Ironman8848

BTC - H4 - Mid Bollinger Band under attack !

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
H4 time frame is showing an ongoing bearish price action, putting now the Mid Bollinger Band , currently @ 43'238 under attack.
Therefore, MBB, should now be seen as the LEADING INDICATOR for the upcoming hours. Indeed, a failure to hold and stay sustainably
above this important support level , would open the door for further downside, having in mind the next significant support and key pivot level
@ 41'327.
In addition, the bearish mood has been confirmed by a RSI bearish divergence on D1 !
Watch carefully at shorter time frames and especially at the clouds support zone , around 42'300/42'400 as a short term intraday indicator as a breakout
of that support area would directly put the focus on KS @ 41'327
In order to neutralise the ongoing downside risk, the BTC should quickly recover and hold above TS or conversion line, currently @ 44'083.
Have a nice day.
All the best and take care.
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Ironman8848
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
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