Morning guys,
BTC still has made 1.618 H&S pattern - which is classical, compares to 1.27... Anyway this makes no impact on our trading plan as we mostly were waiting for reaction on major daily resistance area. Now this reaction has started.
All that we need to do is to adjust shape of H&S pattern a bit. As a result, it suggests upward action first to ~8.9K area where the top of right arm should be formed and then action to 8.1K in a way of AB=CD pattern.
8.1K is also strong support area on 4H chart. Potentially it is suitable to consider long entry... but only potentially.
Thus, depending on your trading style - scalptraders could search chances to Sell around 8.9K against the Head's top with 8.1K target while daily traders should sit on the hands until either H&S failure and upside rally or, reaching of 8.1 K area...
BTC still has made 1.618 H&S pattern - which is classical, compares to 1.27... Anyway this makes no impact on our trading plan as we mostly were waiting for reaction on major daily resistance area. Now this reaction has started.
All that we need to do is to adjust shape of H&S pattern a bit. As a result, it suggests upward action first to ~8.9K area where the top of right arm should be formed and then action to 8.1K in a way of AB=CD pattern.
8.1K is also strong support area on 4H chart. Potentially it is suitable to consider long entry... but only potentially.
Thus, depending on your trading style - scalptraders could search chances to Sell around 8.9K against the Head's top with 8.1K target while daily traders should sit on the hands until either H&S failure and upside rally or, reaching of 8.1 K 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.