Morning folks,
Something stands in the air and despite recent rally, it seems that situation is becoming tricky. In a long-term yes - BTC perspective is cloudless, we wait for next $21K target etc. But here is what hesitate me a bit:
we're at monthly COP target and Overbought area;
Hash rate is dropping;
recent jump was due Pfizer news that was strongly overreacted;
Finally - D. Trump election contesting topic is becoming more popular and it means that something stands behind this. At least D. Trump presidency risk is still on the table.
This makes me think that we should not ignore possible bearish patterns around monthly target. Second - I feel uncomfortable with longer-term investing in BTC right now. Scalp trade is OK, but to buy on longer-term perspective... I want to see healthy pullback, respect of monthly target, clear fundamental background and preferably some pattern that we do not have right now.
Taking it all together makes me think that we have above zero chances to get 3-Drive "Sell" closer to the end of next week. Consequently, in the beginning of the next week, we consider a bit deeper retracement, somewhere to 15.5K (or even lower), and then another target around 17050K could be reached. Currently we have to acknowledge that we do not have clear reasons to suggest deep drop by far, as market doesn't show them.
Something stands in the air and despite recent rally, it seems that situation is becoming tricky. In a long-term yes - BTC perspective is cloudless, we wait for next $21K target etc. But here is what hesitate me a bit:
we're at monthly COP target and Overbought area;
Hash rate is dropping;
recent jump was due Pfizer news that was strongly overreacted;
Finally - D. Trump election contesting topic is becoming more popular and it means that something stands behind this. At least D. Trump presidency risk is still on the table.
This makes me think that we should not ignore possible bearish patterns around monthly target. Second - I feel uncomfortable with longer-term investing in BTC right now. Scalp trade is OK, but to buy on longer-term perspective... I want to see healthy pullback, respect of monthly target, clear fundamental background and preferably some pattern that we do not have right now.
Taking it all together makes me think that we have above zero chances to get 3-Drive "Sell" closer to the end of next week. Consequently, in the beginning of the next week, we consider a bit deeper retracement, somewhere to 15.5K (or even lower), and then another target around 17050K could be reached. Currently we have to acknowledge that we do not have clear reasons to suggest deep drop by far, as market doesn't show them.
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.