BTC - H4 - BEARISH ENGULFING PATTERN AND DOUBLE TOP IN PROGRESS
Updated
H4 : Last candle triggered a bearish engulfing pattern,coupled with a potential double top formation in progress
A failure to hold above TS would be the first signal on next candle closing of a confirmation of the pattern
previously mentioned.
Below watch carefully MBB, currently @ 35691 which I repeat again works very well as leading indicator.
H1 : Currently below TS and MBB.
KS under attack !
Failure to hold above KS on next hourly closing should trigger further downside towards the 38.2% Fib ret @ 36226
ahead of the clouds support zone (50% and 61.8% Fib ret)
M15 : Below KS, TS and MBB and below the clouds too
Breakout of former low @ 36819 would trigger further selling pressure calling for targets mentioned in H1
M5 : Very short term attempt recovery, pullback towards the clouds resistance area.
Watch former high @ 37966 ahead of the 61.8% Fib ret @ 38018 of the last downside move (38748-36838
A failure on very short term horizon to recover above the latter level would also confirm further downside
in the cards
Have fun :-)
Best
Ironman8848
A failure to hold above TS would be the first signal on next candle closing of a confirmation of the pattern
previously mentioned.
Below watch carefully MBB, currently @ 35691 which I repeat again works very well as leading indicator.
H1 : Currently below TS and MBB.
KS under attack !
Failure to hold above KS on next hourly closing should trigger further downside towards the 38.2% Fib ret @ 36226
ahead of the clouds support zone (50% and 61.8% Fib ret)
M15 : Below KS, TS and MBB and below the clouds too
Breakout of former low @ 36819 would trigger further selling pressure calling for targets mentioned in H1
M5 : Very short term attempt recovery, pullback towards the clouds resistance area.
Watch former high @ 37966 ahead of the 61.8% Fib ret @ 38018 of the last downside move (38748-36838
A failure on very short term horizon to recover above the latter level would also confirm further downside
in the cards
Have fun :-)
Best
Ironman8848
Note
so far so good...38.2% Fib ret @ 36226 filledNote
H1 :Likely to see further downside towards clouds support areawatch price action on shorter (M15 and M15) for additionnal signals of pontential recovery :-)
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