BTCUSD - H1/M15 - ONGOING CORRECTIVE MOVE IN PROGRESS !
Updated
H1 : The expected Head and Shoulders formation mentioned in my yesterday's analysis failed !!
As mentioned in my previous D1/H4 analysis, it it likely to see some correction after
the rally seen recently.
The ongoing expected move is under way calling for a move towards the former high
@ 52652 which was the former resistance and becomes now the new first significant support level.
A breakout of that level would put the focus on MBB, currently @ 52161 and KS @ 51908
M15 : Looking at the latest development, we can clearly see the uptrend line support (in green) which
coincides, currently, also with the clouds support zone and also with the first Fibonacci retracement,
38.2 % @ 52516. Interesting to note that the 50 % Fib ret is also the bottom of the clouds
Watch carefully ongoing price action over the coming period (s)
Have a nice trading day
All the best
Take care
As mentioned in my previous D1/H4 analysis, it it likely to see some correction after
the rally seen recently.
The ongoing expected move is under way calling for a move towards the former high
@ 52652 which was the former resistance and becomes now the new first significant support level.
A breakout of that level would put the focus on MBB, currently @ 52161 and KS @ 51908
M15 : Looking at the latest development, we can clearly see the uptrend line support (in green) which
coincides, currently, also with the clouds support zone and also with the first Fibonacci retracement,
38.2 % @ 52516. Interesting to note that the 50 % Fib ret is also the bottom of the clouds
Watch carefully ongoing price action over the coming period (s)
Have a nice trading day
All the best
Take care
Note
Watch closely ongoing price action as there is a potential double top formation in progress on both H1 and M15 with its trigger level @ 53310 (former low ).A move above 54500 ( confirmed) would add further support for an upmove continuation.
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