Morning folks,
A lot of questions on reversal on BTC... In two words, in my humble opinion it is too early to say that upside tendency is over. There are a lot of reasons for that. I prefer you to watch our video - there I give detailed explanation.
Here I would say that current drop is even smaller than harmonic retracement on daily chart. Market still stands above former strong 6.4K daily resistance. And the only thing that I'm worry about is tight relation of BTC to Stocks. If you take a look at recent CFTC report on S&P speculative positions - you'll see that it has shown huge collapse on Friday and turned bearish. This is worry me a bit...
On 4H chart we have minor 1.27 H&S pattern and currently it seems that it could be used for taking long position as our previous longs have been closed by trailing stops once 7.5K target has been hit. H&S has two targets. First one is around 6.5K and agrees with minor 3/8 Fib support, second is around 6K and agrees with strong K-support area. Thus they could be used for position taking in 30/70 ratio.
For the bears I do not see something really valuable by far. Bears should wait either long-term bearish tendency continuation if 6K level will be broken, or appearing of greater H&S pattern in case of inability of the market to go to our major XOP target.
A lot of questions on reversal on BTC... In two words, in my humble opinion it is too early to say that upside tendency is over. There are a lot of reasons for that. I prefer you to watch our video - there I give detailed explanation.
Here I would say that current drop is even smaller than harmonic retracement on daily chart. Market still stands above former strong 6.4K daily resistance. And the only thing that I'm worry about is tight relation of BTC to Stocks. If you take a look at recent CFTC report on S&P speculative positions - you'll see that it has shown huge collapse on Friday and turned bearish. This is worry me a bit...
On 4H chart we have minor 1.27 H&S pattern and currently it seems that it could be used for taking long position as our previous longs have been closed by trailing stops once 7.5K target has been hit. H&S has two targets. First one is around 6.5K and agrees with minor 3/8 Fib support, second is around 6K and agrees with strong K-support area. Thus they could be used for position taking in 30/70 ratio.
For the bears I do not see something really valuable by far. Bears should wait either long-term bearish tendency continuation if 6K level will be broken, or appearing of greater H&S pattern in case of inability of the market to go to our major XOP target.
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.