Ongoing downtrend stil in place caught in a 46’650-50’650 trading range.
Below Tenkan-Sen, Kijun-Sen and Mid Bollinger Band .
RSI below 50, @ 38.31
All ingredients are “in”, for further downside in a STRATEGIC perspective, of course.
Countertrend trading opportunities (long exposure) should, and I insist be very carefully monitored in applying a strict Risk Management approach which will depend on your investment time horizon.
Risk Reward ratio should also be managed accordingly !
Do not forget, we are, STRATEGICALLY, in a SELL ON RALLY MODE and not on a BUY on dips yet !
In order to neutralise the ongoing downside risk, the BTCUSD should recover and hold sustainably, on a daily closing basis, above 50’750 firstly which should be confirmed by an upside breakout of the Mid Bollinger Band @ 51’200 and only such kind of price action would force me to view reassessment of my expected bearish scenario calling for lower levels in case of a breakout of the bottom of the trading range above mentioned.
4 HOURS (H4)
Lagging line below the clouds too.
Have a nice trading day.
Ironman8848 & Jean-Pierre Burki
All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied.