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
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
