M1 : Ongoing downtrend in progress
W1 : Failure to recover above the W1 pivot level
@ 41230 is confirming the downside direction
D1 : Yesterday's price action triggered a breakout
attempt of the cluster (former uptrend support line and
former downtrend line) which failed after having reached
an intraday high @ 40'904. BTC also missed to stay and hold
above the important resistance level of 40'000, I mentioned
yesterday !! As a result, renewal selling pressure took place,
pushing down the BTC towards a low so far of 37'212, filling
nearly the 38.2% Fib ret (@ 37161) of the last 31'107-40904 rally.
H4 : Failure, yesterday, to breakout the top of the clouds has also
been an additional confirmation of a top in place; currently testing
the bottom of the clouds support area and below the Mid Bollinger
Band ! Watch next H4 closing level. A failure to close above MBB @ 38'147,
would be seen as negative, calling for further downside move towards the
next significant support level, in this time frame around 36'000
H1 : Price action, seen yesterday, after the breakout of the 40'000 triggered a
bull trap ! Indeed, BTC never achieved to close on a H1 basis above the closing level
of the breakout candle, which triggered the formation of a downtrend (lower highs !)
M30 : Below the clouds; watch MBB and downtrend line resistance as indicators.
M15 : Same than M30
M5 : A bullish divergence detected 45 min ago triggered a very small corrective upside
move which has been rejected by both MBB and KS.
CONCLUSION : NO CHANGE IN MY VIEW, ONLY A CLEAR BREAKOUT OF THE 40'000 WOULD FORCE
TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO I AM CALLING FOR !
W1 : Failure to recover above the W1 pivot level
@ 41230 is confirming the downside direction
D1 : Yesterday's price action triggered a breakout
attempt of the cluster (former uptrend support line and
former downtrend line) which failed after having reached
an intraday high @ 40'904. BTC also missed to stay and hold
above the important resistance level of 40'000, I mentioned
yesterday !! As a result, renewal selling pressure took place,
pushing down the BTC towards a low so far of 37'212, filling
nearly the 38.2% Fib ret (@ 37161) of the last 31'107-40904 rally.
H4 : Failure, yesterday, to breakout the top of the clouds has also
been an additional confirmation of a top in place; currently testing
the bottom of the clouds support area and below the Mid Bollinger
Band ! Watch next H4 closing level. A failure to close above MBB @ 38'147,
would be seen as negative, calling for further downside move towards the
next significant support level, in this time frame around 36'000
H1 : Price action, seen yesterday, after the breakout of the 40'000 triggered a
bull trap ! Indeed, BTC never achieved to close on a H1 basis above the closing level
of the breakout candle, which triggered the formation of a downtrend (lower highs !)
M30 : Below the clouds; watch MBB and downtrend line resistance as indicators.
M15 : Same than M30
M5 : A bullish divergence detected 45 min ago triggered a very small corrective upside
move which has been rejected by both MBB and KS.
CONCLUSION : NO CHANGE IN MY VIEW, ONLY A CLEAR BREAKOUT OF THE 40'000 WOULD FORCE
TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO I AM CALLING FOR !
