Trend is bearish on this timeframe, with price creating lower highs and
lower lows, and is trading below the Cloud. A support and resistance
level has been established atound 14650. Bulls would like to see a
taking out of this level, to relief downside pressure.
Yesterday price broke out of the upward channel, signalling a
short term trend shift. It came back to test it from below as
well as the Cloud and today it also tested the Dialy pivot point
at 15440, were it failed and crashed lower. Next intraday day
level is the Daily S2 at 13445 and below that 12625 (S/R) and
12400 Daily S3. The 50% fib did act support at first hit yesterday
and may also act resistance today. For higher timeframe dipbuyers
the BTC should be rather attractive at these levels. The H4
timeframe shows price is in oversold territory and may bounce
from around these levels.
On M15 price needs to establish above the Cloud to turn the
current bearish trend.
lower lows, and is trading below the Cloud. A support and resistance
level has been established atound 14650. Bulls would like to see a
taking out of this level, to relief downside pressure.
Yesterday price broke out of the upward channel, signalling a
short term trend shift. It came back to test it from below as
well as the Cloud and today it also tested the Dialy pivot point
at 15440, were it failed and crashed lower. Next intraday day
level is the Daily S2 at 13445 and below that 12625 (S/R) and
12400 Daily S3. The 50% fib did act support at first hit yesterday
and may also act resistance today. For higher timeframe dipbuyers
the BTC should be rather attractive at these levels. The H4
timeframe shows price is in oversold territory and may bounce
from around these levels.
On M15 price needs to establish above the Cloud to turn the
current bearish trend.
Comment:
Price just broke above the Cloud, excpecting some upside from here.