Good morning, today we are looking at the Daily time frame.
On this time horizon and on a closing basis, the 48’000 area should be seen as a pivot level for further development.
Indeed, an upside breakout confirmation (several failures seen over the last couple of sessions !) will be the first signal for further upside for the upcoming trading sessions.
Nevertheless, as you can see on this chart, the cluster ( MBB and KS ) should not be underestimated as it worked almost perfectly well so far, acting and switching from support area to resistance area and vice versa.
Watch also RSI indicator which is also facing an important level to breakout on the upside.
Last but not least, the long black candle ( bearish engulfing pattern) triggered on September 7th is still in memory by weighing on the BTC ; in order to neutralise this, BTC should recover and hold, on a daily closing basis, at least above the middle (49’800) of this long black candle, which would trigger if achieved a piercing line !
Neutral in the 46’000-48’000 trading range, providing tactical very short term trading which should be protected with tight stop loss (trailing)
Bullish above 48’000 for 50’000 (psychological resistance area and also middle of the long black candle above mentioned)
Bearish below 46’000 for a retest of former low 42’900-43400
UPCOMING WEEKLY CLOSING LEVEL WILL ALSO BE IMPORTANT TO LOOK AT !
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