Morning guys,
Last week we shared with our doubts on upside perspectives and our reverse H&S pattern in particular, because of irrational market behavior around its neckline.
It was too calm without any momentum, slow and heavy, which is not typical for H&S pattern, where right arm should be controlled by bulls and upside acceleration should happen.
As a result, we was needed breakout of 3600 area as a confirmation of H&S failure and bearish scenario. Now we see that market dropped below it and stands stable around, whitout any atempt on pullback.
Take in consideration that all this stuff has happened on background of weak dollar, when all currencies across the board shows positive dynamic.
Depsite that here we could recognize another potential "222" Buy pattern, H&S failure and solid sell-off in recent sessions are more valuable bearish context. As market is not at Oversold, we suggest
that BTC could start final leg down that we expect to get before reversal will start. Our long-term target stands at 1800-2000$ area.
Still, next daily step that could happen is downside butterfly pattern, with 1.27 target around 2800$ area. That is what we will keep an eye on.
Last week we shared with our doubts on upside perspectives and our reverse H&S pattern in particular, because of irrational market behavior around its neckline.
It was too calm without any momentum, slow and heavy, which is not typical for H&S pattern, where right arm should be controlled by bulls and upside acceleration should happen.
As a result, we was needed breakout of 3600 area as a confirmation of H&S failure and bearish scenario. Now we see that market dropped below it and stands stable around, whitout any atempt on pullback.
Take in consideration that all this stuff has happened on background of weak dollar, when all currencies across the board shows positive dynamic.
Depsite that here we could recognize another potential "222" Buy pattern, H&S failure and solid sell-off in recent sessions are more valuable bearish context. As market is not at Oversold, we suggest
that BTC could start final leg down that we expect to get before reversal will start. Our long-term target stands at 1800-2000$ area.
Still, next daily step that could happen is downside butterfly pattern, with 1.27 target around 2800$ area. That is what we will keep an eye on.
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.