Morning guys,
Two days ago we've said that while BTC shows no reaction on relatively strong OP target of 4H AB-CD pattern - it means that it will go to XOP around 7.3K. Now this destination mostly is done. We do not have any other
targets on intraday chart and could take a look at broader picture, which is daily time frame.
Here we have old target that we've specified few months ago which is also XOP but from daily AB-CD pattern and it stands around 6.4K area. Recent drop is important not because it has reached 7.3 level but because
It has erased recent rally, which makes strong bearish effect as technically as pshychologically. Now we will not look too deep, but focus on nearstanding destination which is our XOP target.
Also this target agrees with lower border of the channel and 1.27 extension down of Mr. Xi rally. Thus, if BTC will show some minor upside reaction on 4H XOP target - we could get 1.27 Butterfly "Buy" here.
In current circumstances we do not see any reasons to go long. If you would like to take new shorts - wait for upside pullback and bearish patterns (say, "222" Sell") on 1H chart
Two days ago we've said that while BTC shows no reaction on relatively strong OP target of 4H AB-CD pattern - it means that it will go to XOP around 7.3K. Now this destination mostly is done. We do not have any other
targets on intraday chart and could take a look at broader picture, which is daily time frame.
Here we have old target that we've specified few months ago which is also XOP but from daily AB-CD pattern and it stands around 6.4K area. Recent drop is important not because it has reached 7.3 level but because
It has erased recent rally, which makes strong bearish effect as technically as pshychologically. Now we will not look too deep, but focus on nearstanding destination which is our XOP target.
Also this target agrees with lower border of the channel and 1.27 extension down of Mr. Xi rally. Thus, if BTC will show some minor upside reaction on 4H XOP target - we could get 1.27 Butterfly "Buy" here.
In current circumstances we do not see any reasons to go long. If you would like to take new shorts - wait for upside pullback and bearish patterns (say, "222" Sell") on 1H chart
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.