Morning everybody,
Slowly but stubbornly - we're at the target. Yes, it is still 100-200$ room for market flirting around it, but in general, in a scale of weekly chart - upward action is done. And this week is exceptionally important for us. Because whatever direction will be - it will be long term. If market fails to break 8K area up, it continues action with our major weekly scenario and 3.3K target. If, instead it breaks 8K area up - it might be major reversal and start of new upside trend. 8K area is major K-resistance, including all time 3/8 Fib level.
In short-term it means to things. First is - if you keep longs, tight stops. BTC could show 1.618 butterfly and hit 8K level, but I'm no sure that it definitely will happen, as major target are done. So think about booking the result.
Second, you could consider short entry using the same butterfly as a background pattern with stops above 8.2K area. It is relatively safe to do this, because of level's strength. If later upside breakout will happen - at first touch, some technical respect should follow. This pullback will let you to move stop to breakeven.
That's being said - we gradually close our long positions that we've opened through this long-term action. Second - we consider short entry with stops above 8.2K area.
Slowly but stubbornly - we're at the target. Yes, it is still 100-200$ room for market flirting around it, but in general, in a scale of weekly chart - upward action is done. And this week is exceptionally important for us. Because whatever direction will be - it will be long term. If market fails to break 8K area up, it continues action with our major weekly scenario and 3.3K target. If, instead it breaks 8K area up - it might be major reversal and start of new upside trend. 8K area is major K-resistance, including all time 3/8 Fib level.
In short-term it means to things. First is - if you keep longs, tight stops. BTC could show 1.618 butterfly and hit 8K level, but I'm no sure that it definitely will happen, as major target are done. So think about booking the result.
Second, you could consider short entry using the same butterfly as a background pattern with stops above 8.2K area. It is relatively safe to do this, because of level's strength. If later upside breakout will happen - at first touch, some technical respect should follow. This pullback will let you to move stop to breakeven.
That's being said - we gradually close our long positions that we've opened through this long-term action. Second - we consider short entry with stops above 8.2K 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.