H4 : Nice "corrective" rally seen from the low of 31'025 towards
a high so far of 37'682.
The 78.6 % Fibonacci retracement of the 39'490-31025 downside move
has been filled (37'678).
So, what next ?
We can see that the upside breakout attempt of the clouds failed,confirmed
by the inability to the "chiku" to also confirm clouds breakout.
In addition, despite this strong rally, BTC is still below the former uptrend support
line, which is currently around the 38'500 area.
I would strongly suggest to look at the clouds area as the PIVOT ZONE for further development
in this time frame.
Indeed, a failure to clearly breakout the top of the clouds and to stay sustainably above it would
trigger again new selling pressure, calling for lower levels !
First support being around 36'110 ahead of 35'140 (current level of the ongoing support trend line)
Below watch at the Mid Bollinger Band (34'825) which for me remains one of the good leading indicator.
A breakout of this level would put the focus on former lows !
Watch shorter time frames to get clues and to get intermediate signal (s) for validation or invalidation.
Have a nice day
Take care and all the best
Ironman8848 :-)
a high so far of 37'682.
The 78.6 % Fibonacci retracement of the 39'490-31025 downside move
has been filled (37'678).
So, what next ?
We can see that the upside breakout attempt of the clouds failed,confirmed
by the inability to the "chiku" to also confirm clouds breakout.
In addition, despite this strong rally, BTC is still below the former uptrend support
line, which is currently around the 38'500 area.
I would strongly suggest to look at the clouds area as the PIVOT ZONE for further development
in this time frame.
Indeed, a failure to clearly breakout the top of the clouds and to stay sustainably above it would
trigger again new selling pressure, calling for lower levels !
First support being around 36'110 ahead of 35'140 (current level of the ongoing support trend line)
Below watch at the Mid Bollinger Band (34'825) which for me remains one of the good leading indicator.
A breakout of this level would put the focus on former lows !
Watch shorter time frames to get clues and to get intermediate signal (s) for validation or invalidation.
Have a nice day
Take care and all the best
Ironman8848 :-)
