Morning guys,
I keep the same picture intact, which we've placed week ago. Technical reason for short-term recovery is "222" Buy pattern. At the same time pullback makes no impact on longer-term
bearish context by far. To break it market needs to climb above 4300$ area. Now this upside action makes impact only on the daily butterfly shape, but not on its target.
So, as we've suggested - we could get reverse H&S pattern and its classical upside AB-CD action to ~3900$ area. Take a look that this level is also 5/8 Fib support.
Indeed, BTC was able to keep H&S shape and hold above 3500 area - bottom of the shoulder.
Now market stands at tricky area - neckline, trendline resistance and 3/8 Fib level. Good check for BTC bullishness.
Invalidation point stands the same, if market somehow will fail to break neckline up and start dropping below 3500$ - we're going to our major daily 2800$ target.
Otherwise, upside target, as we've said - 3900$. Thus, bearish traders should wait either AB=CD upside target completion of H&S failure.
For bulls we do not see yet long-term perspectives, only scalp trade could be done, using the same H&S with stops below the lows of right arm.
I keep the same picture intact, which we've placed week ago. Technical reason for short-term recovery is "222" Buy pattern. At the same time pullback makes no impact on longer-term
bearish context by far. To break it market needs to climb above 4300$ area. Now this upside action makes impact only on the daily butterfly shape, but not on its target.
So, as we've suggested - we could get reverse H&S pattern and its classical upside AB-CD action to ~3900$ area. Take a look that this level is also 5/8 Fib support.
Indeed, BTC was able to keep H&S shape and hold above 3500 area - bottom of the shoulder.
Now market stands at tricky area - neckline, trendline resistance and 3/8 Fib level. Good check for BTC bullishness.
Invalidation point stands the same, if market somehow will fail to break neckline up and start dropping below 3500$ - we're going to our major daily 2800$ target.
Otherwise, upside target, as we've said - 3900$. Thus, bearish traders should wait either AB=CD upside target completion of H&S failure.
For bulls we do not see yet long-term perspectives, only scalp trade could be done, using the same H&S with stops below the lows of right arm.
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.