Morning folks,
Today we see signs of hash rate drop, which means that miners join capitulation. This fact brings nothing good to bulls. In longer-term we keep on the table our 3.3K target.
Now we have to watch closely 5.0-5.2K area, as it is very important in short-term perspective. In fact, if you have bullish view, this is the only chance that you have. It should be relatively safe to buy from there, although target could be very small.
Here is scenarios that we have:
1. If you have bearish position - do nothing. Move stops to breakeven and watch the movie.
2. If you're bearish but you do not have the position - do nothing. Wait either for 5.0 level breakout or upside daily AB=CD retracement to 8.0K area - major 5/8 Fib resistance;
3. If you're bullish - watch for 5.0-5.2K area to buy. Once position is taken - move stops to breakeven as soon as possible, at first bounce up. Because currently is difficult to predict the value of pullback. It might be technical, very small, or, BTC could go to 8.0K area to complete daily AB=CD pattern.
Good luck.
Today we see signs of hash rate drop, which means that miners join capitulation. This fact brings nothing good to bulls. In longer-term we keep on the table our 3.3K target.
Now we have to watch closely 5.0-5.2K area, as it is very important in short-term perspective. In fact, if you have bullish view, this is the only chance that you have. It should be relatively safe to buy from there, although target could be very small.
Here is scenarios that we have:
1. If you have bearish position - do nothing. Move stops to breakeven and watch the movie.
2. If you're bearish but you do not have the position - do nothing. Wait either for 5.0 level breakout or upside daily AB=CD retracement to 8.0K area - major 5/8 Fib resistance;
3. If you're bullish - watch for 5.0-5.2K area to buy. Once position is taken - move stops to breakeven as soon as possible, at first bounce up. Because currently is difficult to predict the value of pullback. It might be technical, very small, or, BTC could go to 8.0K area to complete daily AB=CD pattern.
Good luck.
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.