BTC - D1 - 50% FIBONACCI RETRACEMENT @ 52401 FILLED !
D1 : Ongoing bearish price action; failure, yesterday, to recover
and hold above the current downtrend line resistance (57000-57500)
triggered a new wave of selling pressure which pushed down the BTC
towards a low so far of 51503.
After this decline it is natural to see some recovery which is expected
once again, in this current condition, to be relatively limited, for the time
being.
In order to neutralise the current downside risk, calling for further downside
towards the 61.8% Fib ret @ 50187 ahead of the strong support zone on the psychological
level of 50000, BTC need to quickly recover, firstly above the Mid Bollinger Band, currently
@ 55742 and secondly above the downtrend line above mentioned.
ONLY SUCH KIND OF PRICE ACTION WOULD CONFIRM A TREND REVERSAL !
Watch H4, H1 and M15 to get intermediate signal (s)
Have a nice trading day.
All the best
Take care
and hold above the current downtrend line resistance (57000-57500)
triggered a new wave of selling pressure which pushed down the BTC
towards a low so far of 51503.
After this decline it is natural to see some recovery which is expected
once again, in this current condition, to be relatively limited, for the time
being.
In order to neutralise the current downside risk, calling for further downside
towards the 61.8% Fib ret @ 50187 ahead of the strong support zone on the psychological
level of 50000, BTC need to quickly recover, firstly above the Mid Bollinger Band, currently
@ 55742 and secondly above the downtrend line above mentioned.
ONLY SUCH KIND OF PRICE ACTION WOULD CONFIRM A TREND REVERSAL !
Watch H4, H1 and M15 to get intermediate signal (s)
Have a nice trading day.
All the best
Take care
