H4 : Both 38.2 % Fibonacci retracement @ 54614 and clouds support zone rejected, so far,
several breakout attempts !
Nevertheless, the last H4 candle triggered a long black candle (bearish engulfing pattern !) with
a closing level at the top of the clouds support area.
Therefore, I would strongly suggest to continue to watch carefully at the actual ongoing uptrend channel
formation, which is still alive and last but not least at the clouds support zone which both should be seen as very
important indicators for further development.
Indeed, firstly a failure to stay and hold inside of the uptrend channel would be the first signal
of a short term trend reversal and secondly a breakout of the clouds would confirm this trend reversal,
in opening the door for the psychological 50'000 support level which is also, by the way, the 61.8 % Fibonacci
retracement (50187) of the 43021-61781 last rally.
On the upside, watch Mid Bollinger Band as the leading indicator and in order to neutralise this ongoing bearish
pressure (which is still, for the time being, in this uptrend channel), we clearly need to see an upside breakout
of this level, currently @ 57407.
several breakout attempts !
Nevertheless, the last H4 candle triggered a long black candle (bearish engulfing pattern !) with
a closing level at the top of the clouds support area.
Therefore, I would strongly suggest to continue to watch carefully at the actual ongoing uptrend channel
formation, which is still alive and last but not least at the clouds support zone which both should be seen as very
important indicators for further development.
Indeed, firstly a failure to stay and hold inside of the uptrend channel would be the first signal
of a short term trend reversal and secondly a breakout of the clouds would confirm this trend reversal,
in opening the door for the psychological 50'000 support level which is also, by the way, the 61.8 % Fibonacci
retracement (50187) of the 43021-61781 last rally.
On the upside, watch Mid Bollinger Band as the leading indicator and in order to neutralise this ongoing bearish
pressure (which is still, for the time being, in this uptrend channel), we clearly need to see an upside breakout
of this level, currently @ 57407.
