BTC - M15- VERY SHORT TERM TREND REVERSAL - CORRECTIVE ONLY !!!
M15 : Recent price action seen on the last 2 candles is showing an inverted hammer followed by a bullish engulfing pattern.
This combination, coupled with bullish divergences is triggering a very short term trend reversal which is expected to be relatively
limited and used once again to SELL at better levels.
Indeed, on this time frame, BTC is :
1) below the clouds (56470-55890)
2) below the downtrend line (56155)
3) below Kijun-Sen (55962)
4) below Mid Bollinger Band (55948)
5) below Tenkan-Sen (55655)
CONCLUSION :
IN ORDER TO NEUTRALISE THE ONGOING BEARISH PRICE ACTION IN THIS TIME FRAME, BTC SHOULD RECOVER FIRSTLY ABOVE THE MID BOLLINGER
BAND AHEAD OF THE DOWNTREND LINE RESISTANCE AND LAST BUT NOT LEAST ABOVE THE CLOUDS RESISTANCE AREA.
A FAILURE TO DO IT WOULD PUT THE FOCUS ON THE FORMER LOW @ 55003 AHEAD OF 54694 WHICH IS THE DOUBLE TOP TRIGGER LEVEL
This combination, coupled with bullish divergences is triggering a very short term trend reversal which is expected to be relatively
limited and used once again to SELL at better levels.
Indeed, on this time frame, BTC is :
1) below the clouds (56470-55890)
2) below the downtrend line (56155)
3) below Kijun-Sen (55962)
4) below Mid Bollinger Band (55948)
5) below Tenkan-Sen (55655)
CONCLUSION :
IN ORDER TO NEUTRALISE THE ONGOING BEARISH PRICE ACTION IN THIS TIME FRAME, BTC SHOULD RECOVER FIRSTLY ABOVE THE MID BOLLINGER
BAND AHEAD OF THE DOWNTREND LINE RESISTANCE AND LAST BUT NOT LEAST ABOVE THE CLOUDS RESISTANCE AREA.
A FAILURE TO DO IT WOULD PUT THE FOCUS ON THE FORMER LOW @ 55003 AHEAD OF 54694 WHICH IS THE DOUBLE TOP TRIGGER LEVEL
