Yesterday's price action triggered a LONG WHITE CANDLE which intraday broke briefly the top of the DAILY CLOUDS RESISTANCE AREA (@ 42'524) but failed to hold and more important to close above it !
Today's ongoing price action is, currently showing the level of the BITCOIN, below the bottom of the daily clouds and below the TENKAN-SEN (41'250) too, with a LAGGING LINE which crossed again below the TENKAN-SEN.
The 38.2% Fibonacci retracement @ 42'520 of the 37'169-42'592 recent rally has already been filled, intraday low, so far, being @ 42'054.
Next support to look at is the psychological 40'000 level ahead of the 50% Fib ret @ 39'880 and then 39'240 (61.8% Fib ret).
RSI currently still above the 50 level, @ 51.10
THE DAILY PICTURE IS SHOWING A BROAD TRIANGLE PATTERN IN PROGRESS !
ONLY A SUSTAINABLE MOVE ABOVE 42'524 (daily closing above it !) (TOP OF THE DAILY CLOUDS RESISTANCE AREA) WOULD FORCE TO A VIEW REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS
4 HOURS (H4)
Below the H4 clouds and still above both TENKAN-SEN (40'367) and KIJUN-SEN (39'880) and above the MID BOLLINGER BAND (39'609)
RSI @ 54.49 and LAGGING LINE in the H4 clouds and already below the KIJUN-SEN.
A failure to hold on H4 closing basis above 40'367 would be the first warning signal, calling for further downside towards 39'880 /39'609.
1 HOUR (H1)
Above the H1 very thin clouds support area (39'804-39'294) with the KIJUN-SEN, currently under attack for a downside breakout !
Interesting to note the corroboration between the levels highlighted on the DAILY analysis and those mentioned on the hourly analysis
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