Morning folks,
So, finally BTC has completed our suggestion. While 7.2K target has not quite reached yet, but I suppose it will be, we need to wait just a little bit.
Now market is coming to 6.4-7.2K support area. It will be crucial for long-term perspective of BTC market. 7.2K level is normal weekly retracement and reaction on first upside reversal swing to13K level.
But breakout of 7.2K support will not be normal and means the breaking of bullish sentiment. That's why this level is important.
What trades we could suggest right now? If you have shorts - you could keep them a bit more, somewhere to 7.1-7.2 area, as we have butterfly on 4H chart that has not been completed yet.
If you do not have any positions and trade on daily chart - do nothing as it is too late to sell, but a bit early to buy.
For scalp traders - you could wait for some bearish continuation pattern, such as 1H "222" Sell, and try to ride down a bit more to grab additional 300-400$ per coin.
Our next major step - attempt to understand market response on vital 7.2K area.
So, finally BTC has completed our suggestion. While 7.2K target has not quite reached yet, but I suppose it will be, we need to wait just a little bit.
Now market is coming to 6.4-7.2K support area. It will be crucial for long-term perspective of BTC market. 7.2K level is normal weekly retracement and reaction on first upside reversal swing to13K level.
But breakout of 7.2K support will not be normal and means the breaking of bullish sentiment. That's why this level is important.
What trades we could suggest right now? If you have shorts - you could keep them a bit more, somewhere to 7.1-7.2 area, as we have butterfly on 4H chart that has not been completed yet.
If you do not have any positions and trade on daily chart - do nothing as it is too late to sell, but a bit early to buy.
For scalp traders - you could wait for some bearish continuation pattern, such as 1H "222" Sell, and try to ride down a bit more to grab additional 300-400$ per coin.
Our next major step - attempt to understand market response on vital 7.2K area.
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.