As expected, yesterday’s small recovery has been short lived !!!
Indeed, RSI bearish divergence on H1, triggered a corrective move only, pushing up the BTCUSD towards an intraday high of 57’882, missing to breakout the clouds resistance area on this time frame… (magical clouds :-)…)
In addition, recent price action triggered an other bearish signal : the lagging line crossed under the Kijun-Sen which should be seen as a second warning bearish signal following a first daily closing level (on Nov 22nd), below the double top trigger level of 57’500 !!
So what next ?
In order to neutralise this ongoing downside price action, we need to see a clear breakout of the psychological 60’000 former support which became now an important resistance level to break on the upside !
On the downside, no secret, watch again the clouds support zone , currently around 53’400 which also coincides with the former uptrend line support (in green).
A failure to hold above 53’400 would directly put the focus on the 50’000 area ahead of the double top technical target @ 46’000
Have a nice trading day.
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