H1 :
The ongoing downtrend I mentioned yesterday morning is still intact.
In addition, for the time being, the clouds, once again, did "the job" !
After having attempt several times to get out of the downtrend channel base, the BTCUSD, a couple of hours ago
recovered, from its low reached of 46'789 (so far !) towards the H1 clouds resistance,currently between 48'600 and 49'400, interesting
to note that the latter level, also coincides, currently with the downtrend channel (top resistance line !)
RSI also slightly above the 50 level, @ 53.81
So what next ?
No change in my view yet !
I still consider recent and current price action as a CORRECTIVE MOVE ONLY and not as a strategic reversal yet.
In order to neutralise, this ongoing bearish price action, the BTCUSD should, firstly in this hourly time frame, recovered and hold sustainably
above the 50'000 which should be confirmed by a breakout of the 52'000 area which was the former high of Dec 7th.
In H4, such kind of potential move (not expected) would confirm the H4 clouds resistance area and open the door for higher levels (fragile zone
between 52'000 and 54'000)
Finally, in the daily time frame, the first KEY PIVOT POINTS is currently @ 53'000 (downtrend line resistance and Kijun-Sen & Base Line)
Only a clear sustainably breakout, on a daily basis of the 53'000 area would force to a view reassessment of my bearish view calling for lower levels.
Have a nice weekend.
Ironman8848 & Jean-Pierre Burki