Following the strong rally seen over the last couple of days (4 successive white candles) the BTCUSD
lost momentum and switch from an upside price action to a sideways price action in a narrow slightly up
orange channel (currently in a 53'500-56'500 trading range) and facing right now roughly the middle level of this ongoing sideways/up trend
channel.
Looking behind, the lagging line is also trying to attempt a breakout of its former high, not achieved yet (should be done and confirmed on a daily basis).
IMPLICATIONS :
UPSIDE - A successful upside "orange" channel breakout (daily closing !), would reopen the door for the former steeper uptrend channel putting the focus on the psychological 60'000 level
DOWNSIDE - A failure to hold in the ongoing sideways/ up channel would trigger a downside move acceleration with focus on the psychological 50'000 support level.
TS @ 49'729 - KS @ 47'870 and MBB @ 46'616
4 HOURS (H4)
Sideways, slightly up channel pretty clear !
Mid Bollinger band acting currently as the first significant support level .
Watch same levels than for D1
Intermediate support @ 52'632 and very fragile (52'250-49'830 trading range below !!!)
Last but not least, bearish divergence has been detected and current price action looks like a pullback attempt; check if a convergence will take place and neutralise this ongoing downside risk !!!
SHORTER TIME FRAMES
HOURLY H1)
Clouds support zone under attack !
Ironman8848
lost momentum and switch from an upside price action to a sideways price action in a narrow slightly up
orange channel (currently in a 53'500-56'500 trading range) and facing right now roughly the middle level of this ongoing sideways/up trend
channel.
Looking behind, the lagging line is also trying to attempt a breakout of its former high, not achieved yet (should be done and confirmed on a daily basis).
IMPLICATIONS :
UPSIDE - A successful upside "orange" channel breakout (daily closing !), would reopen the door for the former steeper uptrend channel putting the focus on the psychological 60'000 level
DOWNSIDE - A failure to hold in the ongoing sideways/ up channel would trigger a downside move acceleration with focus on the psychological 50'000 support level.
TS @ 49'729 - KS @ 47'870 and MBB @ 46'616
4 HOURS (H4)
Sideways, slightly up channel pretty clear !
Mid Bollinger band acting currently as the first significant support level .
Watch same levels than for D1
Intermediate support @ 52'632 and very fragile (52'250-49'830 trading range below !!!)
Last but not least, bearish divergence has been detected and current price action looks like a pullback attempt; check if a convergence will take place and neutralise this ongoing downside risk !!!
SHORTER TIME FRAMES
HOURLY H1)
Clouds support zone under attack !
Ironman8848
