Last week price action (black candle) triggered, on a closing basis, a BEARISH ENGULFING pattern ! Ongoing bearish price action will continue to weigh on the BTC in opening the door for a retest of former lows of 31'025, 30'066, psychological 30'000 support level, for the next significant target of 27'169, being the 61.8% Fibonacci retracement of the 3'850-64895 rally. Interesting to note that this target coincides also with the weekly clouds support area(27150-22925) and which should be seen as a very strong support zone in this time frame. Watch shorter time frame for validation or invalidation of this expected scenario. BTC is currently far away of KS or pivot level @ 45'363 ! In order to neutralise this ongoing selling pressure, BTC should at least, recover above the primary downtrend line resistance ahead of KS, previously mentioned. Some tactical trading opportunities will, in due course, of course occur; offering countertrend buying opportunities which should be seen as a corrective move only on a broad bear trend ! PLEASE KEEP IN MIND TO PROTECT YOUR COUNTERTREND EXPOSURE WITH TIGHT TRAILING STOP LOSS !! Have a nice trading week. All the best and take care If you find my analysis as an added value for you, please do not forget to like it and for those who did not follow me yet, please add Ironman8848 in your following list. Ironman8848
@JordanMCXXII, many thanks for your compliment :-) ! Iam not always right but at least I try to do my best…
RickSanchez187
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Well no one is right all the time. I don’t necessarily “trade” off of your analysis but I really like when you come out with an idea that matches my trade analysis! Especially when I’m already sitting in it wondering if I should take some portraits or ride it longer. Almost always I take profits, because of counter trend reversals. Just adds an extra opportunity