Ironman_8848

BTC -W1 - LAST WEEK WAS A LONG BLACK CANDLE...

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
W1 : Last week price action confirmed the bearish engulfing pattern triggered
a week before.
As you can see on this chart and as already told in shorter time frames, we switched
from a bull trend (in green) to a BEAR one (in red) !
Ongoing price action is showing a potential recovery in progress.. but this should be confirmed
on a weekly closing.
Therefore, over the next daily sessions, I strongly suggest to monitor very closely price action
on D1 and shorter time frames to get intermediate signal (s) which will allow you to act accordingly.
CONCLUSION :
On a weekly basis and in order to neutralise the ongoing downside risk, we need to see a weekly closing
at least above the middle body (52700) of the last long black candle; such kind of price action would trigger
a piercing line pattern, first signal of a potential trend reversal.

A failure to do it would confirm the downtrend still in place.
Have a nice week
All the best
May your long goes up and your short goes down
Ironman8848

Comments

I'm still doubtful about bullish move and believe it will move back to 49-44k
+1 Reply
Ironman_8848 soheibalavikia
@soheibalavikia, agree with you but on W1 basis a lot of things could happen in a couple of days. As told watch shorter time frames :-)
Reply