D1 : As mentioned several times in my previous analysis, the 60'000 was the KEY PIVOT LEVEL and this on both sides !!!
You can see three previous similar price actions in the past and we are now in the phase IV.
Finally the BEARS won the battle and the expected downside breakout of this important support level triggered a sharp downside of acceleration
in a couple of hours which push the BTC towards a low, so far, today @ 51541, within a "stone's throw of the 38.2% Fibonacci retracement (51'106).
Interesting to note that the low reached so far coincided also with the middle of the daily clouds support area.
Looking ahead GLOBAL PICTURE REMAINS BEARISH ! Indeed, even with the recovery attempt towards 57'939 , by the way, which filled the 61.8 % Fib ret @ 57425 (see intraday M15) which was a natural reaction after this sharp move down.
BTC failed to maintain its recovery mode, moving down again...
Important to note that on a daily basis, all important support indicators, such as Mid Bollinger Band, Tenkan-Sen and Kijun-Sen have been broken (should
be confirmed on daily closing !)
In this time frame, in order to neutralise this ongoing bearish price action, BTC need to recover at least above the Mid Bollinger Band,(59325) which has been and which is still a very good leading indicator !
See upcoming H4 analysis which will help you to have a better picture of the intraday price action expectation.
Have a nice Sunday, take care and have fun.
Best
Ironman8848
You can see three previous similar price actions in the past and we are now in the phase IV.
Finally the BEARS won the battle and the expected downside breakout of this important support level triggered a sharp downside of acceleration
in a couple of hours which push the BTC towards a low, so far, today @ 51541, within a "stone's throw of the 38.2% Fibonacci retracement (51'106).
Interesting to note that the low reached so far coincided also with the middle of the daily clouds support area.
Looking ahead GLOBAL PICTURE REMAINS BEARISH ! Indeed, even with the recovery attempt towards 57'939 , by the way, which filled the 61.8 % Fib ret @ 57425 (see intraday M15) which was a natural reaction after this sharp move down.
BTC failed to maintain its recovery mode, moving down again...
Important to note that on a daily basis, all important support indicators, such as Mid Bollinger Band, Tenkan-Sen and Kijun-Sen have been broken (should
be confirmed on daily closing !)
In this time frame, in order to neutralise this ongoing bearish price action, BTC need to recover at least above the Mid Bollinger Band,(59325) which has been and which is still a very good leading indicator !
See upcoming H4 analysis which will help you to have a better picture of the intraday price action expectation.
Have a nice Sunday, take care and have fun.
Best
Ironman8848
