Despite an intraday high reached yesterday @ 66'340, the BTCUSD failed to close above the top range of the "RED ZONE" @ 65'500 mentioned in my previous analysis !!!.
Such kind of price action triggered, as expected, further downside selling pressure which pushed the BTCUSD towards a low so far of 60'406, very close to the psychological support level of 60'000.
This recent downside move, and it is obvious, triggered, on very short term time frames (5 minutes) a RSI bullish divergence which pushed the BTCUSD slightly up; nevertheless, it should be seen, for the time being, as
a corrective move only, in an ongoing bear trend which took recently place, calling for lower levels...
Indeed, looking at the 4 hours chart, the clouds have been clearly broken, confirmed also by a downside breakout of the lagging line; in order to neutralise this ongoing selling pressure, the BTCUSD, should
on this time frame, quickly recover above the clouds zone which is currently between 64'500 and 65'500, the latter level being the top range of the RED ZONE previously mentioned.
CONCLUSION :
The 60'000 important support level is likely to be tested soon and a failure to hold sustainably above it would trigger a downside move acceleration toward the next significant support area, which is @ 57'765 on a daily basis
analysis.
On a weekly basis, the Tenkan-Sen, which should be seen as an important indicator support level, is @ 54'295.
Again, monitor closely, intraday price action on shorter time frames, which will help you to get intermediate signal (s) such as bullish divergence or bearish convergence which will validate or invalidate my analysis, allowing you to act accordingly
Such kind of price action triggered, as expected, further downside selling pressure which pushed the BTCUSD towards a low so far of 60'406, very close to the psychological support level of 60'000.
This recent downside move, and it is obvious, triggered, on very short term time frames (5 minutes) a RSI bullish divergence which pushed the BTCUSD slightly up; nevertheless, it should be seen, for the time being, as
a corrective move only, in an ongoing bear trend which took recently place, calling for lower levels...
Indeed, looking at the 4 hours chart, the clouds have been clearly broken, confirmed also by a downside breakout of the lagging line; in order to neutralise this ongoing selling pressure, the BTCUSD, should
on this time frame, quickly recover above the clouds zone which is currently between 64'500 and 65'500, the latter level being the top range of the RED ZONE previously mentioned.
CONCLUSION :
The 60'000 important support level is likely to be tested soon and a failure to hold sustainably above it would trigger a downside move acceleration toward the next significant support area, which is @ 57'765 on a daily basis
analysis.
On a weekly basis, the Tenkan-Sen, which should be seen as an important indicator support level, is @ 54'295.
Again, monitor closely, intraday price action on shorter time frames, which will help you to get intermediate signal (s) such as bullish divergence or bearish convergence which will validate or invalidate my analysis, allowing you to act accordingly
