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
