BTCUSD - D1/H4 - WATCH PSYCHOLOGICAL LEVEL OF 50000 !
D1 : Cluster remains around the psychological level of 50000. Indeed,
this level coincides with both, the current level of the downtrend line
resistance and with the Mid Bollinger Band.(49925)
Therefore, a move and a D1 closing level above 50000 could change
the current bearish mode to a bullish one.
Wait today's closing for confirmation !
H4 : Failure to breakout the Mid Bollinger Band level triggered a strong recovery.
Watch carefully price action on this time frame, BTC is currently trying
to break the former downtrend line resistance in entering in a very strong
resistance zone which is the clouds zone and which is VERY THICK, therefore
should not be easy to break.
Important to note that the former high (@ 50250) is close to the 50 % Fibonacci
retracement level (@ 50620) which coincides with the top of the clouds.
In case of a continuation upside move towards those levels, do not forget
that a potential double top could take place with a trigger level roughly
at the level of the Mid Bollinger Band support currently @ 47216 !
this level coincides with both, the current level of the downtrend line
resistance and with the Mid Bollinger Band.(49925)
Therefore, a move and a D1 closing level above 50000 could change
the current bearish mode to a bullish one.
Wait today's closing for confirmation !
H4 : Failure to breakout the Mid Bollinger Band level triggered a strong recovery.
Watch carefully price action on this time frame, BTC is currently trying
to break the former downtrend line resistance in entering in a very strong
resistance zone which is the clouds zone and which is VERY THICK, therefore
should not be easy to break.
Important to note that the former high (@ 50250) is close to the 50 % Fibonacci
retracement level (@ 50620) which coincides with the top of the clouds.
In case of a continuation upside move towards those levels, do not forget
that a potential double top could take place with a trigger level roughly
at the level of the Mid Bollinger Band support currently @ 47216 !
The pivot level on a closing bais remains @ 51530 (middle of long black candle of Feb 23rd)
H4 : Despite the thickness of the clouds, BTC went through easily against my expectation...in making an intraday high of 52652.
Current ongoing candle is showing some sign of a potential trend reversal which should be confirmed on a closing basis !
Indeed, a failure to stay above the clouds would once again put the focus on lower level towards the former psychological resistance level of 50000 which now should be seen as the new support level. Interesting to note that Tenkan-Sen is @ 49861 !
Watch shorter time frames, H1 and M15 for intermediate clues