D1 : Yesterday's price action triggered a hammer !
Unfortunately, lack of momentum did not offer further support for a reversal upside continuation.
Indeed, today's ongoing price action is rather showing the opposite, current price action should, of course,
be confirmed by the closing level at the end of the day.
Today's closing will be very important because it may validate a clouds support breakout or not !!! and the
impact will determine the marked direction for the coming session (s).
Globally, as shown on this D1 chart, BTC switched from a former uptrend channel (in green) to a new downtrend channel (in red),
which means that the trading mode also switch from already a couple of days ! from a buy on dips to A SELL ON RALLY !!
Conclusion :
No change in my view, I still expect further downside towards 46847 ahead of 42588
In order to invalidate this expected scenario, we need to see a recovery, first of all above the clouds and more important
above the MID BOLLINGER BAND, which is, as already mentioned several times, THE LEADING INDICATOR, and which should not
be underestimated.
H4 : In a ongoing bearish price action (broad downtrend channel), with a secondary downtrend in place.
Cluster resistance being for the time being in this H4 time frame around 52400 ahead of former triangle support which became
now the new resistance area, currently around 53'200
ONLY A SUSTAINABLE RECOVERY ABOVE 53'200 (H4), WOULD FORCE TO A VIEW REASSESSMENT OF THIS EXPECTED BEARISH SCENARIO
Unfortunately, lack of momentum did not offer further support for a reversal upside continuation.
Indeed, today's ongoing price action is rather showing the opposite, current price action should, of course,
be confirmed by the closing level at the end of the day.
Today's closing will be very important because it may validate a clouds support breakout or not !!! and the
impact will determine the marked direction for the coming session (s).
Globally, as shown on this D1 chart, BTC switched from a former uptrend channel (in green) to a new downtrend channel (in red),
which means that the trading mode also switch from already a couple of days ! from a buy on dips to A SELL ON RALLY !!
Conclusion :
No change in my view, I still expect further downside towards 46847 ahead of 42588
In order to invalidate this expected scenario, we need to see a recovery, first of all above the clouds and more important
above the MID BOLLINGER BAND, which is, as already mentioned several times, THE LEADING INDICATOR, and which should not
be underestimated.
H4 : In a ongoing bearish price action (broad downtrend channel), with a secondary downtrend in place.
Cluster resistance being for the time being in this H4 time frame around 52400 ahead of former triangle support which became
now the new resistance area, currently around 53'200
ONLY A SUSTAINABLE RECOVERY ABOVE 53'200 (H4), WOULD FORCE TO A VIEW REASSESSMENT OF THIS EXPECTED BEARISH SCENARIO
