BTC - H1 - 61.8% FIBONACCI RETRACEMENT FILLED
H1 : Short term recovery took place, filling on its way the 61.8% Fib ret of the last short term downside move.
An extension towards the 78.6% @33343 can not be ruled out.
Nevertheless, as already mentioned a couple days ago, in order to confirm a trend reversal, we need to
see a clear upside move which should break first 33915, ahead of 34247 and finally 36000.
A failure to do it would confirm that recent and current short term price action are purely corrective in
bear trend still in place; such kind of short term price action, for the time being, should still not be seen as a trend reversal price action but as opportunities to get out of long exposure or to initiate short positions at better levels !
On D1, watch carefully the daily downtrend line resistance which is still intact and which will give clue on strategic view.
Have a nice Sunday :-)
An extension towards the 78.6% @33343 can not be ruled out.
Nevertheless, as already mentioned a couple days ago, in order to confirm a trend reversal, we need to
see a clear upside move which should break first 33915, ahead of 34247 and finally 36000.
A failure to do it would confirm that recent and current short term price action are purely corrective in
bear trend still in place; such kind of short term price action, for the time being, should still not be seen as a trend reversal price action but as opportunities to get out of long exposure or to initiate short positions at better levels !
On D1, watch carefully the daily downtrend line resistance which is still intact and which will give clue on strategic view.
Have a nice Sunday :-)
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