Ironman8848

BTC - D1/H4 - BEARISH ENGULFING PATTERN ON D1 - MEGAPHONE ON H4

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
D1 : Yesterday's price action triggered a Bearish Engulfing pattern with the first time
a closing level below both Mid Bollinger Band and strategic uptrend support line !
Levels to watch now are the following :
Upside :
R1 : 49260 ( MBB )
R2 : 50000 (former strategic uptrend & psychological level)
R3 : 51530 % 51600 ( Pivot level and Tenkan-Sen)
Downside :
S1 : 46000 (today's intraday low)
S2 : 45343 (Kijun-Sen)
S3 : 44845 (former double bottom )
A failure to hold above 44845 would put the focus on 43577 (50 % Fib ret) ahead of 40089 (61.8% Fib ret)

H4 : A "Megaphone" pattern is in progress !
Such kind of formation may either breakout on the upside or on the downside
Interesting to note that the lines of the "Megaphone" coincides roughly with the R and S levels above mentioned for D1

As usual, watch carefully price action on shorter time frames, for validation or invalidation.

Have a great trading day.

All the best

Ironman8848
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
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