BTC- D1 - NICE RECOVERY... AND STILL IN A BEARISH MODE...D1 : After having nearly reached the expected target which were respectively 50187 (61.8% Fib ret) and the
psychological support level of 50'000 in moving down towards an intraday low of 50360, the BTC recovered nicely
towards an intraday high so far of 55597.
This recent price action triggered a long white candle (bullish engulfing pattern) which on its upside move broke the Kijun-Sen line (currently @ 54037)
but failed on a closing basis, yesterday to move above Tenkan-Sen (currently @ 55158), where we are at the moment.
Interesting that this long bullish candle did not trigger a big volume !!!
Key resistance area on D1 basis, remains Mid Bollinger Band (currently @ 56163) which also coincides with the current downtrend line resistance level.
Therefore, unless a clear breakout of this zone occurs soon, recent and current price action should still be seen as a "NICE" corrective move only.. in a still ongoing bearish picture.
Watch H4 and shorter time frames H1 and M15 to get clues about further intraday development which will allow you to act accordingly.
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Ironman8848
