H4: The expected downside breakout of the 60'000 pushed the BULLS to fasten their seats belts !
Indeed, in a couple of hours, BTC lost 14 % and reached and intraday low so far of 51'541, very close
of the 38.2% Fib ret of @ 51106 the 28800-64895 rally.
After this sharp decline, it was a natural reaction to see a recovery which pushed up the BTC towards
a intraday high so far of 57'939.
Lack of follow through triggered a new wave of selling pressure and as a result, current level is roughly
at the same level of the former H4 closing level (55453)
As mentioned previously in D1, the global picture remains bearish as we are below the clouds, interesting
to note the importance of the Mid Bollinger Band which coincides currently with the top of the clouds resistance zone.
Therefore, as long as we stay below the clouds and the MBB, expectations are still calling for the SOUTH.
Indeed, in a couple of hours, BTC lost 14 % and reached and intraday low so far of 51'541, very close
of the 38.2% Fib ret of @ 51106 the 28800-64895 rally.
After this sharp decline, it was a natural reaction to see a recovery which pushed up the BTC towards
a intraday high so far of 57'939.
Lack of follow through triggered a new wave of selling pressure and as a result, current level is roughly
at the same level of the former H4 closing level (55453)
As mentioned previously in D1, the global picture remains bearish as we are below the clouds, interesting
to note the importance of the Mid Bollinger Band which coincides currently with the top of the clouds resistance zone.
Therefore, as long as we stay below the clouds and the MBB, expectations are still calling for the SOUTH.
