DAILY PICTURE :
In addition, slightly below this level we can see the Tenkan-Sen or Conversion line, currently 57’368.
As already mentioned, a daily closing below both levels mentioned would add further selling pressure and put the
focus to lower levels towards the daily clouds bottom, currently around 53’300, which also coincides with the former uptrend support line (in green !)
Price action over the coming hours should be monitor very closely and as already mentioned several times, shorter time frameswill give you early signal (s) such bullish divergence which would trigger short term reversal, in a firsttime, in a corrective move and if confirmed in longer time frames may become a strategic trend reversal…
RSI indicator still below 50 !
Globally in this time frame and in order to neutralise the ongoing downside move, the BTCUSD should recover, firstly above the daily clouds which should be confirmed by an upside breakout of the ongoing downtrend line resistance (in red)
INTRADAY PICTURE :
Watch breakout of one of those points.
1 HOUR :
Upside breakout attempt failed; for the time being it hold above the Kijun-Sen and the MBB .
On the upside, watch the top of the clouds and the KS as levels to break while on the downside a failure to hold above the H1 clouds bottom would put the focus for lower level towards former low around 56’000 first and then lower.
Have a nice trading day.
All the best and take care.
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