After having nearly filled the 38.2% Fibonacci retracement @ 52’293 (yestedays’high at 52’098) the BTCUSD lost
its momentum and went down, in a corrective move, to close on a daily basis @ 50’718; this price action triggered
another shooting star , which warned of a potential downside move.
Once again the Mid Bollinger Band did perfectly its job in rejecting, for the time being the downside breakout attempt.
An upside breakout of the KS @ 48’809 on a daily closing basis would give an additional support for this ongoing upside price action.
On the downside, as long as the BTCUSD stays and hold above 48’500, the positive outlook remains valid.
A daily closing below that point will have a negative impact and would open the door for lower levels towards former triple bottom congestion around 45’500.
Stop loss remains @ 48’309
4 HOURS (H4)
The corrective move went down towards an intraday low of 48’688, filling on its way the 50% Fibonacci retracement of the last 45’573-52’098 rally.
In addition the H4 clouds support zone rejected the downside breakout too.
Currently attempting to cross over the ongoing downtrend resistance line around 49’400.
A successful breakout of that level on H4 closing level should be seen as a positive signal, calling for higher level.
A failure to do it would put the focus again on the H4 clouds support area (currently between 49’170-48’500)
1 HOUR (H1)
Price action seen over the last couple of hours is showing a recovery in progress which will be, firstly, confirmed by a successful cross over of the TS (currently @ 49’703); looking above the next significant resistance area to look at is the H1 clouds zone (50’375-50’600)
Monitor also the Chikou span which is also currently below the clouds and a recovery of this indicator, above the clouds would also add value for the expected upside recovery.
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Many thanks in advance.
Have a nice trading day and all the best.
Ironman8848 & Jean-Pierre Bürk
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.