M1 : Trend reversal in progress. Pivot level in this time frame @ 52'021
W1 : Roughly in the middle of an ongoing uptrend channel. Watch MBB as
first significant support level
D1 : Failure to recover above the clouds and above the psychological level
of 60'000 (59603 high !) has been confirmed by two black candles which are followed today
by another black candle in progress.Watch bottom of the clouds as a pivot point. Wait for D1 closing.
H4 : Last closing period inside the clouds but ongoing period is showing a potential
breakout of this important support.
First support is @ 53500 (Former low) then 53303 ahead of 51816; below psychological support
level @ 50'000 ahead of 49'700 (78.6% Fib ret)
H1 : Below the clouds and below MBB (low so far being 53'500) likely to be tested soon)
M30 : Same than H1, watch MBB which is now the first resistance level to break in order to
neutralise the ongoing bearish pressure
M15 : Watch the clouds resistance around the 56'000 area.
M5 : Same than M15 first significant resistance to break is the clouds resistance zone 55600-56000
CONCLUSION :
A sustainable recovery above 56'000 would temporary neutralise the ongoing selling pressure, calling for
lower levels
W1 : Roughly in the middle of an ongoing uptrend channel. Watch MBB as
first significant support level
D1 : Failure to recover above the clouds and above the psychological level
of 60'000 (59603 high !) has been confirmed by two black candles which are followed today
by another black candle in progress.Watch bottom of the clouds as a pivot point. Wait for D1 closing.
H4 : Last closing period inside the clouds but ongoing period is showing a potential
breakout of this important support.
First support is @ 53500 (Former low) then 53303 ahead of 51816; below psychological support
level @ 50'000 ahead of 49'700 (78.6% Fib ret)
H1 : Below the clouds and below MBB (low so far being 53'500) likely to be tested soon)
M30 : Same than H1, watch MBB which is now the first resistance level to break in order to
neutralise the ongoing bearish pressure
M15 : Watch the clouds resistance around the 56'000 area.
M5 : Same than M15 first significant resistance to break is the clouds resistance zone 55600-56000
CONCLUSION :
A sustainable recovery above 56'000 would temporary neutralise the ongoing selling pressure, calling for
lower levels
