As expected, yesterday's small recovery has been short lived !!!
Indeed, RSI bearish divergence on H1, triggered a corrective move only, pushing up the BTCUSD towards an intraday high of 57'882, missing to breakout
the clouds resistance area on this time frame... (magical clouds :-)...)
In addition, recent price action triggered an other bearish signal : the lagging line crossed under the Kijun-Sen which should be seen as a second warning bearish signal
following a first daily closing level (on Nov 22nd), below the double top trigger level of 57'500 !!
So what next ?
No change in my bearish view; current level are roughly in the middle of the daily clouds and I suggest to watch closely at the clouds which will tell you in which direction the BTCUSD will go.
On the upside, the TS @ 58'687 is the first significant resistance level to look at and as long as ww stay below this point, the bearish pressure will remains !
In order to neutralise this ongoing downside price action, we need to see a clear breakout of the psychological 60'000 former support which became now an important resistance level to break on the upside !
On the downside,, no secret, watch again the clouds support zone, currently around 53'400 which also coincides with the former uptrend line support (in green).
A failure to hold above 53'400 would directly put the focus on the 50'000 area ahead of the double top technical target @ 46'000
Have a nice trading day.
Ironman8848
Indeed, RSI bearish divergence on H1, triggered a corrective move only, pushing up the BTCUSD towards an intraday high of 57'882, missing to breakout
the clouds resistance area on this time frame... (magical clouds :-)...)
In addition, recent price action triggered an other bearish signal : the lagging line crossed under the Kijun-Sen which should be seen as a second warning bearish signal
following a first daily closing level (on Nov 22nd), below the double top trigger level of 57'500 !!
So what next ?
No change in my bearish view; current level are roughly in the middle of the daily clouds and I suggest to watch closely at the clouds which will tell you in which direction the BTCUSD will go.
On the upside, the TS @ 58'687 is the first significant resistance level to look at and as long as ww stay below this point, the bearish pressure will remains !
In order to neutralise this ongoing downside price action, we need to see a clear breakout of the psychological 60'000 former support which became now an important resistance level to break on the upside !
On the downside,, no secret, watch again the clouds support zone, currently around 53'400 which also coincides with the former uptrend line support (in green).
A failure to hold above 53'400 would directly put the focus on the 50'000 area ahead of the double top technical target @ 46'000
Have a nice trading day.
Ironman8848
