BTC - H1/M15 - IN A SHORT TERM BEAR TREND....
H1 : 61.8% Fibonacci retracement filled @ 49201 (intraday low so far @ 49000)
Last candle (bullish engulfing) might trigger a recovery
In order to invalidate the ongoing bearish price action, BTC needs to recover
above MBB currently @ 50784 and also above the downtrend line resistance.
On the downside, clouds zone should be watch as the first support area.
M15: Below the clouds and below MBB, looks like a corrective move in a short term bear
trend.
Watch MBB @ 50374 as the first significant resistance level to break.
A failure to hold above 49000 (today's low) would put the focus on clouds support
zone (48500-48000) ahead of 47069 (March 2nd low).
Last candle (bullish engulfing) might trigger a recovery
In order to invalidate the ongoing bearish price action, BTC needs to recover
above MBB currently @ 50784 and also above the downtrend line resistance.
On the downside, clouds zone should be watch as the first support area.
M15: Below the clouds and below MBB, looks like a corrective move in a short term bear
trend.
Watch MBB @ 50374 as the first significant resistance level to break.
A failure to hold above 49000 (today's low) would put the focus on clouds support
zone (48500-48000) ahead of 47069 (March 2nd low).
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.