D1 : Another long white bullish candle has been triggered yesterday; today's ongoing price action
is showing, for the time being another kind of picture. Indeed, after having, on one hand filled the Fibonacci
retracement extension (78.6% @ 55072) and even pushing higher to an intraday high of 55855, BTC has been rejected
by the former primary uptrend support trend line, which became a resistance. As a result, BTC reversed and is currently
traded in the middle of the new uptrend channel in an ongoing bearish price action.
Nevertheless, as we are on D1 observation, we need to wait the level today's closing to get confirmation of the upcoming development.
SCENARIO A : BEARISH
A daily closing below 53678 would trigger a dark cloud cover pattern which would already be the first signal of a trend reversal and a closing
below the opening of yesterday's session @ 52427 would trigger a bearish engulfing pattern.
A failure to hold above the former pivot level of 51530 would put the focus on the first significant support area, which is the cluster
of the three following : Tenkan-Sen, Kijun-Sen and Mid Bollinger Band, being respectively @ 51074, 50687 and 50666.
SCENARIO B : BULLISH
A daily closing above yesterday's closing would be supportive for further upside having in mind a retest of the top zone of February (58000-58350)
is showing, for the time being another kind of picture. Indeed, after having, on one hand filled the Fibonacci
retracement extension (78.6% @ 55072) and even pushing higher to an intraday high of 55855, BTC has been rejected
by the former primary uptrend support trend line, which became a resistance. As a result, BTC reversed and is currently
traded in the middle of the new uptrend channel in an ongoing bearish price action.
Nevertheless, as we are on D1 observation, we need to wait the level today's closing to get confirmation of the upcoming development.
SCENARIO A : BEARISH
A daily closing below 53678 would trigger a dark cloud cover pattern which would already be the first signal of a trend reversal and a closing
below the opening of yesterday's session @ 52427 would trigger a bearish engulfing pattern.
A failure to hold above the former pivot level of 51530 would put the focus on the first significant support area, which is the cluster
of the three following : Tenkan-Sen, Kijun-Sen and Mid Bollinger Band, being respectively @ 51074, 50687 and 50666.
SCENARIO B : BULLISH
A daily closing above yesterday's closing would be supportive for further upside having in mind a retest of the top zone of February (58000-58350)
