Morning guys,
How do you like Crude oil, performance? ;)
On BTC we keep our scenario with H&S pattern and price has reached our first approximation - support of 8K area. But the way how it was reached makes us think on minor continuation before potential reversal could start. Now we do not see any drop in hash rate, which means that H&S still could work. The only moment that makes us to see for deeper level is fast drop. This is sign of weakness for H&S pattern.
On daily, as you can see, we have AB=CD on a right arm (red lines) and CD leg shows fast acceleration. At the same time, the bottom of left arm is blur and it stands in range of 7.2-8+ area. Thus, completion of AB-CD at 7.2$ will not break H&S yet. And this is our primary target for 2-3 sessions.
Anyway, for long position taking we have to get clear bullish reversal pattern on 1H chart, which we do not have yet. Today we expect respect of 8K area, as this is major 5/8 Fib support and our intraday XOP of 8020 level.
Only rally to 9.1K level right from here could make us to change the mind.
How do you like Crude oil, performance? ;)
On BTC we keep our scenario with H&S pattern and price has reached our first approximation - support of 8K area. But the way how it was reached makes us think on minor continuation before potential reversal could start. Now we do not see any drop in hash rate, which means that H&S still could work. The only moment that makes us to see for deeper level is fast drop. This is sign of weakness for H&S pattern.
On daily, as you can see, we have AB=CD on a right arm (red lines) and CD leg shows fast acceleration. At the same time, the bottom of left arm is blur and it stands in range of 7.2-8+ area. Thus, completion of AB-CD at 7.2$ will not break H&S yet. And this is our primary target for 2-3 sessions.
Anyway, for long position taking we have to get clear bullish reversal pattern on 1H chart, which we do not have yet. Today we expect respect of 8K area, as this is major 5/8 Fib support and our intraday XOP of 8020 level.
Only rally to 9.1K level right from here could make us to change the mind.
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.