BTC - M15 - POTENTIAL DOUBLE BOTTOM IN PROGRESS !
M15 : The expected 52272 has not been filled this time... Low being 52603.
Rising wedge target reached on H1 @ 53067
This recent downside move price action triggered some bullish divergences
and a piercing line pattern took place,
In addition, the low reached @ 52603 is showing a potential double bottom pattern
(trigger level being 54694 which was by the way the former trigger level of the previous double top formation).
As a result, we are seeing a recovery, which is expected, once again to be limited as we are still below important
indicators and last but not least still below the clouds...
No change in my view, recent and current price action should still be seen as a corrective move in a broad bear
trend calling for lower levels.
Therefore, it is STILL A SELL ON RALLY TRADING MODE, having in mind a STRATEGIC VIEW !!!
Tactical countertrend providing, of course, some very short term trading opportunities which should, as told, several
times, be managed extremely carefully in adopting a very disciplinated RISK & REWARD ratio.
Do not forget, the trend changed...
Have a nice trading day.
All the best to everybody and have fun
As usual if you find my analysis valuable on your trading activity, please do not forget to like it and if not done yet, add me on your
following list :-)
Ironman8848
Rising wedge target reached on H1 @ 53067
This recent downside move price action triggered some bullish divergences
and a piercing line pattern took place,
In addition, the low reached @ 52603 is showing a potential double bottom pattern
(trigger level being 54694 which was by the way the former trigger level of the previous double top formation).
As a result, we are seeing a recovery, which is expected, once again to be limited as we are still below important
indicators and last but not least still below the clouds...
No change in my view, recent and current price action should still be seen as a corrective move in a broad bear
trend calling for lower levels.
Therefore, it is STILL A SELL ON RALLY TRADING MODE, having in mind a STRATEGIC VIEW !!!
Tactical countertrend providing, of course, some very short term trading opportunities which should, as told, several
times, be managed extremely carefully in adopting a very disciplinated RISK & REWARD ratio.
Do not forget, the trend changed...
Have a nice trading day.
All the best to everybody and have fun
As usual if you find my analysis valuable on your trading activity, please do not forget to like it and if not done yet, add me on your
following list :-)
Ironman8848
Watch carefully price action over the coming M15 periods !
A failure to clearly breakout the clouds and hold above it would trigger renewal selling pressure
On the downside monitor closely the Mid Bollinger Band as short term support level !