BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
H4 : Last candle closing @ 44'636 is the first warning signal which triggered, as expected and mentioned in my previous
analysis published yesterday, a "shy" pullback, which should be watch at very carefully and which will be crucial for further development.
Indeed, a failure to recover above the ongoing support trend line (green line) and watch also RSI which broke down as well, will confirm further downside in the cards, calling
probably for a retest of former lows (44'125 ahead of 42'900) where situation should be reassessed ! ( double bottom ?)
On the upside, a recovery above the support trend line , would temporary neutralise the downside risk but as long as BTC stay below the
H4 cluster (currently 45'508-45772), the selling pressure will remain. The MBB worked, once again, very well, breakouts attempts but...not confirmed !
A breakout of the cluster resistance area would then put the focus on the next key pivot resistance area ...which is once again the H4 clouds
zone (46'900-48'000).
Watch shorter time frames to detect early signal (s) which will validate or invalidate the two scenarios above mentioned.
Have a nice day & week.
All the best and take care
Comment: 38.2 % Fib ret @ 43652 of the 28600-52956 just filled !
Have a look at the daily picture and you will see... the clouds !
Watch shorter time frames to get intermediate signal (s)
have fun and all the best
Take care
Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).