H4 : As expected and mentioned in my previous analysis (W1) published early this morning, a corrective and healthy downside move took place and reached an intraday low, so far at 59350, close to the 38.2% Fibonacci Retracement @ 59194 ! Last H4 closing candle triggered a doji pattern which is showing some uncertainty about the upcoming hours. In addition, you can see that at current level, the BTC is again reenter in the uptrend channel. Therefore, I would suggest, to watch carefully, the following levels : BULLISH : Consider 61000-61100 as the first short term resistance area which, in order to neutralise the ongoing dowside risk; indeed, an upside breakout confirmed of this zone would be the first signal that the correction has been short lived and is over and would open the door for a retest of the previous high @ 61781. BEARISH : * S1 : 59194 (38.2% Fib ret) and also the top level of the broadening wedge pattern ! * S2 : 58931 (Tenkan-Sen & Conversion line) *** S3 : 58396 & 58342 (50% Fib ret - Mid Bollinger Band Interesting to note the former congestion zone resistance (56500-57500) which is becoming now, a new support zone (57500-56500) ! Watch development on shorter time frames H1 and M15 to get early signal (s) which will allow you to act accordingly. Have a nice afternoon. All the best Take care Ironman8848
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