Ironman8848

BTCUSD - H4 - BREAKOUT ATTEMPT OF THE DOWNTREND CHANNEL TOP...

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
H4 : Last candle closed slightly up, above the top of the downtrend channel line and also
above Mid Bollinger Band (46091).
Nevertheless, this breakout, for the time being looks very fragile and we need to wait
the next H4 closing for confirmation.

Indeed, an upside breakout confirmation would then open the door for 47550 which is the
level of Kijun-Sen in H4.
On the opposite, a failure to hold above the top of the downtrend channel , would, again put the
focus on lower level with Tenkan-Sen as a first support (45298).
Global picture remains heavy as we are still under the clouds.
Watch H1 for clues
Comment: H4 : Doji (uncertainty) before the last long white candle (bullish) which closed above Kijun-Sen @ 47550 for the first time since Feb 23th may change the outlook for the coming hours. Nevertheless, before to totally change the view from bearish to bullish, I would strongly suggest to wait for another H4 closing as a confirmation.
Indeed, a quick extension towards the 38.2% Fib ret @ 48878 could be seen in this
dynamic recovery.
Watch H1 and M15 for intermediate validation or invalidation.
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
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