Morning guys,
Our former setup was done accurately. Indeed BTC has re-tested the neckline of daily pattern and was able to hold above it. Current consolidation has bullish sentiment and we suggest that butterfly pattern could be formed here, because it's target coincides with daily H&S final destination and major 5/8 Fib resistance level of 8925$.
Still we have reasons to suggest that upside action of right wing should start a bit lower, somewhere around 7880$ level.
The bottom of the butterfly is crucial area for this setup. Because it is not just about butterfly, but about H&S as well. If BTC will drop below 7.7K - it will drop below the neckline which will be bad sign and mostly erase upside scenario.
That's being said, while BTC stands above 7.7 lows we keep an eye on 7880$ level as potential area where market could reverse up. Final destination is 8925$.
Our former setup was done accurately. Indeed BTC has re-tested the neckline of daily pattern and was able to hold above it. Current consolidation has bullish sentiment and we suggest that butterfly pattern could be formed here, because it's target coincides with daily H&S final destination and major 5/8 Fib resistance level of 8925$.
Still we have reasons to suggest that upside action of right wing should start a bit lower, somewhere around 7880$ level.
The bottom of the butterfly is crucial area for this setup. Because it is not just about butterfly, but about H&S as well. If BTC will drop below 7.7K - it will drop below the neckline which will be bad sign and mostly erase upside scenario.
That's being said, while BTC stands above 7.7 lows we keep an eye on 7880$ level as potential area where market could reverse up. Final destination is 8925$.
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.