Morning folks,
Thus, our target has been hit again. I mean daily AB=CD at 7.2$. At the same time we can't please bulls because chances on collapse significantly increased. There is clear downside acceleration on CD leg of the pattern, weekly trend has turned bearish and chart shows 3 weeks with tail close. It means, that here we could get minor bounce from 7 190-7200 area by puny butterfly pattern. But we suggest that this will be temporal pause in downside action.
As we've said earlier, 7.2 is vital area for BTC because it is forming bullish reversal pattern (our H&S), that is ready to fail. Failure will lead to awful consequences as we will set potential targets that stand far below the current level.
Our conclusion - no strategic buy of BTC by far.
Thus, our target has been hit again. I mean daily AB=CD at 7.2$. At the same time we can't please bulls because chances on collapse significantly increased. There is clear downside acceleration on CD leg of the pattern, weekly trend has turned bearish and chart shows 3 weeks with tail close. It means, that here we could get minor bounce from 7 190-7200 area by puny butterfly pattern. But we suggest that this will be temporal pause in downside action.
As we've said earlier, 7.2 is vital area for BTC because it is forming bullish reversal pattern (our H&S), that is ready to fail. Failure will lead to awful consequences as we will set potential targets that stand far below the current level.
Our conclusion - no strategic buy of BTC by far.
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.