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.