As expected the ongoing downside selling pressure, firstly broke the double top trigger level (@ 57’500) and more important close below it.
This breakout triggered an acceleration which pushed the BTCUSD sharply down towards an intraday low so far of 53’760, close to the bottom
of the clouds support which once again worked perfectly well as an important level to break!!!
So what next ?
As already mentioned, the train is gone, but between point A and point B there are some “STOPS” and it is normal to see some recovery withinthis ongoing daily & weekly price action, which should still be seen only as a corrective move and not as a trend reversal yet…
Daily target is @ 46’000, which is the double top technical target. Only a sustainable recovery above firstly 57’500 and more important 60’000 would forceto a view reassessment of my expected bearish scenario.
I will post straight away a specific technical analysis on this 1 hour time frame.
All the best
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