Following yesterday's price action, we can now draw a new downtrend resistance line (currently around 55'000)
UPSIDE :
In order to neutralise, this potential trend reversal the BTCUSD should recover and hold sustainably above 55'000 and this
on a DAILY CLOSING BASIS !!!
DOWNSIDE :
the level of 53'433 (already mentioned in my previous analysis and already tested yesterday !) should be seen
as a warning signal; a daily closing below this level would trigger at least a "DARK CLOUD COVER" which is not a strong bearish signal
but nevertheless considered as an alert, calling for potential further downside.
Indeed, as you can see on this chart, the 53'300-47'700 trading range is very fragile (sept 7th, long black candle on the downside) and
4 successive white candles on the upside !!! (Mirror effect)
CONCLUSION :
A clear breakout of the 53'300 support area which would put the BTCUSD in a very fragile trading zone, should accelerate the downside move !
Watch carefully intraday shorter time frames to get intermediate clues.
Have a nice day
Ironman8848
UPSIDE :
In order to neutralise, this potential trend reversal the BTCUSD should recover and hold sustainably above 55'000 and this
on a DAILY CLOSING BASIS !!!
DOWNSIDE :
the level of 53'433 (already mentioned in my previous analysis and already tested yesterday !) should be seen
as a warning signal; a daily closing below this level would trigger at least a "DARK CLOUD COVER" which is not a strong bearish signal
but nevertheless considered as an alert, calling for potential further downside.
Indeed, as you can see on this chart, the 53'300-47'700 trading range is very fragile (sept 7th, long black candle on the downside) and
4 successive white candles on the upside !!! (Mirror effect)
CONCLUSION :
A clear breakout of the 53'300 support area which would put the BTCUSD in a very fragile trading zone, should accelerate the downside move !
Watch carefully intraday shorter time frames to get intermediate clues.
Have a nice day
Ironman8848
