Morning folks,
There are a lot of thinks that I would like to say concerning BTC situation, but the scale of update here doesn't let me to do this. Shortly speaking, we see few reasons for retracement on BTC. Our long-term view remains positive, next target, we suggest, stands at ~21070$, but now market needs to relief and take the breath. It was tough run in recent two weeks.
Thus, we consider tactical pullback. At the same time we do not consider downside targets below 13600, because this is daily oversold level. Also we do not care much how the downside action happens, as we do not intend to take any short positions. The major thing to us is to see BTC around predefined target where we could buy. But how it will get there - we do not care too much.
Approximately, we suggest the shape of price action that you see on the chart. If we will be 100% spot on, then price completes "222" Sell right at 5/8 Fib resistance and starts to form CD leg of larger AB-CD pattern. Take a look that AB=CD destination point stands precisely around 13600 that is 3/8 Fib support on daily chart. We could get some deviations from this shape - either higher ab=cd retracement of "222" Sell, or maybe even double top, but it doesn't change the core. In general we're watching for pullback and would be happy to see BTC around 13'600
There are a lot of thinks that I would like to say concerning BTC situation, but the scale of update here doesn't let me to do this. Shortly speaking, we see few reasons for retracement on BTC. Our long-term view remains positive, next target, we suggest, stands at ~21070$, but now market needs to relief and take the breath. It was tough run in recent two weeks.
Thus, we consider tactical pullback. At the same time we do not consider downside targets below 13600, because this is daily oversold level. Also we do not care much how the downside action happens, as we do not intend to take any short positions. The major thing to us is to see BTC around predefined target where we could buy. But how it will get there - we do not care too much.
Approximately, we suggest the shape of price action that you see on the chart. If we will be 100% spot on, then price completes "222" Sell right at 5/8 Fib resistance and starts to form CD leg of larger AB-CD pattern. Take a look that AB=CD destination point stands precisely around 13600 that is 3/8 Fib support on daily chart. We could get some deviations from this shape - either higher ab=cd retracement of "222" Sell, or maybe even double top, but it doesn't change the core. In general we're watching for pullback and would be happy to see BTC around 13'600
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.