D1 : Despite a strong recovery attempt seen yesterday (thanks to Mr Elon Musk...which "help" and triggered
a sharp upside move in a couple of hours (31990 towards 38620 !), BTC did not manage to close and hold
above the downtrend line resistance which is still in place and which worked perfectly well in rejecting
5 times breakouts attempts !
In addition, yesterday's price action should be seen as a bearish pattern, BULLS loosing the battle against
the BEARS.
Moreover, yesterday's closing has been below KS and MBB which continue to remain very good barometers.
No change in my bearish expected scenario which is calling for a retest of the psychological 30'000 level first.
A failure to stay above 31990 (former low of yesterday) would set the tone for the ongoing trading session.
IMPORTANT to note, the critical trading range between 30400-28800.
Indeed a failure to stay and hold above that area, would directly put the focus on my first strategic target
@ 27426 ahead of lower levels.
As already mentioned, in order to neutralise the current downside risk, the first positive signal
would be a daily closing level above MBB, downtrend line resistance and last but not least above KS, currently @ 35400 !
Watch shorter time frames H4, H1,M15 to initiate countertrend tactical positions in respecting a disciplined and rigorous
Risk & Reward approach in this "current" high volatility market environment !
Have a great weekend
Ironman8848
a sharp upside move in a couple of hours (31990 towards 38620 !), BTC did not manage to close and hold
above the downtrend line resistance which is still in place and which worked perfectly well in rejecting
5 times breakouts attempts !
In addition, yesterday's price action should be seen as a bearish pattern, BULLS loosing the battle against
the BEARS.
Moreover, yesterday's closing has been below KS and MBB which continue to remain very good barometers.
No change in my bearish expected scenario which is calling for a retest of the psychological 30'000 level first.
A failure to stay above 31990 (former low of yesterday) would set the tone for the ongoing trading session.
IMPORTANT to note, the critical trading range between 30400-28800.
Indeed a failure to stay and hold above that area, would directly put the focus on my first strategic target
@ 27426 ahead of lower levels.
As already mentioned, in order to neutralise the current downside risk, the first positive signal
would be a daily closing level above MBB, downtrend line resistance and last but not least above KS, currently @ 35400 !
Watch shorter time frames H4, H1,M15 to initiate countertrend tactical positions in respecting a disciplined and rigorous
Risk & Reward approach in this "current" high volatility market environment !
Have a great weekend
Ironman8848