BTC - D1 - NICE RECOVERY...BUT !
D1 : Despite a new downtrend which took place before yesterday, price action
shown yesterday (thanks to the FED !) triggered a nice recovery towards a
high reached early this morning @ 59559 (might be a sign as I was born in 19.. 59, no I am joking...)
That said, despite this, not negligeable recent rally (+ roughly 10 % in a couple of hours), BTC did not managed
to recover above the primary uptrend support line which should still be seen as one of the important level to
break on the upside in order to get out of this remaining bearish pressure as for the time being, unfortunately
recent and current price action should still be seen as a corrective move.
57500 on the downside is the first significant support level to look at which is also the Tenkan-Sen (conversion line) !
Indeed, a failure to hold above this area would directly put the focus on the secondary support trend line which for
the time being rejected several downside breakout attempts.
Last but not least, Mid Bollinger Band, THE LEADING INDICATOR, is @ 53255 !
In order to give additional support for an upside continuation move, we clearly need to see a breakout of the psychological
resistance level of 60000 (also the area of the primary uptrend support line).
Watch shorter time frames H4, H1 and M15 to get clues about upcoming price action.
shown yesterday (thanks to the FED !) triggered a nice recovery towards a
high reached early this morning @ 59559 (might be a sign as I was born in 19.. 59, no I am joking...)
That said, despite this, not negligeable recent rally (+ roughly 10 % in a couple of hours), BTC did not managed
to recover above the primary uptrend support line which should still be seen as one of the important level to
break on the upside in order to get out of this remaining bearish pressure as for the time being, unfortunately
recent and current price action should still be seen as a corrective move.
57500 on the downside is the first significant support level to look at which is also the Tenkan-Sen (conversion line) !
Indeed, a failure to hold above this area would directly put the focus on the secondary support trend line which for
the time being rejected several downside breakout attempts.
Last but not least, Mid Bollinger Band, THE LEADING INDICATOR, is @ 53255 !
In order to give additional support for an upside continuation move, we clearly need to see a breakout of the psychological
resistance level of 60000 (also the area of the primary uptrend support line).
Watch shorter time frames H4, H1 and M15 to get clues about upcoming price action.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.