H4 : Last candle closing @ 44’636 is the first warning signal which triggered, as expected and mentioned in my previous analysis published yesterday, a “shy” pullback, which should be watch at very carefully and which will be crucial for further development.
Indeed, a failure to recover above the ongoing support trend line (green line) and watch also RSI which broke down as well, will confirm further downside in the cards, calling probably for a retest of former lows (44’125 ahead of 42’900) where situation should be reassessed ! ( double bottom ?)
On the upside, a recovery above the support trend line , would temporary neutralise the downside risk but as long as BTC stay below the H4 cluster (currently 45’508-45772), the selling pressure will remain. The MBB worked, once again, very well, breakouts attempts but…not confirmed !
A breakout of the cluster resistance area would then put the focus on the next key pivotresistance area …which is once again the H4 clouds zone (46’900-48’000).
Watch shorter time frames to detect early signal (s) which will validate or invalidate the two scenarios above mentioned.
Have a nice day & week.
All the best and take care
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.