Last week price action triggered a long black candle which broke on a weekly closis basis, both the Mid Bollinger Band and the Kijun-Sen or Base line.
Such kind of price action should be seen as a negative (yield ) signal, calling for lower levels.
In addition, the former uptrend support line which stated at the beginning of August @ 1.1270 has also been broken...
M1 : Ongoing bearish price action.
W1 : Ongoing downtrend...
Watch weekly pivot level @ 41230. Only
a move above this level on this time frame
would neutralise the ongoing downside risk.
D1 : Nice recovery seen yesterday which triggered
a bullish engulfing pattern, BUT IT DID NOT RECOVER
ABOVE TENKAN-SEN...Today's closing level will be very
important for further...
H4 : Looking at this 4 hours chart you can note the following :
1) From the breakout of the clouds support level around 55'500
BTC has :
A) NEVER BEEN ABLE TO RECOVER AND HOLD ABOVE MBB !
B) NEVER BEEN ABLE TO RECOVER ABOVE THE CLOUDS !
2) Each recovery attempt, has only been corrective and not as a trend reversal has already
mentioned many times in my previous...
M1 : Ongoing downtrend price action
W1 : Currently below 40'550 (W1 pivot level)
Weekly closing today, will give clues for next week
D1 : Ongoing downtrend, below the cluster (MBB, KS and TS)
In a kind of broad triangle formation in progress !!
Failure to stay and hold, on a daily closing above the current
support trend line would be negative for the upcoming...
