Following yesterday’s price action, we can now draw a new downtrend resistance line (currently around 55’000)
In order to neutralise, this potential trend reversal the BTCUSD should recover and hold sustainably above 55’000 and this on a DAILY CLOSING BASIS !!!
The level of 53’433 (already mentioned in my previous analysis and already tested yesterday !) should be seen
as a warning signal; a daily closing below this level would trigger at least a “DARK CLOUD COVER” which is not a strong bearish signal but nevertheless considered as an alert, calling for potential further downside.
Indeed, as you can see on this chart, the 53’300-47’700 trading range is very fragile (sept 7th, long black candle on the downside) and4 successive white candles on the upside !!! (Mirror effect)
Watch carefully intraday shorter time frames to get intermediate clues.
Have a nice day
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