W1 : Global picture is showing a "mirror effect" in progress.
Last week price action triggered a long black candle (bearish engulfing pattern) which
filled the 23.6 % Fibonacci retracement @ 45491 (3850-58354) and reached an intra-week
low of 43021 !
After this sharp downside, it was more than likely to see some recovery which took place in
pushing up the BTC towards a high, so far of 46875, which globally should still be seen as an "healthy"
corrective move in a still a broad bear trend !
In order to neutralise this ongoing bearish price action, in W1, we need to see a move which should
break, at least the level of 51362, which is the middle of the bearish engulfing pattern).
Watch D1 for clues
Have a nice week
Last week price action triggered a long black candle (bearish engulfing pattern) which
filled the 23.6 % Fibonacci retracement @ 45491 (3850-58354) and reached an intra-week
low of 43021 !
After this sharp downside, it was more than likely to see some recovery which took place in
pushing up the BTC towards a high, so far of 46875, which globally should still be seen as an "healthy"
corrective move in a still a broad bear trend !
In order to neutralise this ongoing bearish price action, in W1, we need to see a move which should
break, at least the level of 51362, which is the middle of the bearish engulfing pattern).
Watch D1 for clues
Have a nice week
