BTC is currently below the clouds (33500-34000) in this 4 hours chart and also below 2 important levels which are, respectively :
1) MBB @ 32'822
2) Kijun-Sen @ 33'133
and slightly above Tenkan-Sen @ 32'384 (very shy !)
So what next ?
Well, I do not change my view about further development to come which is calling for further downside towards, firstly to the former low @ 31'589 and if it is the case, I would suggest to watch carefully on intraday time frames, at the technical indicators and mainly to the to potentially detect some (s) which could trigger a tactical recovery supported by the base of the pattern.
A failure to hold above the support line of this pattern would then confirm further downside in the cards calling for 30'300 ahead of 30'000 as already mentioned in the past.
My strategic target remains 27'169, this level being the 61.8% of the big 3850-64895 rally; once this level will be reached, situation will be reassessed :-)
On the upside, first significant resistance @ 33'500-34'000 and only a sustainable move above 34'000 would force to a view reassessment of my expected scenario.
All the best and take care
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Watch intraday time frames to get clues and detect a signal of a potential bullish divergence which would trigger a short term recovery and provide tactical long exposure opportunity in keeping in mind a disciplined risk & reward approach (trailing stop loss) as it is not a STRATEGIN trend reversal yet, but ONLY A CORRECTIVE MOVE IN A BROAD BEAR TREND CALLING FOR LOWER LEVELS !
Watch carefully price action around the psychological support level of 30'000 ; a failure to stay and hold above that level would put the focus on the 27'000 area ( - 10% !)
Have a nice week