Morning folks,
Just brief update on BTC. Our bullish setup works nice, so you should feel comfortable with position. Our minor reverse H&S stands valid, market completes all conditions that we set for bullish context - butterfly is valid as well.
Now we're coming to first target - 7K area, based on H&S AB-CD pattern. This is the first point where it makes sense to think about profit taking, at least partially.
The point is BTC behaves right now as stocks and we're at the eve of NFP release. Definitely some reaction will happen. Also it makes sense to move stops right under the right shoulder to lock in profit.
Speaking on upside target, we have few of them. First is the same - our ultimate target around 8K (butterfly and AB-CD 1.618 extension on 4H chart), 1.27 butterfly target stands around 7.35K - this is our most probable destination point, as it also could become a stop hunting action above 7K area.
Thus, now we do not see any good bearish setups by far. Bulls - could keep position but think how to manage it around major targets of 7K and/or 7.35K
Just brief update on BTC. Our bullish setup works nice, so you should feel comfortable with position. Our minor reverse H&S stands valid, market completes all conditions that we set for bullish context - butterfly is valid as well.
Now we're coming to first target - 7K area, based on H&S AB-CD pattern. This is the first point where it makes sense to think about profit taking, at least partially.
The point is BTC behaves right now as stocks and we're at the eve of NFP release. Definitely some reaction will happen. Also it makes sense to move stops right under the right shoulder to lock in profit.
Speaking on upside target, we have few of them. First is the same - our ultimate target around 8K (butterfly and AB-CD 1.618 extension on 4H chart), 1.27 butterfly target stands around 7.35K - this is our most probable destination point, as it also could become a stop hunting action above 7K area.
Thus, now we do not see any good bearish setups by far. Bulls - could keep position but think how to manage it around major targets of 7K and/or 7.35K
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.