Morning guys,
Final upside swing has happened, as we've suggested, but BTC limits it just by nearest target - XOP of daily AB-CD pattern. On daily chart we've got reversal session.
It means that chances on completion of 1.618 4H batterfly around 9400$ area are not as good as they were last week.
Thus, as our major target is hit - we expect that BTC starts preparation for meaningful downside retracement of weekly/daily time frames. Right now we can't estimate target with precision, but
it should be more than 3/8 level. Thus, 6100-6500$ is the one that we will keep an eye on. Later we could estimate it better.
It means that on daily chart it is not time to go long. If you want to buy BTC - wait when retracement will be over.
There are few patterns that could be formed on the top. Actually, we already have the butterfly. Another one - is H&S pattern when butterfly becomes part of it.
On intraday charts market stands at K-support area right now. Scalp traders could watch for bearish continuation patterns, such as "222' Sell' .
But the major conclusion - we watch for bearish reversal pattern here and deep retracement.
Final upside swing has happened, as we've suggested, but BTC limits it just by nearest target - XOP of daily AB-CD pattern. On daily chart we've got reversal session.
It means that chances on completion of 1.618 4H batterfly around 9400$ area are not as good as they were last week.
Thus, as our major target is hit - we expect that BTC starts preparation for meaningful downside retracement of weekly/daily time frames. Right now we can't estimate target with precision, but
it should be more than 3/8 level. Thus, 6100-6500$ is the one that we will keep an eye on. Later we could estimate it better.
It means that on daily chart it is not time to go long. If you want to buy BTC - wait when retracement will be over.
There are few patterns that could be formed on the top. Actually, we already have the butterfly. Another one - is H&S pattern when butterfly becomes part of it.
On intraday charts market stands at K-support area right now. Scalp traders could watch for bearish continuation patterns, such as "222' Sell' .
But the major conclusion - we watch for bearish reversal pattern here and deep retracement.
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.