BTC - D1/H4 - STILL IN A STRATEGIC BULLISH MODE... BUT !
D1 : Yesterday's strong selloff towards an intraday low of 44845, in breaking briefly the Kijun-Sen (45273) level and rebounded sharply above it,
to finally close above the strategic uptrend support line which keep, for the time being, the bullish mode still intact.
Today's ongoing price action is showing a recovery followup in progress; nevertheless, following the two former long black
candles.
In order to neutralise the downside risk in D1, BTC should recover and close today at least above 51530 which should
be seen as a pivot level.
Indeed, a move above that level or better above 51599 (Tenkan-Sen) would give additional trust for this recovery continuation.
On the downside, key pivot level remains both Mid Bollinger Band and strategic uptrend support line.
A daily closing (which should be confirmed !) below those levels would force a strategic reassessment view, in moving from BULLISH to BEARISH !
H4 : Looking at the last couple of price action candles we can see a yo-yo move, which was the following :
1) 3 long black candles
2) Piercing line (usually moderately bullish)
3) Bearish engulfing (usually bearish)
4) Bullish engulfing (usually bullish)
5) Long white candle with closing nearly at the top (bullish confirmation) ... but still below the current downtrend line resistance level !!!
6) Ongoing candle (wait for H4 next closing for validation or invalidation on the ongoing price action.
Very important to note the important resistance zone between 51150 and 52860 which is respectively the 61.8 % and 78.6 %
Fibonacci retracement and also the clouds area resistance.
Therefore, I would strongly suggest to watch very carefully the price action over the coming period to check if the BTC will be
able to upside breakout this important resistance zone.
On the downside the first level to look at is the new uptrend support line which started from yesterday's low @ 44845.
Monitor closely price action on shorter time frames !
to finally close above the strategic uptrend support line which keep, for the time being, the bullish mode still intact.
Today's ongoing price action is showing a recovery followup in progress; nevertheless, following the two former long black
candles.
In order to neutralise the downside risk in D1, BTC should recover and close today at least above 51530 which should
be seen as a pivot level.
Indeed, a move above that level or better above 51599 (Tenkan-Sen) would give additional trust for this recovery continuation.
On the downside, key pivot level remains both Mid Bollinger Band and strategic uptrend support line.
A daily closing (which should be confirmed !) below those levels would force a strategic reassessment view, in moving from BULLISH to BEARISH !
H4 : Looking at the last couple of price action candles we can see a yo-yo move, which was the following :
1) 3 long black candles
2) Piercing line (usually moderately bullish)
3) Bearish engulfing (usually bearish)
4) Bullish engulfing (usually bullish)
5) Long white candle with closing nearly at the top (bullish confirmation) ... but still below the current downtrend line resistance level !!!
6) Ongoing candle (wait for H4 next closing for validation or invalidation on the ongoing price action.
Very important to note the important resistance zone between 51150 and 52860 which is respectively the 61.8 % and 78.6 %
Fibonacci retracement and also the clouds area resistance.
Therefore, I would strongly suggest to watch very carefully the price action over the coming period to check if the BTC will be
able to upside breakout this important resistance zone.
On the downside the first level to look at is the new uptrend support line which started from yesterday's low @ 44845.
Monitor closely price action on shorter time frames !
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