BTC - H1 - RISING WEDGE IN PROGRESS - 61.8 % FIB RET FILLED !
H1 : Nice recovery seen from the low of 31'025 (bullish divergence and hammer !)
towards a high so far of 34'740 reached one hour ago.
A rising wedge pattern is in progress and BTC is currently attempting to upside
breakout the top of the clouds.
Therefore, price action over the upcoming period (s) will be very important to look at.
Indeed, a failure to clearly breakout the clouds would confirm the top of the recent recovery
and trigger a new downside move.
Looking ahead and above, as you can see on this H1 chart the 34'600-35'500/36'000 area looks very
fragile and in a case of a clouds breakout we should assist to an upside acceleration towards
this new resistance area which has been a former congestion area, seen a couple of days ago.
CONCLUSION :
Watch carefully ongoing price action on shorter time frame which will validate or invalidate further upside.
On the downside, watch the former clouds resistance which becomes now new support zone ahead of the cluster
of TS, (wedge base line !), MBB and finally KS.
Have a nice afternoon
Ironman8848
towards a high so far of 34'740 reached one hour ago.
A rising wedge pattern is in progress and BTC is currently attempting to upside
breakout the top of the clouds.
Therefore, price action over the upcoming period (s) will be very important to look at.
Indeed, a failure to clearly breakout the clouds would confirm the top of the recent recovery
and trigger a new downside move.
Looking ahead and above, as you can see on this H1 chart the 34'600-35'500/36'000 area looks very
fragile and in a case of a clouds breakout we should assist to an upside acceleration towards
this new resistance area which has been a former congestion area, seen a couple of days ago.
CONCLUSION :
Watch carefully ongoing price action on shorter time frame which will validate or invalidate further upside.
On the downside, watch the former clouds resistance which becomes now new support zone ahead of the cluster
of TS, (wedge base line !), MBB and finally KS.
Have a nice afternoon
Ironman8848
