M15 : Following the expected ongoing downside move towards a low of 44151, BTC is trying to recover.
Be very cautious as for the time being, recent price action seen from the low is a corrective move only
in a broad bear trend and should not be seen as a trend reversal yet.
Indeed, in order to neutralise the ongoing selling pressure, BTC should at least recover above 47179, which is,
first of all the 38.2% Fib ret and secondly, also the base of the clouds resistance area.
A move to this level would be the first step of a potential recovery as the second obstacle which should be overcome
is the top of the cloud, currently @ 48700.
Only a move back above the latter level would neutralise the ongoing bearish price action.
A failure to hold above today's low @ 44151 would put the focus on the very important support level at around 42000, which
was also the former intraday high of Jan 8th !
Global picture looks heavy !!!!
Watch carefully price action on M15 and look for validation on H1
Be very cautious as for the time being, recent price action seen from the low is a corrective move only
in a broad bear trend and should not be seen as a trend reversal yet.
Indeed, in order to neutralise the ongoing selling pressure, BTC should at least recover above 47179, which is,
first of all the 38.2% Fib ret and secondly, also the base of the clouds resistance area.
A move to this level would be the first step of a potential recovery as the second obstacle which should be overcome
is the top of the cloud, currently @ 48700.
Only a move back above the latter level would neutralise the ongoing bearish price action.
A failure to hold above today's low @ 44151 would put the focus on the very important support level at around 42000, which
was also the former intraday high of Jan 8th !
Global picture looks heavy !!!!
Watch carefully price action on M15 and look for validation on H1
