D1 : After having nearly reached the expected target which were respectively 50187 (61.8% Fib ret) and the psychological support level of 50'000 in moving down towards an intraday low of 50360, the BTC recovered nicely towards an intraday high so far of 55597. This recent price action triggered a long white candle (bullish engulfing pattern) which on its upside move broke the Kijun-Sen line (currently @ 54037) but failed on a closing basis, yesterday to move above Tenkan-Sen (currently @ 55158), where we are at the moment. Interesting that this long bullish candle did not trigger a big volume !!! Key resistance area on D1 basis, remains Mid Bollinger Band (currently @ 56163) which also coincides with the current downtrend line resistance level. Therefore, unless a clear breakout of this zone occurs soon, recent and current price action should still be seen as a "NICE" corrective move only.. in a still ongoing bearish picture. Watch H4 and shorter time frames H1 and M15 to get clues about further intraday development which will allow you to act accordingly. Have a nice weekend and have fun All the best Take care and do not forget, if you like my analysis to like it and follow me Ironman8848
Hi, thank you very much for your time and work. I really like your cloudy charts! I was wondering if you see a possible huge bull flag forming. Inside of it I see a declining broadening wedge on the 12h, where we just had the third touch at 55,5k. Would you expect it to break out here already or go to the base at around 48k before? Thanks and take care Karolina