BTCUSD - H1/M15 - H & S FAILED BY A BULLISH DIVERGENCE !
H1 : The expected Head and Shoulder formation failed !
Indeed the yesterday's intraday low @ 47069, triggered a bullish divergence
on RSI, confirmed, later by other indicators which triggered a short term reversal
in building an uptrend channel.
On its way up, BTC recovered above KS, TS and MBB which now should be seen as the
cluster support @ 48440 on H1 time frame.
Interesting to note that this new short term support zone coincides also with the clouds
top area and a failure to hold above it would put the focus on the bottom of the clouds.
Clouds are thick therefore also difficult to break !
Currently, attempting to breakout the former downtrend resistance line.
On the upside, the D1 cluster is @ 50000.
M15 : Above the clouds and KS, MBB and TS. Also above the former downtrend line resistance.
Watch carefully price action over the coming M15 period for validation or invalidation
of this downtrend line resistance line and keep in mind support zone between
49000/48950.
On the upside watch 49500/49735 as first resistance levels to break.
Indeed the yesterday's intraday low @ 47069, triggered a bullish divergence
on RSI, confirmed, later by other indicators which triggered a short term reversal
in building an uptrend channel.
On its way up, BTC recovered above KS, TS and MBB which now should be seen as the
cluster support @ 48440 on H1 time frame.
Interesting to note that this new short term support zone coincides also with the clouds
top area and a failure to hold above it would put the focus on the bottom of the clouds.
Clouds are thick therefore also difficult to break !
Currently, attempting to breakout the former downtrend resistance line.
On the upside, the D1 cluster is @ 50000.
M15 : Above the clouds and KS, MBB and TS. Also above the former downtrend line resistance.
Watch carefully price action over the coming M15 period for validation or invalidation
of this downtrend line resistance line and keep in mind support zone between
49000/48950.
On the upside watch 49500/49735 as first resistance levels to break.
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