H1 : The uptrend support line, rejected, for the time being the breakout attempt.
This rejection triggered some rebound which should be seen as a short term corrective move only.
Indeed, we may see a recovery towards 58500-58600 (58611 being the 61.8% Fib ret)... but it would
not alter the ongoing bearish price action in progress.
In this time frame, in order to neutralise the current downside risk, BTC should quickly recover and hold
above the 58800 area.
A failure to do it would put the focus on former lows 57200/56800 ahead of 56466
Watch again Mid Bollinger Band as the leading indicator, as long as we are below it should be seen as a
bearish price action.
M15 : Technical target of the Head and Shoulder (57635) has been filled with a low @ 57216
Interesting to note that the 58800 area, above mentioned in H1 coincides currently with the top
of clouds resistance in this time frame.
Again and again watch also the clouds...
Have a nice evening
All the best
This rejection triggered some rebound which should be seen as a short term corrective move only.
Indeed, we may see a recovery towards 58500-58600 (58611 being the 61.8% Fib ret)... but it would
not alter the ongoing bearish price action in progress.
In this time frame, in order to neutralise the current downside risk, BTC should quickly recover and hold
above the 58800 area.
A failure to do it would put the focus on former lows 57200/56800 ahead of 56466
Watch again Mid Bollinger Band as the leading indicator, as long as we are below it should be seen as a
bearish price action.
M15 : Technical target of the Head and Shoulder (57635) has been filled with a low @ 57216
Interesting to note that the 58800 area, above mentioned in H1 coincides currently with the top
of clouds resistance in this time frame.
Again and again watch also the clouds...
Have a nice evening
All the best
