W1 : A potential mirror effect triggered by an ongoing Bearish Engulfing pattern (to be confirmed in W1 closing !) is in progress.
The 23.6 % Fib ret @ 45491 of the 3850-58354 rally has already been filled.
In addition, there is also a RSI bearish divergence in progress which is not been confirmed yet.
Next important support level to watch is the Tenkan-Sen @ 42093 which roughly coincides with the former high seen at the beginning of the year !
A failure to stay and hold above that level would be very negative for the BTC and confirm further downside in opening the door for 37533 (38.2% Fib ret) first
ahead of Kijun-Sen, currently @ 34089.
Watch shorter time frames to get validation or invalidation of this expected bearish scenario
ONLY A MOVE BACK ABOVE 53056 (middle of the long white bullish candle) WOULD NEUTRALISE THE ONGOING BEARISH PRICE ACTION !!!
The 23.6 % Fib ret @ 45491 of the 3850-58354 rally has already been filled.
In addition, there is also a RSI bearish divergence in progress which is not been confirmed yet.
Next important support level to watch is the Tenkan-Sen @ 42093 which roughly coincides with the former high seen at the beginning of the year !
A failure to stay and hold above that level would be very negative for the BTC and confirm further downside in opening the door for 37533 (38.2% Fib ret) first
ahead of Kijun-Sen, currently @ 34089.
Watch shorter time frames to get validation or invalidation of this expected bearish scenario
ONLY A MOVE BACK ABOVE 53056 (middle of the long white bullish candle) WOULD NEUTRALISE THE ONGOING BEARISH PRICE ACTION !!!
