BTC - ONGOING POTENTIAL HEAD AND SHOULDERS IN PROGRESS ON D1...
D1 : Recent price action is confirming a potential Head and Shoulders in progress on D1.
Nevertheless, such kind of formation will be confirmed only by a breakout of the neckline
which for the time being is still away of current level...
Important to note, that for the time being, on D1, the BTC is still above the MID BOLLINGER BAND !
A daily closing below 56700 confirmed by another breakout of the Kijun-Sen @ 56070 would also add
more selling pressure, having in mind the H & S neckline level, currently around 54000/53500.
H4 : Recent recovery from the expected target reached yesterday (see previous H1 analysis)
triggered a small recovery which still should be seen as a corrective move only in a bear trend.
Indeed, BTC recovered towards of high of 58501, reaching nearly the 61.8% Fib ret @ 58527 !
In addition, this recovery also failed to recover above the Mid Bollinger Band and currently
BTC is traded somewhere in the middle of the clouds support zone.
Again and again, watch carefully at the clouds on which the bottom line is currently around the
55000 area.
ONLY A SUSTAINABLE RECOVERY ABOVE 60'000 WOULD INVALIDATE THE EXPECTED BEARISH SCENARIO
Nevertheless, such kind of formation will be confirmed only by a breakout of the neckline
which for the time being is still away of current level...
Important to note, that for the time being, on D1, the BTC is still above the MID BOLLINGER BAND !
A daily closing below 56700 confirmed by another breakout of the Kijun-Sen @ 56070 would also add
more selling pressure, having in mind the H & S neckline level, currently around 54000/53500.
H4 : Recent recovery from the expected target reached yesterday (see previous H1 analysis)
triggered a small recovery which still should be seen as a corrective move only in a bear trend.
Indeed, BTC recovered towards of high of 58501, reaching nearly the 61.8% Fib ret @ 58527 !
In addition, this recovery also failed to recover above the Mid Bollinger Band and currently
BTC is traded somewhere in the middle of the clouds support zone.
Again and again, watch carefully at the clouds on which the bottom line is currently around the
55000 area.
ONLY A SUSTAINABLE RECOVERY ABOVE 60'000 WOULD INVALIDATE THE EXPECTED BEARISH SCENARIO
