BTCUSD - D1 - LOW SO FAR 53'760...

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
As expected the ongoing downside selling pressure, firstly broke the double top trigger level (@ 57'500) and more important close below it.
This breakout triggered an acceleration which pushed the BTCUSD sharply down towards an intraday low so far of 53'760, close to the bottom
of the clouds support which once again worked perfectly well as an important level to break!!!

So what next ?

As already mentioned, the train is gone, but between point A and point B there are some "STOPS" and it is normal to see some recovery within
this ongoing daily & weekly price action, which should still be seen only as a corrective move and not as a trend reversal yet...

Daily target is @ 46'000, which is the double top technical target. Only a sustainable recovery above firstly 57'500 and more important 60'000 would force
to a view reassessment of my expected bearish scenario.

On shorter time frames ( ie 1 hour), bullish divergence has been detected which triggered a small recovery which is likely to be very limited on the upside.
I will post straight away a specific technical analysis on this 1 hour time frame

Ongoing bearish engulfing pattern in progress (should, of course, be confirmed on a weekly closing !!; TS @ 54'295 has been tested and has for the time being
rejected the downside breakout attempt.

All the best

Take care


Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).