BTCUSD - H1 - ONGOING DOWNTREND CHANNELQuick update on the intraday one hour chart which is showing an ongoing downtrend channel !
Currently below the clouds (which are roughly around the 50'000 psychological level, below Kijun-Sen, still slightly below
Mid Bollinger Band and slightly above Tenkan-Sen.
Selling pressure remains heavy and in order to neutralise it (in this short term 1 hour time frame), the BTC should quickly recover and hold
sustainably above 48'850 which could potentially open the door for higher levels towards the 50'000 area.
Is this scenario going to happen ?
May be or may be not !
The important thing to remember is that we are still in a tactical corrective move only (as already mentioned several times) and not in a strategic trend reversal yet.
Levels to watch on H1 time frame are the following :
R3. : 50'000
R2 : 48'900
R1 : 48'500
Current level : 48'455
S1 : 48'000
S2 : 47'500
S3 : 46'500
A breakout of S3 would open the door for lower levels towards the former low of 42'000
A confirmation of a strategic trend reversal would only be confirmed by an upside breakout on a daily basis of the 54'177 level !
In the meantime, there are plenty tactical trading opportunities to take advantage of, in using a strict risk reward approach and in putting in place a tight trailing stop losses strategy, which should be monitored very
closely in screening carefully, intraday short term price action which will help you to detect early signal (s) of tactical trading opportunities.
Last but not least, the yesterday's price action on a Daily basis, triggered, after three successive dojis patterns, a long black candle...and as long as the BTCUSD is below TS (on a daily closing basis), the direction will remain to the South...
All the best
