Good morning, today we are going to look at the H4 and H1 time frames which are both showing some growing uncertainty about further development.
Indeed, I mentioned in my previous analysis to look carefully at the 48’000 as a barometer indicator and looking at recent and current price action we can note, so far, some lack of momentum to clearly confirm a breakout of the level above mentioned.
In addition, on H4, a RSI bearish divergence has already been triggered which pushed, slighlty down the BTC towards KS and clouds support zone which hold for the time being. Please note that the recent low (47613) also, coincides with the new minor support trend line (in green on H4)
So, on H4 :
on the downside, watch carefully the cluster support area (47’947-47’768) as a failure to hold above this zone would open the door for the clouds zone with
its bottom line currently around 46’000 !
on the upside, watch former high 48834 and check RSI which will validate (convergence) or invalide (divergence) further upside !!!
and on H1 :
watch the cluster (48’000-48’225) on a closing basis ! failure to close above 48’225 and hold in a sustainable manner, would put some short term selling pressure, opening the door first for the very thin cloud
support area (fragile !!!)
On the upside watch for a potential upside breakout of the ongoing slightly uptrend channel .
Have a nice Sunday and all the best.
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