Greetings everybody,
So, despite we've got relatively good NFP numbers and our H&S has worked nice - we still think that BTC has room for bullish context and its not cancelled yet. This is because of few details that we have here. First is, recall our "222" Sell on 4H chart from previous "idea". Downside action stopped at 5/8 Fib support area after H&S has been triggered. Now, take a look - price stands above neckline and overall downside performance looks a bit stretched. This makes us to see purchases stand behind the current price action. NFP report was very comfortable to everybody as it keeps door open for dollar rivals as well.
Taking it all together we suggest two things. First is - if you would like to sell, wait for 5/8 Fib level breakout as I call it "Vital bullish lows". For instance, you could use Stop "Sell" order below 32.5K area. Because bullish context is valid until market stands above it. Consequently, for the bulls - you could consider long entry until market stands above these lows. Try to take position on minor pullback to them, to minimize the risk. There are multiple upside patterns could be formed here - AB=CD that I've drawn, butterfly, etc. If we're not mistaking in our view - upside target should be around 39K first, with possible extension to 41K.
Another reason, why we do not totally deny BTC upside view is ETH picture. There it looks better. So, maybe it doesn't work but it makes to consider it still...
So, despite we've got relatively good NFP numbers and our H&S has worked nice - we still think that BTC has room for bullish context and its not cancelled yet. This is because of few details that we have here. First is, recall our "222" Sell on 4H chart from previous "idea". Downside action stopped at 5/8 Fib support area after H&S has been triggered. Now, take a look - price stands above neckline and overall downside performance looks a bit stretched. This makes us to see purchases stand behind the current price action. NFP report was very comfortable to everybody as it keeps door open for dollar rivals as well.
Taking it all together we suggest two things. First is - if you would like to sell, wait for 5/8 Fib level breakout as I call it "Vital bullish lows". For instance, you could use Stop "Sell" order below 32.5K area. Because bullish context is valid until market stands above it. Consequently, for the bulls - you could consider long entry until market stands above these lows. Try to take position on minor pullback to them, to minimize the risk. There are multiple upside patterns could be formed here - AB=CD that I've drawn, butterfly, etc. If we're not mistaking in our view - upside target should be around 39K first, with possible extension to 41K.
Another reason, why we do not totally deny BTC upside view is ETH picture. There it looks better. So, maybe it doesn't work but it makes to consider it still...
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.