BTCUSD - D1 - WATCH CLUSTER @ 47'900 !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Good morning, today we are going to look at the daily picture which yesterday, on a closing basis, triggered
a bullish engulfing pattern.
Indeed, as mentioned in my previous analysis (see related ideas below) I highlighted, the importance of the clouds
support zone on this D1 time frame and you can see the confirmation on the chart.
Clouds once again worked perfectly well, this time as a support zone which triggered this recovery seen yesterday.
So what next ?
Despite this nice yesterday's move, BTCUSD remains under the influence of this long bearish black candle of Sept 7th with
a very strong resistance area (cluster around 47'900 which should be clearly broken on a daily closing).

As long as this cluster is not broken, the pressure remains on the downside, we are currently facing a minor resistance which was
the former congestion bottom seen over a couple days at the end of August.
1) On the upside, a sustainable move above the cluster of 47'900 should be seen as a first warning signal which would neutralise the ongoing
downside risk and open the door first for the psychological 50'000 level ahead of former high @ 52'956
2) On the downside, a failure to stay and hold above 46'000 on a closing basis would trigger a dark cloud clover and put the focus once again
on the daily top clouds support area , currently @ 45'000
Watch shorter time frames :
On H4, currently trying to breakout the clouds resistance area and on H1 there is a bearish divergence which has been confirmed; on H1 watch at
46'900 ahead of 46'700 ( MBB )
of a warning confirmation for a reversal calling potentially for a return towards 46'250 and a failure to hold above this level
would directly put the focus on the 45'000 area, daily target on the downside !
Have a great day and all the best
Take care

Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).