H1 : Successive failures to breakout the clouds resistance zone triggered a sideways price
action and as a result a symmetrical triangle pattern (no higher highs and no lower lows either !)
took place, currently very close to a downside breakout, which should be confirmed, of course.
If this breakout occurs, the expected scenario will be the following :
1) breakout
2) pullback towards the triangle base
3 a) failure to recover and then down again for a technical target of 46371 !
3 b) successful upside breakout which would open the door to reenter in the former triangle pattern and put the focus
on the clouds resistance again ranging from 50'000 to 51500
M15 : Uptrend line support has been tested twice so far and a short term recovery attempt is currently in process.
Watch clouds resistance in which you can see, Tenkan-Sen, Mid Bollinger Band and Kijun-Sen as the cluster resistance
area.
A successfull upside breakout of the clouds would postpone the expected above mentioned expected scenario in putting
the focus for a retest of former highs of 50500-50900
CONCLUSION :
Broad and strategical trend remains bearish and as mentioned yesterday, any countertrend tactical position should be monitored
with a disciplinated Risk Reward ratio, accordingly coupled with a tight stop loss
Keep in mind that BTC is not a strategic buy on dips, but is currently a SELL ON RALLY, calling for further downside as any rebound should still
be seen as a CORRECTIVE MOVE ONLY, and NOT A STRATEGICAL TREND REVERSAL YET !!!
action and as a result a symmetrical triangle pattern (no higher highs and no lower lows either !)
took place, currently very close to a downside breakout, which should be confirmed, of course.
If this breakout occurs, the expected scenario will be the following :
1) breakout
2) pullback towards the triangle base
3 a) failure to recover and then down again for a technical target of 46371 !
3 b) successful upside breakout which would open the door to reenter in the former triangle pattern and put the focus
on the clouds resistance again ranging from 50'000 to 51500
M15 : Uptrend line support has been tested twice so far and a short term recovery attempt is currently in process.
Watch clouds resistance in which you can see, Tenkan-Sen, Mid Bollinger Band and Kijun-Sen as the cluster resistance
area.
A successfull upside breakout of the clouds would postpone the expected above mentioned expected scenario in putting
the focus for a retest of former highs of 50500-50900
CONCLUSION :
Broad and strategical trend remains bearish and as mentioned yesterday, any countertrend tactical position should be monitored
with a disciplinated Risk Reward ratio, accordingly coupled with a tight stop loss
Keep in mind that BTC is not a strategic buy on dips, but is currently a SELL ON RALLY, calling for further downside as any rebound should still
be seen as a CORRECTIVE MOVE ONLY, and NOT A STRATEGICAL TREND REVERSAL YET !!!
