Ironman8848

BTCUSD - D1- ONGOING DOWNTREND CHANNEL

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
DAILY (D1)

Ongoing downtrend stil in place caught in a 46'650-50'650 trading range.

Below Tenkan-Sen, Kijun-Sen and Mid Bollinger Band .

RSI below 50, @ 38.31

All ingredients are in for further downside in a STRATEGIC perspective, of course.

Countertrend trading opportunities (long exposure) should, and I insist be very carefully monitored in applying a strict Risk Management approach which will depend
on your investment time horizon.

Risk Reward ratio should also be managed accordingly !

Do not forget, we are, STRATEGICALLY, in a SELL ON RALLY MODE and not on a BUY on dips yet.

In order to neutralise the ongoing downside risk, the BTCUSD should recover and hold sustainably, on a daily closing basis, above 50'750 firstly which should be confirmed by an upside breakout
of the Mid Bollinger Band @ 51'200 and only such kind of price action would force me to view reassessment of my expected bearish scenario calling for lower levels in case of a breakout of the bottom
of the trading range above mentioned.

4 HOURS (H4)

Currently below the clouds, MBB , KS and TS .
Lagging line below the clouds too.
Watch the clouds on the upside as resistance area and the former lows around 46'650 as a support zone in that time frame.



Have a nice trading day.

Ironman8848 & Jean-Pierre Burki


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