M15 : Recent price action from the clouds support area which hold, triggered
an upside leg, filling the 61.8% Fib ret @ 62398 and making an intraday high so far @ 62596.
Such kind of price action is triggered a potential double top formation in progress which would
be activated by a breakout of the former low @ 61234 for a target of 59872 which is roughly
the key support level of 60'000.
Watch both base line of the ongoing uptrend channel and Mid Bollinger Band as the first support
as a failure to stay inside of this channel would open the door for lower levels as shown on the chart.
On the upside, a recovery above the former high of 62596 would be the first step which would confirm
the ongoing upside move; nevertheless as seen on the chart te 62596 level failed to move the middle
line level of this uptrend channel.
Therefore watch also this line as a good leading indicator.
Have a nice weekend and if you find my analysis valuable for you, please do not forget to like it and add
me on your following list.
Take care
All the best
an upside leg, filling the 61.8% Fib ret @ 62398 and making an intraday high so far @ 62596.
Such kind of price action is triggered a potential double top formation in progress which would
be activated by a breakout of the former low @ 61234 for a target of 59872 which is roughly
the key support level of 60'000.
Watch both base line of the ongoing uptrend channel and Mid Bollinger Band as the first support
as a failure to stay inside of this channel would open the door for lower levels as shown on the chart.
On the upside, a recovery above the former high of 62596 would be the first step which would confirm
the ongoing upside move; nevertheless as seen on the chart te 62596 level failed to move the middle
line level of this uptrend channel.
Therefore watch also this line as a good leading indicator.
Have a nice weekend and if you find my analysis valuable for you, please do not forget to like it and add
me on your following list.
Take care
All the best
Trade closed: target reached:
double top target filled.
So what next ?
Following the breakout of the 60'000 we need to see a confirmation to validate the ongoing bearish scenario.
Globally picture remains bearish and on M15 only a clear recovery above the Mid Bollinger Band, currently @ 60602 would neutralise the ongoing bearish sentiment.
On the downside focus will be on the 59000 area (59052 bveing the 61.8 % Fib ret.
H1 : 2 failure attempts to recover above the downtrend line resistance add further support to this expected continuation of bearish price action
H4 : For the time being the bottom of the clouds zone rejected the first breakout attempt. Currently below all important indicators which are respectively, Kijun-Sen, Mid-Bollinger Band and Tenkan-Sen
A failure to hold above the bottom of the clouds would open the door for the new very bearish zone (see my last H4 analysis for details)
D1 : Today's ongoing price action is showing, for the time being a second black candle which has already broken the Tenkan-Sen and currently slightly above the Mid Bollinger Band. Today's closing level will be very important !!!
W1 : A shooting star pattern is in progress and as for D1, the W1 closing level tomorrow will also be very important to look at very carefully !!!
So what next ?
Following the breakout of the 60'000 we need to see a confirmation to validate the ongoing bearish scenario.
Globally picture remains bearish and on M15 only a clear recovery above the Mid Bollinger Band, currently @ 60602 would neutralise the ongoing bearish sentiment.
On the downside focus will be on the 59000 area (59052 bveing the 61.8 % Fib ret.
H1 : 2 failure attempts to recover above the downtrend line resistance add further support to this expected continuation of bearish price action
H4 : For the time being the bottom of the clouds zone rejected the first breakout attempt. Currently below all important indicators which are respectively, Kijun-Sen, Mid-Bollinger Band and Tenkan-Sen
A failure to hold above the bottom of the clouds would open the door for the new very bearish zone (see my last H4 analysis for details)
D1 : Today's ongoing price action is showing, for the time being a second black candle which has already broken the Tenkan-Sen and currently slightly above the Mid Bollinger Band. Today's closing level will be very important !!!
W1 : A shooting star pattern is in progress and as for D1, the W1 closing level tomorrow will also be very important to look at very carefully !!!
