H4 : The recent selloff (55046-44845)triggered three long black candles)
followed by a long white candle which is showing a piercing line pattern.
The 38.2% Fib ret has already been filled @ 48729 which coincides
roughly with the bottom of the clouds resistance zone.
Higher next level to watch is the 50 % Fib ret @ 49935 (roughly the middle of
the clouds) ahead of 51141 (61.8% Fib ret and top of the clouds resistance zone)
Important to note that even if BTC recover towards 51141, this level would still
be, below the current downtrend line resistance.
So far, such kind of recovery should still be seen as a corrective move in an ongoing
bear trend price action.
In order, to neutralise the still existing downside risk, BTC should recover at least above
51600 (upside breakout of the clouds and also above Kijun-Sen)
followed by a long white candle which is showing a piercing line pattern.
The 38.2% Fib ret has already been filled @ 48729 which coincides
roughly with the bottom of the clouds resistance zone.
Higher next level to watch is the 50 % Fib ret @ 49935 (roughly the middle of
the clouds) ahead of 51141 (61.8% Fib ret and top of the clouds resistance zone)
Important to note that even if BTC recover towards 51141, this level would still
be, below the current downtrend line resistance.
So far, such kind of recovery should still be seen as a corrective move in an ongoing
bear trend price action.
In order, to neutralise the still existing downside risk, BTC should recover at least above
51600 (upside breakout of the clouds and also above Kijun-Sen)
