BTC - D1 - IN ROUTE FOR 46'847 (50 % FIBO RETRACEMENT) !
D1 : Ongoing downtrend still intact,(downtrend channel) currently trying to breakout the D1 clouds support zone (wait for Daily closing level !)
Looking ahead the next significant support will be 46847, which is the 50 % Fibonacci retracement of the 28'800-64895 rally.
All technical indicators are converging to the South and no early signal of potential bullish divergences yet in this D1 time frame.
As already mentioned over the last couple of days, the broad strategical trend switched from bullish (uptrend channel in green) to BEARISH (downtrend channel in red !).
In order to reverse the current price action, BTC should recover firstly above the clouds support and hold sustainably above it.
A move back inside the clouds would put temporary the trend in a neutral mode waiting for a new trend direction.
Have a nice Sunday, have fun and take care.
Please, if you find my work valuable for you, do not forget to like it, to talk to your friends and if not done yet to add me in your following
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Ironman8848
Looking ahead the next significant support will be 46847, which is the 50 % Fibonacci retracement of the 28'800-64895 rally.
All technical indicators are converging to the South and no early signal of potential bullish divergences yet in this D1 time frame.
As already mentioned over the last couple of days, the broad strategical trend switched from bullish (uptrend channel in green) to BEARISH (downtrend channel in red !).
In order to reverse the current price action, BTC should recover firstly above the clouds support and hold sustainably above it.
A move back inside the clouds would put temporary the trend in a neutral mode waiting for a new trend direction.
Have a nice Sunday, have fun and take care.
Please, if you find my work valuable for you, do not forget to like it, to talk to your friends and if not done yet to add me in your following
list :-)
Ironman8848
D1 update will follow
Have a nice trading day
All the best and take care