H1 : 61.8% Fibonacci retracement filled @ 49201 (intraday low so far @ 49000) Last candle (bullish engulfing) might trigger a recovery In order to invalidate the ongoing bearish price action, BTC needs to recover above MBB currently @ 50784 and also above the downtrend line resistance. On the downside, clouds zone should be watch as the first support area.
M15: Below the clouds and below MBB, looks like a corrective move in a short term bear trend. Watch MBB @ 50374 as the first significant resistance level to break. A failure to hold above 49000 (today's low) would put the focus on clouds support zone (48500-48000) ahead of 47069 (March 2nd low).