the low of 28'600, reached yesterday afternoon, BTC managed a very nice recovery, in breaking up, very quickly, several
on H1, beginning with TS , KS ahead of Mid ; interesting to note that MBB hold the pullback
attempt in rejecting the downside breakout.
Currently on H1, a "RISING WEDGE" pattern in on progress with its bottom support around the clouds area.
So, a failure to move above the former high (@ 34'438) and also to hold above the clouds would confirm a top in place
calling for renewing selling pressure and putting the focus on the level of MBB (32'213) as first significant support on this H1 time frame; a
confirmation will be given by a breakout of the KS , currently @ 31518.
Watch carefully a the price action on shorter time frames which will either validate or invalidate this potential formation, which if confirmed
would trigger a downside move of roughly 4'250 pts from the downside breakout, targeting in this case, a retest of former low @ 28'600
A sustainable move above 34'438 would put the focus on the 35'000 area (34'970 being the 50% Fib ret of the 41'341-28'600 downside move)
Watch also H4 price action, which for the time being is attempting to upside breakout the downtrend line resistance ( MBB currently @ 33632 should also be
seen as a good barometer for further development as a failure to hold above this level on H4 closing should also be seen as a warning signal of a reversal.
Have a nice trading day
All the best and take care