Morning folks, hope you're doing well...
Well, while on daily chart nothing has seriously changed and BTC keeps chances on 2nd leg of downside retracement, on intraday charts price action differs from "perfect" way and we need to get additional insurance before taking any position.
"Perfect" scenario suggests market reversal right around 9.2-9.3K area as it should happen due H&S shape. This is good resistance of AB=CD target agreement with major 5/8 Fib level. But - we do not see this reversal yet. Market currently is coming to the upper range of the area where reversal potentially should happen - this is the top of left arm. Since price action steps out from "perfect" way - bears need more confirmation that market indeed is turning down. It means no "blind" sell just because we're at resistance.
Bears should follow two possible ways. First is - drop the time frame more, say to 15 min chart and watch for bearish reversal patterns. Most probable are butterfly or H&S, or their combination. Once you will get it - this should let you to place tight stop, based on the patterns.
Second way - wait for reversal and downside action then try to enter on minor pullback.
For the bulls not much to do right now - market has to climb above XOP to prove ambitions on upside breakout. In this case you could use Stop "Buy" order around 10-10'050 area.
Take care.
S.
Well, while on daily chart nothing has seriously changed and BTC keeps chances on 2nd leg of downside retracement, on intraday charts price action differs from "perfect" way and we need to get additional insurance before taking any position.
"Perfect" scenario suggests market reversal right around 9.2-9.3K area as it should happen due H&S shape. This is good resistance of AB=CD target agreement with major 5/8 Fib level. But - we do not see this reversal yet. Market currently is coming to the upper range of the area where reversal potentially should happen - this is the top of left arm. Since price action steps out from "perfect" way - bears need more confirmation that market indeed is turning down. It means no "blind" sell just because we're at resistance.
Bears should follow two possible ways. First is - drop the time frame more, say to 15 min chart and watch for bearish reversal patterns. Most probable are butterfly or H&S, or their combination. Once you will get it - this should let you to place tight stop, based on the patterns.
Second way - wait for reversal and downside action then try to enter on minor pullback.
For the bulls not much to do right now - market has to climb above XOP to prove ambitions on upside breakout. In this case you could use Stop "Buy" order around 10-10'050 area.
Take care.
S.
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.