H4 : Following the failure to breakout former highs, the last candle triggered
a Bearish Engulfing Pattern !
In addition the closing level was below the Mid Bollinger Band which is bearish.
Indicators turned down.
Little support now with the uptrend line which looks very fragile.
Likely to see at least a retest of the 48000 area soon.
Below focus remains on former double bottom low around the 45000 area
On the upside, former MBB support becomes the first significant resistance to break ahead of
the 51000-51600
Only a clear breakout of 51600 would neutralise the current ongoing bearish price action.
Watch H1 and M15 for validation or invalidation of the expected bearish scenario
a Bearish Engulfing Pattern !
In addition the closing level was below the Mid Bollinger Band which is bearish.
Indicators turned down.
Little support now with the uptrend line which looks very fragile.
Likely to see at least a retest of the 48000 area soon.
Below focus remains on former double bottom low around the 45000 area
On the upside, former MBB support becomes the first significant resistance to break ahead of
the 51000-51600
Only a clear breakout of 51600 would neutralise the current ongoing bearish price action.
Watch H1 and M15 for validation or invalidation of the expected bearish scenario
