BTC -H1- BULLISH DIVERGENCES - CORRECTIVE MOVE ONLY !
H1 : Recent price action triggered some bullish divergences and a potential
double bottom pattern (trigger @56661 !)
As mentioned in my previous M15 analysis, for the time being,
any recovery should still be seen as a corrective move only in a
broad bear trend.
Looking at this time frame, we are still below all major indicators
and last but not least, still below the clouds, which has been mentioned
several times and worked perfectly well so far, in rejecting several
upside breakout attempts !
Therefore, for those who wants to initiate countertrend long position
I would strongly suggest to monitor very closely your risk management in
putting in place tight trailing stop losses !
CONCLUSION :
As long as BTC remains below the Mid Bollinger Band and below the clouds
the ongoing bearish price action will continue keeping BTC in a SELL on rally mode and
not yet as a strategic BUY on dips
double bottom pattern (trigger @56661 !)
As mentioned in my previous M15 analysis, for the time being,
any recovery should still be seen as a corrective move only in a
broad bear trend.
Looking at this time frame, we are still below all major indicators
and last but not least, still below the clouds, which has been mentioned
several times and worked perfectly well so far, in rejecting several
upside breakout attempts !
Therefore, for those who wants to initiate countertrend long position
I would strongly suggest to monitor very closely your risk management in
putting in place tight trailing stop losses !
CONCLUSION :
As long as BTC remains below the Mid Bollinger Band and below the clouds
the ongoing bearish price action will continue keeping BTC in a SELL on rally mode and
not yet as a strategic BUY on dips
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