Looking at the Daily picture, we can see a clear downtrend channel; the 61.8% Fibonacci retracement @ 31'665 has been reached this morning and the BTC is currently trading below both the Kijun-Sen (Base line) @ 32'611 and the Tenkan-Sen (Conversion line) @ 33'344. A Daily closing below those levels would add further selling pressure over the coming session (s).
Recent and current price action should still be seen as a corrective move only in a BROAD BEAR TREND !!!
30'300 AHEAD OF THE VERY IMPORTANT PSYCHOLOGICAL LEVEL OF 30'000 SHOULD BE SEEN SOON...
Watch carefully price action on shorter time frames to get clues and catch intermediate (s) signal (s) for tactical reversal which will be triggered mainly by short term bullish divergence (s) !
Only a sustainable move above the downtrend channel resistance line would force to a view reassessment of the expected strategic bearish scenario calling for lower levels !!!
Do not forget to protect any long postions with a tight trailing stop loss as it is better to cash in a small profit than a big loss :-) and last but not least watch the clouds on different time frames :-)
Have a nice trading day, all the best, take care and have fun.
Ironman8848
Recent and current price action should still be seen as a corrective move only in a BROAD BEAR TREND !!!
30'300 AHEAD OF THE VERY IMPORTANT PSYCHOLOGICAL LEVEL OF 30'000 SHOULD BE SEEN SOON...
Watch carefully price action on shorter time frames to get clues and catch intermediate (s) signal (s) for tactical reversal which will be triggered mainly by short term bullish divergence (s) !
Only a sustainable move above the downtrend channel resistance line would force to a view reassessment of the expected strategic bearish scenario calling for lower levels !!!
Do not forget to protect any long postions with a tight trailing stop loss as it is better to cash in a small profit than a big loss :-) and last but not least watch the clouds on different time frames :-)
Have a nice trading day, all the best, take care and have fun.
Ironman8848
