Ironman8848

BTC - M15 - RECOVERY ATTEMPT ! WATCH CLOUDS .

BITSTAMP:BTCUSD   비트코인
M15 : Following the expected ongoing downside move towards a low of 44151, BTC is trying to recover.
Be very cautious as for the time being, recent price action seen from the low is a corrective move only
in a broad bear trend and should not be seen as a trend reversal yet.

Indeed, in order to neutralise the ongoing selling pressure, BTC should at least recover above 47179, which is,
first of all the 38.2% Fib ret and secondly, also the base of the clouds resistance area.
A move to this level would be the first step of a potential recovery as the second obstacle which should be overcome
is the top of the cloud, currently @ 48700.
Only a move back above the latter level would neutralise the ongoing bearish price action.
A failure to hold above today's low @ 44151 would put the focus on the very important support level at around 42000, which
was also the former intraday high of Jan 8th !
Global picture looks heavy !!!!

Watch carefully price action on M15 and look for validation on H1

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