Morning folks,
Although downside action has happened - but in a bit different manner. We've suggested that as interest rates as BTC shows upside spike before major downside reaction. Now everything turns from top to bottom. Downside reaction has happened before Fed, but not as a result of it. Now, the butterfly that we've discussed has reached its minimum target - 3/8 retracement.
Instead of that, we've got bullish grabber on daily chart, that theoretically suggests action to new top and it takes the shape of reverse H&S pattern on 1H chart. In current circumstances our options are - do nothing and wait for Fed results, trying to go long around 54.7K with stops below recent lows of 53K. For bears - use Stop "Sell" order below 52.5K in a case of downside breakout and erasing of the bullish scenario. Choose what you like more. Actually both scenarios of entry could be combined, because Stop "Sell" order triggers only when bullish scenario is destroyed. Extreme volatility could bring whipsaw action, but hardly we could do something with this now, around Fed statement.
Although downside action has happened - but in a bit different manner. We've suggested that as interest rates as BTC shows upside spike before major downside reaction. Now everything turns from top to bottom. Downside reaction has happened before Fed, but not as a result of it. Now, the butterfly that we've discussed has reached its minimum target - 3/8 retracement.
Instead of that, we've got bullish grabber on daily chart, that theoretically suggests action to new top and it takes the shape of reverse H&S pattern on 1H chart. In current circumstances our options are - do nothing and wait for Fed results, trying to go long around 54.7K with stops below recent lows of 53K. For bears - use Stop "Sell" order below 52.5K in a case of downside breakout and erasing of the bullish scenario. Choose what you like more. Actually both scenarios of entry could be combined, because Stop "Sell" order triggers only when bullish scenario is destroyed. Extreme volatility could bring whipsaw action, but hardly we could do something with this now, around Fed statement.
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.