the top for the time being.
M15 : Picture even clearer, the breakout of the cluster (TS/MBB/KS/Clouds) triggered
W1 : As shown on this chart, last week price action triggered a long white candle (bullish engulfing)
which neutralized the former downside risk.
In addition BTC closed above the Tenkan-Sen (Conversion line) which is also a positive sign.
The pivot level on this W1 time frame is @ 52'700.
Indeed, as seen in the past, this area coincided at the middle of long...
H4: Failure to recover, firstly, above the secondary downtrend line resistance and secondly, the body (black candle) of the last H4 period, are the first signs of the validation of the “Hanging Man” pattern, previously mentioned which should now trigger further downside, focusing on the Fibonacci retracements levels and Mid Bollinger Band, which are :
H1 : Caught in a sideways range (52630 – 54400) and still above MBB (53673).
A failure to stay and hold above MBB
would open the door for the 23.6 % fib ret @ 52658 ahead of 51’577.
On the upside, a breakout of the former high @ 54’405 would be the first signal of a switch
from a short term sideways (neutral) price action to a bullish one !
M15 : An Head and...
M1 : Still above the long term support trend line (to be confirmed
at month end closing !)
W1 : Within an ongoing downtrend channel, in a downtrend (red line) and below the clouds.
Still below all important indicators such as Mid Bollinger Band, Tenkan-Sen and Kijun-Sen.
Nevertheless, this week price action is showing, for the fist time since several weeks, first...