Morning guys,
Although market has completed our major target for the week and 4085 extension target has been hit - we haven't got downside retracement on Friday that we've counted on.
This moment, but not only this one, makes us think that BTC indeed could take the attempt of 4200 daily tops breakout.
We see behavior that is not typical for normal bearish market. Daily Sell-off was very strong, forming bearish reversal session. Upside action on BTC was rather deep with breaking all Fib levels on a way up.
But what is more important is market reaction on double target - 1.618 AB-CD and AB=CD at 4085$. In fact, we have "222" Sell pattern here. Now we do not see any bearish reaction at all. Market just coiling around
and we treat it as building an energy before attempt of upside breakout.
Taking all this stuff in consideration, despite that market hits major target and forms "222" Sell - it would be better to not go short until we get clear bearish signs and clear reversal patterns on intraday charts.
For taking part in upside breakout, well there are a lot of ways to do it. One of them is to use stop "buy" entry order slightly above the daily top.
Although market has completed our major target for the week and 4085 extension target has been hit - we haven't got downside retracement on Friday that we've counted on.
This moment, but not only this one, makes us think that BTC indeed could take the attempt of 4200 daily tops breakout.
We see behavior that is not typical for normal bearish market. Daily Sell-off was very strong, forming bearish reversal session. Upside action on BTC was rather deep with breaking all Fib levels on a way up.
But what is more important is market reaction on double target - 1.618 AB-CD and AB=CD at 4085$. In fact, we have "222" Sell pattern here. Now we do not see any bearish reaction at all. Market just coiling around
and we treat it as building an energy before attempt of upside breakout.
Taking all this stuff in consideration, despite that market hits major target and forms "222" Sell - it would be better to not go short until we get clear bearish signs and clear reversal patterns on intraday charts.
For taking part in upside breakout, well there are a lot of ways to do it. One of them is to use stop "buy" entry order slightly above the daily top.
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.