BTC - H4 - WATCH MID BOLLINGER BAND AS THE LEADING INDICATOR !
H4 : Nice recovery seen towards a high of 57'555, which was roughly the level
of Kijun-Sen (Base line) @ 57698; nevertheless the configuration in this time frame
remains bearish as BTC is under the influence of the downtrend line resistance (in red)
and confirm also by the clouds resistance area.
The ongoing price action is showing a breakout attempt of the uptrend line
support ! (wait H4 closing for confirmation)
A failure to hold above this uptrend support line would put the focus on Tenkan-Sen (conversion line)
ahead of Fib retracements as shown on the chart.
Interesting to note that the zone ranging from the 38.2% to the 61.8% (55257-53838)has been crossed over in one H4 period
and this on both sides !
CONCLUSION :
WATCH, AS FIRST INDICATORS, TENKAN SEN (56270) AS SUPPORT AND KIJUN-SEN (57698) AS RESISTANCE; MID BOLLINGER BAND
REMAINING, OF COURSE, THE LEADING INDICATOR (bearish below and bullish above )
of Kijun-Sen (Base line) @ 57698; nevertheless the configuration in this time frame
remains bearish as BTC is under the influence of the downtrend line resistance (in red)
and confirm also by the clouds resistance area.
The ongoing price action is showing a breakout attempt of the uptrend line
support ! (wait H4 closing for confirmation)
A failure to hold above this uptrend support line would put the focus on Tenkan-Sen (conversion line)
ahead of Fib retracements as shown on the chart.
Interesting to note that the zone ranging from the 38.2% to the 61.8% (55257-53838)has been crossed over in one H4 period
and this on both sides !
CONCLUSION :
WATCH, AS FIRST INDICATORS, TENKAN SEN (56270) AS SUPPORT AND KIJUN-SEN (57698) AS RESISTANCE; MID BOLLINGER BAND
REMAINING, OF COURSE, THE LEADING INDICATOR (bearish below and bullish above )
