BTC - M15 - CORRECTIVE MOVE ONLY NOT A TREND REVERSAL YET !
M15 : Recent recovery triggered by a doji pattern on the low seen @ 54253, a couple hours ago
should still be seen as a CORRECTIVE MOVE ONLY and not as a trend reversal yet.
Indeed, the recent recovery, nearly reached the 50 % Fib ret (55943), high so far being 55'827.
In addition, we are still below the clouds and the lagging line is also below the clouds.
Therefore, I would again strongly suggest to watch carefully, on one hand to the former downtrend channel and on the other hand to the clouds which will give you a good
indication for the next upcoming move.
Interesting to note that, respectively the 61.8% Fib ret @ 56341 and the 78.6% @ 56909 are in the clouds
zone resistance.
H1 : Currently entering in the clouds resistance zone
H4 : Previous H4 period is showing a long black candle pattern (very bearish); current candle is showing a recovery attempt
a closing of current period above 55950 (which is also the 50 % Fib ret (57633-54252) would trigger a piercing line pattern (wait for confirmation in a couple of minutes)
Such kind of pattern is usually bullish but need to be confirmed by the next candle !
D1 : Currently still inside of the uptrend channel (wait for D1 closing in a couple of hours)
should still be seen as a CORRECTIVE MOVE ONLY and not as a trend reversal yet.
Indeed, the recent recovery, nearly reached the 50 % Fib ret (55943), high so far being 55'827.
In addition, we are still below the clouds and the lagging line is also below the clouds.
Therefore, I would again strongly suggest to watch carefully, on one hand to the former downtrend channel and on the other hand to the clouds which will give you a good
indication for the next upcoming move.
Interesting to note that, respectively the 61.8% Fib ret @ 56341 and the 78.6% @ 56909 are in the clouds
zone resistance.
H1 : Currently entering in the clouds resistance zone
H4 : Previous H4 period is showing a long black candle pattern (very bearish); current candle is showing a recovery attempt
a closing of current period above 55950 (which is also the 50 % Fib ret (57633-54252) would trigger a piercing line pattern (wait for confirmation in a couple of minutes)
Such kind of pattern is usually bullish but need to be confirmed by the next candle !
D1 : Currently still inside of the uptrend channel (wait for D1 closing in a couple of hours)
