Morning guys,
BTC is forming two inside weeks in a row which makes us gravitate more to bearish scenario. Usually, markets shows fast reversal when stops are grabbed below recent lows. But now it is a bit different case.
Market shows sideways action, which could be the sign that we're just at retracement. On daily chart we also have bearish dynamic pressure and our major 6378$ target on daily chart for a few bucks but has not been completed.
In general BTC is forming triangle consolidation which keeps chances for both directions. Still, taking in consideration things above, we gravitate more to bearish view, as I said, and possible butterfly "Buy" pattern with 6150 target.
If you have bullish view, it would be better to wait for upside breakout of trianlge and recent tops. In this case butterfly will be cancelled.
BTC is forming two inside weeks in a row which makes us gravitate more to bearish scenario. Usually, markets shows fast reversal when stops are grabbed below recent lows. But now it is a bit different case.
Market shows sideways action, which could be the sign that we're just at retracement. On daily chart we also have bearish dynamic pressure and our major 6378$ target on daily chart for a few bucks but has not been completed.
In general BTC is forming triangle consolidation which keeps chances for both directions. Still, taking in consideration things above, we gravitate more to bearish view, as I said, and possible butterfly "Buy" pattern with 6150 target.
If you have bullish view, it would be better to wait for upside breakout of trianlge and recent tops. In this case butterfly will be cancelled.
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.