Morning everybody,
So, BTC has confirmed our suggestion and indeed has formed "222" Sell, just AB=CD retracement on 1H chart and dropped back to 3600 then.
Here, on daily chart we have DiNapoli grabber that suggests drop below 3600 lows. Here I keep the shape of H&S pattern, just to describe the importance of possible breakout.
Drop below the bottom of right arm means H&S failure, which, in turn, as a rule leads to drop below the Head. Our next target is based on butterfly pattern at 2800$.
In general downside action stands in agreement with our long term view, as our ultimate all time 1.618 AB-CD target stands at 1800. This should be final leg down before trend changing.
And it seems that BTC gradually steps in on this way.
So, BTC has confirmed our suggestion and indeed has formed "222" Sell, just AB=CD retracement on 1H chart and dropped back to 3600 then.
Here, on daily chart we have DiNapoli grabber that suggests drop below 3600 lows. Here I keep the shape of H&S pattern, just to describe the importance of possible breakout.
Drop below the bottom of right arm means H&S failure, which, in turn, as a rule leads to drop below the Head. Our next target is based on butterfly pattern at 2800$.
In general downside action stands in agreement with our long term view, as our ultimate all time 1.618 AB-CD target stands at 1800. This should be final leg down before trend changing.
And it seems that BTC gradually steps in on this way.
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.