BTC - H1/M15 - ONGOING BEARISH PRICE ACTION...

H1 : In a broad downtrend channel with current level still below the clouds !
Very short term sideways channel ranging between former high @ 51378 and former
low @ 49388
Breakout of one of those level will open a new trading range.

M15 : Caught in this very short term sideways channel !
As mentioned in H1, a breakout of this channel will open new trading range,
respectively 49388-47555/46000 on the downside (expected !) and 51378- 52245/54000 (see H1 chart) on the upside

Have a nice weekend
All the best and have fun

Ironman8848

Comment:

potential very short term recovery !
Indeed a double bottom is in progress (double hammer !)
This pattern would be confirmed on a breakout of the trigger level (former high @ 49564 an by the way, also roughly the level of the Mid Bollinger Band.
Conclusion : watch carefully price action over the upcoming H15 period (s)
Keep in mind that such kind of rebound should be seen as a pur tactical risky trade and therefore disciplinated Risk Reward should be put in place as it is a countertrend trade with a relatively limited upside potential...

Comment:

Target 50415

Comment:

Sideways price action, roughly in the middle of the range on very short term perspective.
Slightly positive as it is currenly above the clouds
Watch Mid bollinger band as first support and the 49'000 (minor support trend line)
as a trigger level which would neutralise the very short term recovery expectation expressed before...

Trade closed: target reached:

50415 filled