BTCUSD - D1/H4 - MID BOLLINGER BAND AS THE LEADING INDICATOR !
D1 : Mid Bollinger Band remains "THE" leading indicator.
Indeed, after having closed, before yesterday above MBB, the failure, yesterday to confirm it, triggered a new selling pressure
and as a result, the previous bullish candle has been neutralized by a bearish engulfing pattern yesterday which close below MBB;
Today's ongoing candle is pointing to the SOUTH, currently below both Kijun-Sen and Tenkan-Sen having already reached an intraday
low of 46294 early this morning.
In order to neutralise this ongoing bearish price action, BTC should at least recover firstly above KS @ 48200 and then much more important
above MBB @ 50019 and expecially hold and stay above it.
It is not a surprise that MBB coincides roughly with the psychological level of 50'000, former support level which becomes now the new resistance
level to break !
In this time frame, once again, today's closing will be very important.
H4 : Currently trying to breakdown the support line of the downtrend channel.
Clouds worked well so far as support zone in rejecting a first breakout attempt.
Globally picture remains heavy and for the time being on this time frame, it looks more
a SELL on rally than a BUY on dips.
In order to neutralise the downside risk in this time frame, BTC need, firstly to recover above the resistance line of the downtrend
channel and secondly above MBB and hold above it
As usual watch H1 and M15 to get intermediate clue in shorter time frames.
Have a great trading day and please, if you like my analysis, do not forget to like it and add my on your following list.
Ironman8848
Indeed, after having closed, before yesterday above MBB, the failure, yesterday to confirm it, triggered a new selling pressure
and as a result, the previous bullish candle has been neutralized by a bearish engulfing pattern yesterday which close below MBB;
Today's ongoing candle is pointing to the SOUTH, currently below both Kijun-Sen and Tenkan-Sen having already reached an intraday
low of 46294 early this morning.
In order to neutralise this ongoing bearish price action, BTC should at least recover firstly above KS @ 48200 and then much more important
above MBB @ 50019 and expecially hold and stay above it.
It is not a surprise that MBB coincides roughly with the psychological level of 50'000, former support level which becomes now the new resistance
level to break !
In this time frame, once again, today's closing will be very important.
H4 : Currently trying to breakdown the support line of the downtrend channel.
Clouds worked well so far as support zone in rejecting a first breakout attempt.
Globally picture remains heavy and for the time being on this time frame, it looks more
a SELL on rally than a BUY on dips.
In order to neutralise the downside risk in this time frame, BTC need, firstly to recover above the resistance line of the downtrend
channel and secondly above MBB and hold above it
As usual watch H1 and M15 to get intermediate clue in shorter time frames.
Have a great trading day and please, if you like my analysis, do not forget to like it and add my on your following list.
Ironman8848
