BTC – H4 – STILL ABOVE THE CLOUDS…BUT…

H4 : Take a few seconds for looking back what happened since the peak reached 3 weeks ago !
Indeed, you can see that the downtrend ( falling wedge in progress) is still intact.
1) Several recoveries attempt (upside breakout failures occured; the most important attempt
being the one seen a couple of days ago ;
A) A long white bullish candle
B) A doji top at the peak !
C) A reversal long black candle pushing down again the BTC inside the falling wedge pattern
2) Then sideways price action with, yesterday, a new upside breakout attempts of the downtrend line resistance
which triggered again a Doji and this time, roughly at the level of the donwtrend line resistance !

3) Current level is around the MBB (@ 33748) and below both TS and KS, respectively @ 33895 and 33885
4) Top of the clouds support zone has been tested this morning !
Conclusion :
Scenario bearish : Failure to quickly recover and hold above MBB , KS and TS should trigger further selling pressure
targeting a downside breakout of the clouds with the following targets :
1) 32641
2) 31975
3) 31308
Scenario bullish : Recovery success in breaking the downtrend line resistance opening the door for the following targets :
1) former high @ 34800
2) 35060
3) 35740
4) 36419

Due to high volatility I would strongly suggest to carefully screen shorter time frame , H1 and M15, to detect early signals
which would allow to act accordingly.

Have a nice Sunday 🙂

Good luck

Ironman8848