BTCUSD - D1/H4 - Upside breakout confirmation !
Updated
D1 : The upside breakout confirmation has been given by the second daily closing above both Mid Bollinger Band (leading indicator !) and Kijun-Sen (Base line).
In addition the clear breakout of the downtrend channel gave also additionnal support for further upside calling now for the 55000 area as the first significant
target (55072 being the 78.6% Fib ret of the 58354-43021 downside move) ahead of a retest of former high @ 58354 (which is also, roughly the technical target
of the triangle pattern, see H4 comments below
As we are now in a bullish mode, former resistance cluster (KS and MBB around 50500 becomes the new support area to look at and as long as we stay above this
zone and the 50000 psychological level, any downside move should be seen as a consolidation & corrective move in a new bullish trend .
Usually after a breakout we should see a pullback towards the breakout area and which should be used, if seen as a good opportunity to get in in putting tight stop
loss below 50000
H4 : The scenario A (BULLISH) won the battle ! Indeed, recent price action is showing a clear triangle upside breakout targeting 58058 !
Nevertheless, even if the indicators are pointing to the North, it is likely to see some consolidation which should, as mentioned above in D1, be seen as a corrective move only and
used as a better opportunity to get in.
See development on H1 and M15 to get intermediate signal (s)
In addition the clear breakout of the downtrend channel gave also additionnal support for further upside calling now for the 55000 area as the first significant
target (55072 being the 78.6% Fib ret of the 58354-43021 downside move) ahead of a retest of former high @ 58354 (which is also, roughly the technical target
of the triangle pattern, see H4 comments below
As we are now in a bullish mode, former resistance cluster (KS and MBB around 50500 becomes the new support area to look at and as long as we stay above this
zone and the 50000 psychological level, any downside move should be seen as a consolidation & corrective move in a new bullish trend .
Usually after a breakout we should see a pullback towards the breakout area and which should be used, if seen as a good opportunity to get in in putting tight stop
loss below 50000
H4 : The scenario A (BULLISH) won the battle ! Indeed, recent price action is showing a clear triangle upside breakout targeting 58058 !
Nevertheless, even if the indicators are pointing to the North, it is likely to see some consolidation which should, as mentioned above in D1, be seen as a corrective move only and
used as a better opportunity to get in.
See development on H1 and M15 to get intermediate signal (s)
Trade closed: target reached
Triangle technical target @ 58058 reached (intraday high @ 58155)
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