D1 : Yesterday's price action triggered a long black candle (very bearish !)
Ongoing today's price action is showing a recovery attempt which unfortunately for the bulls
should not be seen as a trend reversal yet, but only as a CORRECTIVE MOVE ONLY, in a established
new BEAR TREND !
Indeed, BTC crossed under Mid Bollinger Band and is currently traded in the lower part of the clouds
support zone.
IN ORDER, AT LEAST TO NEUTRALISE THE ONGOING DOWNSIDE RISK, BTC SHOULD RECOVER AND HOLD ABOVE
56'400 ON A DAILY CLOSING BASIS !
H4 : As for D1, recent recovery is purely corrective and the breakout of the clouds top, has been, so far rejected.
In addition, the former low, on this time frame did not confirm a bullish divergence, which is also a confirmation
of a corrective price action only and not a trend reversal yet.
In this time frame, a sustainable upside breakout of the clouds would neutralise a little bit the ongoing downside risk
calling for a retest of the former low ahead of the important level of the bottom of the clouds zone (around 52'700) and
the 61.8% Fib ret of the 47004-59'000 rally @ 51'586.
CONCLUSION :
Strategically speaking, we are in a SELL ON RALLY MODE and not yet in a buy on dips mode.
If you "play" the countertrend, you have to be very disciplinated in adopting a Risk Reward ratio in relation with the time
frame in which you will trade :-)
Do not forget : "What is your time frame ?"
Have a great trading day,
All the best and take care
"May your long goes up and your short goes down"
And last but not least, if you find my work is adding value on your trading activity, please do not forget to like my ideas and if it is done yet
you also can add Ironman8848 in your following list. You can also talk about me to your friends :-). Thank you.
Ongoing today's price action is showing a recovery attempt which unfortunately for the bulls
should not be seen as a trend reversal yet, but only as a CORRECTIVE MOVE ONLY, in a established
new BEAR TREND !
Indeed, BTC crossed under Mid Bollinger Band and is currently traded in the lower part of the clouds
support zone.
IN ORDER, AT LEAST TO NEUTRALISE THE ONGOING DOWNSIDE RISK, BTC SHOULD RECOVER AND HOLD ABOVE
56'400 ON A DAILY CLOSING BASIS !
H4 : As for D1, recent recovery is purely corrective and the breakout of the clouds top, has been, so far rejected.
In addition, the former low, on this time frame did not confirm a bullish divergence, which is also a confirmation
of a corrective price action only and not a trend reversal yet.
In this time frame, a sustainable upside breakout of the clouds would neutralise a little bit the ongoing downside risk
calling for a retest of the former low ahead of the important level of the bottom of the clouds zone (around 52'700) and
the 61.8% Fib ret of the 47004-59'000 rally @ 51'586.
CONCLUSION :
Strategically speaking, we are in a SELL ON RALLY MODE and not yet in a buy on dips mode.
If you "play" the countertrend, you have to be very disciplinated in adopting a Risk Reward ratio in relation with the time
frame in which you will trade :-)
Do not forget : "What is your time frame ?"
Have a great trading day,
All the best and take care
"May your long goes up and your short goes down"
And last but not least, if you find my work is adding value on your trading activity, please do not forget to like my ideas and if it is done yet
you also can add Ironman8848 in your following list. You can also talk about me to your friends :-). Thank you.
