H4 : Once again the clouds worked perfectly well in rejecting
a downside breakout attempt.
Price action post FED announcement triggered a long white bullish
candle which help to get out of the clouds zone.
BTC went even higher towards the middle level of the current ongoing
uptrend channel in reaching an intraday high of 59559, filling in its way
the 61.8% Fib ret of the last downside leg (61781-53221), the 78.6 % being @ 59949.
Therefore, ongoing price action should be watch at very carefully as 2 scenarios could
be seen :
SCENARIO A : BULLISH
Ongoing upside price action within the uptrend channel with a breakout of both middle level
of the uptrend channel and 78.6% Fib ret which would clearly put the focus on historical high @ 61781 and
higher (next target being 65576, Pitchfork 2 on W1)
SCENARIO B : BEARISH
Failure to hold above the clouds, would reopen the door for the bottom of the uptrend channel (MBB too !) and also
the bottom of the clouds, and the former low @ 53221 Interesting to note, that, currently the clouds are thicker and therefore
due to this specific thickness, it should be seen as a stronger support, more difficult to break.
Watch shorter time frames H1 and M15 to get intermediate clues about ongoing price action.
a downside breakout attempt.
Price action post FED announcement triggered a long white bullish
candle which help to get out of the clouds zone.
BTC went even higher towards the middle level of the current ongoing
uptrend channel in reaching an intraday high of 59559, filling in its way
the 61.8% Fib ret of the last downside leg (61781-53221), the 78.6 % being @ 59949.
Therefore, ongoing price action should be watch at very carefully as 2 scenarios could
be seen :
SCENARIO A : BULLISH
Ongoing upside price action within the uptrend channel with a breakout of both middle level
of the uptrend channel and 78.6% Fib ret which would clearly put the focus on historical high @ 61781 and
higher (next target being 65576, Pitchfork 2 on W1)
SCENARIO B : BEARISH
Failure to hold above the clouds, would reopen the door for the bottom of the uptrend channel (MBB too !) and also
the bottom of the clouds, and the former low @ 53221 Interesting to note, that, currently the clouds are thicker and therefore
due to this specific thickness, it should be seen as a stronger support, more difficult to break.
Watch shorter time frames H1 and M15 to get intermediate clues about ongoing price action.
Last candle (long black candle !) triggered a bearish engulfing pattern which invalidated the previous white candle.
Watch now cluster of Tenkan-Sen (Conversion line) and Kijun-Sen (Base line) ahead of Mid Bollinger band as the first significant support zone.
A failure to hold above this area and the bottom of the ongoing uptrend channel would open the door for a test of the bottom of the clouds ahead of former low 53221