Morning guys,
Our scenario stands in progress - daily XOP around 6.4K mostly is completed, BTC has finalized downside action by 4H butterfly "Buy" pattern that we've mentioned yesterday.
This pattern also should be the background for traders who intend to take long position. Now we have first upside reaction in place. If you've missed this chance - don't upset too much, here is another one.
Our butterfly could become a part of reverse H&S pattern. If you still want to go long here - consider 6850$ level which is AB=CD target and major 5/8 Fib support (i.e. DiNapoli Agreement). Potentially this is also the right arm bottom where BTC could start upside extension. H&S target is 7680$ area.
If market will not turn up again from 6850$ and start dropping lower - this will be bad sign, suggesting breakout of recent lows.
Our scenario stands in progress - daily XOP around 6.4K mostly is completed, BTC has finalized downside action by 4H butterfly "Buy" pattern that we've mentioned yesterday.
This pattern also should be the background for traders who intend to take long position. Now we have first upside reaction in place. If you've missed this chance - don't upset too much, here is another one.
Our butterfly could become a part of reverse H&S pattern. If you still want to go long here - consider 6850$ level which is AB=CD target and major 5/8 Fib support (i.e. DiNapoli Agreement). Potentially this is also the right arm bottom where BTC could start upside extension. H&S target is 7680$ area.
If market will not turn up again from 6850$ and start dropping lower - this will be bad sign, suggesting breakout of recent lows.
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.