H4 : After the strong triangle breakout and as expected BTC lost momentum and last candle triggered a bearish engulfing pattern.
For the time being, the first support (Tenkan-Sen) hold; nevertheless, technical indicators are switching from the sideways to the
downside which may be the first signal (s) of a short term trend reversal.
A failure to hold above TS @ 53554 would put the focus on MBB @ 51992 (roughly the level of the triangle breakout, such kind of
correction would complete the expected pullback and if occurs, it should be seen as the REAL TEST of a successful upside breakout.
Indeed, it is crucial, in order, to maintain the bullish tone, to stay and hold above 51500 (Kijun-Sen) as a failure to do it would invalidate the triangle pattern
and reopen the door for lower levels.
Watch shorter time frames H1 and M15 to get intermediate signal (s) which will allow you to act accordingly.
Have a nice trading day.
All the best
Have fun and take care.
For the time being, the first support (Tenkan-Sen) hold; nevertheless, technical indicators are switching from the sideways to the
downside which may be the first signal (s) of a short term trend reversal.
A failure to hold above TS @ 53554 would put the focus on MBB @ 51992 (roughly the level of the triangle breakout, such kind of
correction would complete the expected pullback and if occurs, it should be seen as the REAL TEST of a successful upside breakout.
Indeed, it is crucial, in order, to maintain the bullish tone, to stay and hold above 51500 (Kijun-Sen) as a failure to do it would invalidate the triangle pattern
and reopen the door for lower levels.
Watch shorter time frames H1 and M15 to get intermediate signal (s) which will allow you to act accordingly.
Have a nice trading day.
All the best
Have fun and take care.
