H1: Ongoing price action caught in a transition zone which should soon or later
breakout either on the upside or on the downside.
Looking at the H1 time frame, clouds are under attack and a failure to hold above
the ongoing uptrend support line should trigger a new selling pressure targeting a retest
of former low @58400.
In order to neutralise this downside risk, still in place, BTC needs to recover quickly
above the 60000/60100 area and hold sustainably above it.
Watch also at the Mid Bollinger Band as a good short term indicator.
M15 : This very short term time frame is showing an ongoing bearish trend, currently
testing the clouds support zone.
Watch carefully price action over the coming M15 period as a failure to quickly recover
above the clouds would add further selling pressure, calling for lower levels and a breakout
of the fomerllow around 59275 would open the door for 58800 ahead of the former cluster resistance
@ 58400 which should now be seen as a major resistance area !!!
breakout either on the upside or on the downside.
Looking at the H1 time frame, clouds are under attack and a failure to hold above
the ongoing uptrend support line should trigger a new selling pressure targeting a retest
of former low @58400.
In order to neutralise this downside risk, still in place, BTC needs to recover quickly
above the 60000/60100 area and hold sustainably above it.
Watch also at the Mid Bollinger Band as a good short term indicator.
M15 : This very short term time frame is showing an ongoing bearish trend, currently
testing the clouds support zone.
Watch carefully price action over the coming M15 period as a failure to quickly recover
above the clouds would add further selling pressure, calling for lower levels and a breakout
of the fomerllow around 59275 would open the door for 58800 ahead of the former cluster resistance
@ 58400 which should now be seen as a major resistance area !!!
