Morning folks,
BTC accurately keeps bullish context by far, forming nice pennant pattern on daily and keeps chances on reaching our next 10K target.
Halving is postponed on 12th of May, so it stands outside of this week. It means that on this week we have only single disturb - NFP release. Our fundamental analysis shows that BTC/Stocks correlation stands near 80-90% on short-term charts and this makes overall situation tricky.
As you know, general expectations on NFP numbers is "-20 Mln" jobs. This is 50 times greater than any worst numbers in the history. Usually negative numbers stands for -450-500K. Releasing of -20Mln could hurt stocks and put them in despair condition. This is the reason why I'm still worry and keep on the table BTC collapse. Besides, on weekly bearish setup is not cancelled totally.
So, what we could do. If you could wait - it would be better to not trade this week. If you can't stay aside - the better way, IMO is to use Stop "Buy" order somewhere above 9.2K area. In this case, you get some chances at least, to miss fill, if NFP will be bad.
In a case of so-so NFP, we could get common scenario of retracement to the same levels that we've pointed previously in a way of butterfly first...
BTC accurately keeps bullish context by far, forming nice pennant pattern on daily and keeps chances on reaching our next 10K target.
Halving is postponed on 12th of May, so it stands outside of this week. It means that on this week we have only single disturb - NFP release. Our fundamental analysis shows that BTC/Stocks correlation stands near 80-90% on short-term charts and this makes overall situation tricky.
As you know, general expectations on NFP numbers is "-20 Mln" jobs. This is 50 times greater than any worst numbers in the history. Usually negative numbers stands for -450-500K. Releasing of -20Mln could hurt stocks and put them in despair condition. This is the reason why I'm still worry and keep on the table BTC collapse. Besides, on weekly bearish setup is not cancelled totally.
So, what we could do. If you could wait - it would be better to not trade this week. If you can't stay aside - the better way, IMO is to use Stop "Buy" order somewhere above 9.2K area. In this case, you get some chances at least, to miss fill, if NFP will be bad.
In a case of so-so NFP, we could get common scenario of retracement to the same levels that we've pointed previously in a way of butterfly first...
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.