Looks like btcusd is getting stuck inside a consolidation period W top formation. Although Thursday didn't quite close fully engulfing Wednesday, i'm still considering it as fully engulfing. (To be honest i think if price runs over then entire candle and closes above the 50%, is enough to be considered as one.) Therefor bulls have a new line of defense to look...
Yesterday closed with a nice red candle below the 21 SMA confirming the bears are in control. I'm looking for a 382 retracement of the entire move with targets at 1250. As i see it, I think 1292 will give us some stick but eventually breaking through it after a few days. If i see a seller failure in the green zone then i'l buy into the failure with targets even...
If price takes off again from 1250 then i see it going higher, using previous structure as support and slowly working it's way up to the next resistance level.