BTC - D1 - STILL ABOVE THE PRIMARY UPTREND SUPPORT LINE
D1 : Yesterday's price action is showing some sign of loss of momentum: nevertheless,
as long as D1 closing price remains above the primary uptrend support line, it is OK.
Indeed, a double top formation in progress can not, for the time being totally be ruled out !
Scenario BULLISH :
An upside breakout on a D1 closing basis of the former high @ 61781 occurs and then next significant target would be around
the 65000 area
Scenario BEARISH :
A failure to hold on D1 closing, above the primary uptrend support line, currently around 58350 would directly put the focus on the 57500 area (former congestion zone);
below watch 55357 (Tenkan-Sen & conversion line) and secondary support trend line.
Therefore, watch, very carefully, ongoing price action, on shorter time frames (H4,H1 and M15) in order to detect
early signal (s) of a potential trend reversal.
as long as D1 closing price remains above the primary uptrend support line, it is OK.
Indeed, a double top formation in progress can not, for the time being totally be ruled out !
Scenario BULLISH :
An upside breakout on a D1 closing basis of the former high @ 61781 occurs and then next significant target would be around
the 65000 area
Scenario BEARISH :
A failure to hold on D1 closing, above the primary uptrend support line, currently around 58350 would directly put the focus on the 57500 area (former congestion zone);
below watch 55357 (Tenkan-Sen & conversion line) and secondary support trend line.
Therefore, watch, very carefully, ongoing price action, on shorter time frames (H4,H1 and M15) in order to detect
early signal (s) of a potential trend reversal.
