Morning guys,
As BTC has hit strong resistance on daily chart and Overbought level, we're watching for normal technical reaction and expect at least 3/8 retracement to strong 4H 4400-4500 support area.
On 1H chart the pattern that could become a background of this reaction is H&S. It is not completed totally yet and still stands underway, but, overall shape is recognizable already.
Thus, bears could try to use this pattern for fast trade down, while bulls should wait when retracement will be over. 4400-4500 is the first level that is suitable for this purpose. Besides, we could get large "222" Buy there...
As BTC has hit strong resistance on daily chart and Overbought level, we're watching for normal technical reaction and expect at least 3/8 retracement to strong 4H 4400-4500 support area.
On 1H chart the pattern that could become a background of this reaction is H&S. It is not completed totally yet and still stands underway, but, overall shape is recognizable already.
Thus, bears could try to use this pattern for fast trade down, while bulls should wait when retracement will be over. 4400-4500 is the first level that is suitable for this purpose. Besides, we could get large "222" Buy there...
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.