H1 : The rising wedge target @ 53067 has been reached, low being 52603 ! Last H1 candle triggered a hammer pattern with its closing level roughly at the congestion zone of previous candles. Therefore, as mentioned, in M15, short term recovery is in process with upside potential pretty limited. Indeed, this H1 time frame is showing from the rising wedge breakout, two successive pullback attempts which both failed. In order to neutralise the ongoing downside risk, BTC should recover above all important indicators, cluster being the former support trend line (in green) and the Mid Bollinger Band, currently @ 54987. Should this kind of move occurs, that would only be the first step of this short term recovery as the main obstacle is the clouds resistance area ranging between 55500 and 55750. ONLY A SUCCESS SUSTAINABLE BREAKOUT CONFIRMATION OF THE CLOUDS WOULD ADD SOME RESPITE TO THIS ONGOING BEARISH PRICE ACTION !
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Last H1 candle triggered a shooting star pattern which has been rejected by both Mid Bollinger Band and former uptrend support line. Failure to move and hold above Mid Bollinger Band would open the door for lower levels again. Watch Tenkan-Sen as support level