M5 : The breakout of the support zone 49500-49000 triggered a sharp decline towards a low
of 47004, missing my technical target of 46'847 (sorry :-) ...
Then at this level, a PIERCING LINE, took place, coupled with BULLISH DIVERGENCES in all technical
indicators !
This first recovery signal has then been confirmed by the breakout of the Mid Bollinger Band (around 48'000)
and since this moment as you can see on this very short term time frame, BTC is never come back below the Mid
Bollinger Band
In addition, the clouds former resistance area (48750-49000) and the former H1 support zone (49'000-49'500) have also been broken.
Interesting the price action seen around the triangle pattern (reported from H1 chart) = breakout --> pullback and upside continuation towards
a high so far of 52545. (target expected in my previous H1 analysis)
So what next ?
Looking at the last M5 price action, some kind of lack of momentum can be observed !
Indeed, we have already move back below Tenkan-Sen (52131) and technical indicators turned on the South.
Watch Mid Bollinger Band (51'585) as the leading indicator, as a failure to stay above it would be one of the confirmation signal that the recovery is over
Kijun-Sen is just below @ 51'520
On the upside, watch the former high @ 52'546
M15 : After this sharp rally ( + 11.5 % in 5 hours !) a mirror effect can not be ruled out due to the angle of the uptrend support line (56 degrees).
Therefore, on this time frame, the Tenkan-Sen (51'520) which coincides with the M5 Kijun-Sen should we watched at very carefully.
A failure to stay above that level would be the first confirmation of what has been explained above on M5
On the upside, same than in M5.
CONCLUSION
Price action over the coming period (s) in M5 and M15 will give more clues about today's price action.
See H1, H4, D1 and W1 updates which will be published soon.
Have a nice trading day
All the best and take care
Ironman8848
of 47004, missing my technical target of 46'847 (sorry :-) ...
Then at this level, a PIERCING LINE, took place, coupled with BULLISH DIVERGENCES in all technical
indicators !
This first recovery signal has then been confirmed by the breakout of the Mid Bollinger Band (around 48'000)
and since this moment as you can see on this very short term time frame, BTC is never come back below the Mid
Bollinger Band
In addition, the clouds former resistance area (48750-49000) and the former H1 support zone (49'000-49'500) have also been broken.
Interesting the price action seen around the triangle pattern (reported from H1 chart) = breakout --> pullback and upside continuation towards
a high so far of 52545. (target expected in my previous H1 analysis)
So what next ?
Looking at the last M5 price action, some kind of lack of momentum can be observed !
Indeed, we have already move back below Tenkan-Sen (52131) and technical indicators turned on the South.
Watch Mid Bollinger Band (51'585) as the leading indicator, as a failure to stay above it would be one of the confirmation signal that the recovery is over
Kijun-Sen is just below @ 51'520
On the upside, watch the former high @ 52'546
M15 : After this sharp rally ( + 11.5 % in 5 hours !) a mirror effect can not be ruled out due to the angle of the uptrend support line (56 degrees).
Therefore, on this time frame, the Tenkan-Sen (51'520) which coincides with the M5 Kijun-Sen should we watched at very carefully.
A failure to stay above that level would be the first confirmation of what has been explained above on M5
On the upside, same than in M5.
CONCLUSION
Price action over the coming period (s) in M5 and M15 will give more clues about today's price action.
See H1, H4, D1 and W1 updates which will be published soon.
Have a nice trading day
All the best and take care
Ironman8848
