Ironman_8848

BTC - D1 - RISING WEDGE AND DOWNTREND CHANNEL IN PROGRESS...

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Looking at the Daily time frame we can see 2 formations in progress, the first one (in blue) is a rising wedge and the second one is a downtrend channel (in red) After having reached a low of 32'101, some corrective recovery took place (pullback towards the rising wedge breakout): failure to reenter in this pattern triggered a renewal selling pressure in building this new downtrend channel .
No change in my view; as long as BTC does not recover and hold above the trigger level ( KS ) @ 34'970, any recovery should still be seen as a corrective move only.
Intermediates resistances are at 33'900 ( MBB ) ahead of 34'030 ( TS ) a move above those areas would temporary neutralise the downside risk,
On the downside, first intraday support on H1 is around 33'200/33'000(clouds support zone ) ahead of former low @ 32'101 and then 31'665 (61.8% Fib ret)
Watch intraday time frames to get clues for validation or invalidation
Have a nice sunny Sunday.
Here in Cap Ferret, we have all the ingredients :-) for a pleasant Sunday ...
all the best and take care
Ironman8848

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