Morning guys,
Market shows contraction type of action and previous week was standing in very tight range. Last week we've discussed 1H chart H&S pattern.
Since we have 1.27 type of H&S we expect higher top of right arm. At first glance, H&S almost stands in place (just take a look at our Friday's post),
but the price action of right arm shows too slow and too gradual action that is not typical for H&S.
It makes us think that we still have chances to see BTC around 4000 area in a shape of upside AB-CD retracement.
Thus, bears have to look at two levels - 3915 is neckline. Once it will be broken it means that downside action has started, and ~4000$ - AB-CD target and potential top of right arm of H&S pattern.
What to do if 4000 level will be broken up? Recall 4H large AB=CD with 4085 target. In this case we should get upside butterfly and reversal down happens by not intraday but daily pattern around 4100 area.
Market shows contraction type of action and previous week was standing in very tight range. Last week we've discussed 1H chart H&S pattern.
Since we have 1.27 type of H&S we expect higher top of right arm. At first glance, H&S almost stands in place (just take a look at our Friday's post),
but the price action of right arm shows too slow and too gradual action that is not typical for H&S.
It makes us think that we still have chances to see BTC around 4000 area in a shape of upside AB-CD retracement.
Thus, bears have to look at two levels - 3915 is neckline. Once it will be broken it means that downside action has started, and ~4000$ - AB-CD target and potential top of right arm of H&S pattern.
What to do if 4000 level will be broken up? Recall 4H large AB=CD with 4085 target. In this case we should get upside butterfly and reversal down happens by not intraday but daily pattern around 4100 area.
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.