BTCUSD - H4 - MBB = LEADING INDICATOR !
The Mid Bollinger Band (MBB) worked perfectly well so far in rejecting all downside breakout attempts !!!
Therefore, as long as this support level (currently @ 54'595) hold, it should be seen as a supportive signal,
calling for this ongoing upside move.
Watch also technical indicators (such as RSI) which has already triggered, so far, only a minor BEARISH DIVERGENCE;
nevertheless, a failure to switch from a divergence mode to a convergence mode would be an additional warning
signal, which could trigger a renewal selling pressure calling for lower level.
UPSIDE :
Watch former intraday high @ 56'168 (potential double top !), ahead of the ongoing uptrend channel projection levels.
DOWNSIDE :
Monitor closely 54'595 as the first significant support level ahead of 53'298 (KS) and also, currently
the bottom support line of the ongoing H4 uptrend channel
Therefore, as long as this support level (currently @ 54'595) hold, it should be seen as a supportive signal,
calling for this ongoing upside move.
Watch also technical indicators (such as RSI) which has already triggered, so far, only a minor BEARISH DIVERGENCE;
nevertheless, a failure to switch from a divergence mode to a convergence mode would be an additional warning
signal, which could trigger a renewal selling pressure calling for lower level.
UPSIDE :
Watch former intraday high @ 56'168 (potential double top !), ahead of the ongoing uptrend channel projection levels.
DOWNSIDE :
Monitor closely 54'595 as the first significant support level ahead of 53'298 (KS) and also, currently
the bottom support line of the ongoing H4 uptrend channel
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