Ironman8848

BTC - H4 - WATCH CLUSTER @ 45'800 !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Good morning, today, we are going to look at the 4 hours time frame.
Indeed, as you can see on this chart, the MBB worked perfectly well so far
Therefore, I strongly suggest to look carefully at the cluster zone, currently
around 45'800 (KJ and MBB ) as for the time being, several upside breakouts attempts
have been rejected by the Mid Bollinger Band which should be seen, once again as "THE
LEADING INDICATOR" for further development.

Price action seen over the last couple of hours is showing further downside in the cards and
this will be confirmed by a clear breakout of the ongoing support trend line (green line) on a
closing basis. A failure to stay above that line would accelerate the downside move (warning breakout, then
pullback !!) towards the former low @ 44'125 ahead of Sept 7th low @ 42'900.
A move towards the latter level would force to look at the next support zone , this time on a daily basis, and
which is, once again, the clouds support zone , as mentioned in my previous analysis (see related ideas below).
Have a nice Sunday, relax, take care and all the best
Ironman8848
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
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