M1 : Monthly closing in a couple of hours will most probably confirm
a long black candle = very bearish !
W1 : Closing level of the last candle showed, the inability for the BTC,
to recover sustainably in confirming what I TOLD you from roughly the 60'000 level (Doji pattern
on Monthly chart), that BTC is not a buy on dips but a SELL ON RALLY !!!
In order to neutralise this persisting downside risk, BTC should at least recover above
KS which is currently @ 41'230.
D1 : Ongoing downtrend price action still alive, failure to recover above both TS and
secondary downtrend line is adding further support to my expected ongoing bearish scenario
calling for lower levels and at least a retest of the former lows (33425, 31107 ahead of 30066)
61.8 % Fibonacci retracement (3850-64895) being @ 27'169 !!!)
H4 : Failure to recover above 36'500 (former congestion top) and above KS and the clouds triggered
a new selling pressure. Next support @ 33'425 and on the upside watch 36'500
H1 : Clouds worked perfectly well as THE RESISTANCE ZONE with the top of the clouds, coinciding roughly
with the former congestion top at around 36'500 mentioned in H4.
M30 : Below the clouds and below the cluster (TS, KS and MBB)
M15 : Same than M30 with a bullish divergence which triggered a bullish engulfing pattern, Short term upside potential
towards 35000, 35250 and 35500 , the latter level coinciding roughly with the clouds resistance in this time frame.
M5 : Below the clouds which are currently in a 34'800-35200
CONCLUSION :
Watch carefully price action on M5, M15 and M30 to detect validation or invalidation of a potential short term recovery
which, as mentioned above, is expected to be pretty limited and still considered as a CORRECTIVE MOVE ONLY IN A BROAD BEAR TREND.
Have a nice week,
All the best, take care and have fun.
Last but not least, if you find my analysis valuable for you, please do not forget to like it and for those who are not a follower, pls follow me
Many thanks in advance.
Ironman8848
a long black candle = very bearish !
W1 : Closing level of the last candle showed, the inability for the BTC,
to recover sustainably in confirming what I TOLD you from roughly the 60'000 level (Doji pattern
on Monthly chart), that BTC is not a buy on dips but a SELL ON RALLY !!!
In order to neutralise this persisting downside risk, BTC should at least recover above
KS which is currently @ 41'230.
D1 : Ongoing downtrend price action still alive, failure to recover above both TS and
secondary downtrend line is adding further support to my expected ongoing bearish scenario
calling for lower levels and at least a retest of the former lows (33425, 31107 ahead of 30066)
61.8 % Fibonacci retracement (3850-64895) being @ 27'169 !!!)
H4 : Failure to recover above 36'500 (former congestion top) and above KS and the clouds triggered
a new selling pressure. Next support @ 33'425 and on the upside watch 36'500
H1 : Clouds worked perfectly well as THE RESISTANCE ZONE with the top of the clouds, coinciding roughly
with the former congestion top at around 36'500 mentioned in H4.
M30 : Below the clouds and below the cluster (TS, KS and MBB)
M15 : Same than M30 with a bullish divergence which triggered a bullish engulfing pattern, Short term upside potential
towards 35000, 35250 and 35500 , the latter level coinciding roughly with the clouds resistance in this time frame.
M5 : Below the clouds which are currently in a 34'800-35200
CONCLUSION :
Watch carefully price action on M5, M15 and M30 to detect validation or invalidation of a potential short term recovery
which, as mentioned above, is expected to be pretty limited and still considered as a CORRECTIVE MOVE ONLY IN A BROAD BEAR TREND.
Have a nice week,
All the best, take care and have fun.
Last but not least, if you find my analysis valuable for you, please do not forget to like it and for those who are not a follower, pls follow me
Many thanks in advance.
Ironman8848
