BTC - D1/H4 - 38.2% FIBONACCI RETRACECEMENT @ 51106 FILLED !
D1 : Another black candle took place yesterday in filling on its way down the
38.2 % Fibonacci retracement @ 51106.
Today's ongoing bearish price action already tested the bottom of the D1 clouds
support zone and breaking briefly the 50'000 level in printing a low, so far of 49682 !
CONCLUSION :
No change in my view, bearish move is still alive and in this time frame, we are right
now in the clouds (neutral zone).
Bearish scenario : (expected)
Downside breakout of the clouds support base on a daily closing basis would be the first
signal of a continuation of the ongoing downtrend and would open the door for lower levels
towards 48232 (H4 triangle target - see below) ahead of 46847 (50% Fib ret).
Neutral scenario :
Trading range within the clouds (49700-54250)
Bullish scenario :
Upside breakout of the clouds resistance (top) @ 54250 would be the first signal of a trend reversal
calling for further upside
H4 : Ongoing bearish price action confirmed.
The 50'000 psychological level has been briefly broken.
All Indicators are, without exception, converging to the South !!!
Any recovery should still be seen as a CORRECTIVE MOVE ONLY ! IN AN ONGOING BROAD BEARISH PRICE ACTION.
A breakout confirmed by a H4 closing below 50'000 would put the focus on the triangle technical target @ 48232
In order to neutralise the ongoing downside move, BTC should, in this time frame at least recover above the 53'000
area which if done would confirm a trend reversal pattern in this H4 time frame.
38.2 % Fibonacci retracement @ 51106.
Today's ongoing bearish price action already tested the bottom of the D1 clouds
support zone and breaking briefly the 50'000 level in printing a low, so far of 49682 !
CONCLUSION :
No change in my view, bearish move is still alive and in this time frame, we are right
now in the clouds (neutral zone).
Bearish scenario : (expected)
Downside breakout of the clouds support base on a daily closing basis would be the first
signal of a continuation of the ongoing downtrend and would open the door for lower levels
towards 48232 (H4 triangle target - see below) ahead of 46847 (50% Fib ret).
Neutral scenario :
Trading range within the clouds (49700-54250)
Bullish scenario :
Upside breakout of the clouds resistance (top) @ 54250 would be the first signal of a trend reversal
calling for further upside
H4 : Ongoing bearish price action confirmed.
The 50'000 psychological level has been briefly broken.
All Indicators are, without exception, converging to the South !!!
Any recovery should still be seen as a CORRECTIVE MOVE ONLY ! IN AN ONGOING BROAD BEARISH PRICE ACTION.
A breakout confirmed by a H4 closing below 50'000 would put the focus on the triangle technical target @ 48232
In order to neutralise the ongoing downside move, BTC should, in this time frame at least recover above the 53'000
area which if done would confirm a trend reversal pattern in this H4 time frame.
