BTC - H1/M15 - UNDER THE INFLUENCE OF A DOUBLE BOTTOM FORMATION
H1 : A double bottom formation took place yesterday; trigger level @ 49582
Trigger upside breakout occured but the failure to move above the current
downtrend line resistance rejected the breakou attempt. In addition, this rebound
nearly reached the 50% Fib ret @ 51599 (high was @ 51459)
We then saw a pullback towards the trigger level again.
Next H1 closing will show the direction and a failure to move and hold above the downtrend
line resistance would likely trigger further selling pressure, calling for further downside towards
the Mid Bollinger Band @ 48700 ahead of KS and former double bottom.
On the upside, as above mentioned, first obstacle to overcome is the downtrend line resistance
and then the clouds resistance area (50% Fib ret @ 51599) and 61.8% Fib @ 53193
Double bottom (if confirmed) gives a technical target @ 54319
M15 : Current base of the uptrend channel under attack !
Watch Kijun-Sen as support level indicator.
Failure to hold above it, would put the focus on the clouds support zone (48000-47500)
Have a nice trading day.
Good luck :-)
Trigger upside breakout occured but the failure to move above the current
downtrend line resistance rejected the breakou attempt. In addition, this rebound
nearly reached the 50% Fib ret @ 51599 (high was @ 51459)
We then saw a pullback towards the trigger level again.
Next H1 closing will show the direction and a failure to move and hold above the downtrend
line resistance would likely trigger further selling pressure, calling for further downside towards
the Mid Bollinger Band @ 48700 ahead of KS and former double bottom.
On the upside, as above mentioned, first obstacle to overcome is the downtrend line resistance
and then the clouds resistance area (50% Fib ret @ 51599) and 61.8% Fib @ 53193
Double bottom (if confirmed) gives a technical target @ 54319
M15 : Current base of the uptrend channel under attack !
Watch Kijun-Sen as support level indicator.
Failure to hold above it, would put the focus on the clouds support zone (48000-47500)
Have a nice trading day.
Good luck :-)
