Morning folks, hope you're doing well...
So, setup today is mostly the same as last time. We're watching for long entry on BTC. First level is 8130 - AB=CD target that agrees with first 3/8 Fib support, second level is K-support around 7.5-7.8 area.
Two moments to consider this week. Halving is coming and it should happen within few days. Market stands in standby mode to react. Second - BTC-stocks correlation stands near 100% now. S&P has record bearish positions now and stocks prepares to pullback. It means that there are good chances to see 7.5-7.8K area this week. Thus, if you use scale-in entry, it makes sense to hold 70% till K-support area.
So, setup today is mostly the same as last time. We're watching for long entry on BTC. First level is 8130 - AB=CD target that agrees with first 3/8 Fib support, second level is K-support around 7.5-7.8 area.
Two moments to consider this week. Halving is coming and it should happen within few days. Market stands in standby mode to react. Second - BTC-stocks correlation stands near 100% now. S&P has record bearish positions now and stocks prepares to pullback. It means that there are good chances to see 7.5-7.8K area this week. Thus, if you use scale-in entry, it makes sense to hold 70% till K-support area.
Note
Keep watching, guys. I think that it is not the end yet and we still should wait for support areas as BTC could reach them during Friday's NFP release, when volatility could be extremely high. Here, for instance, downside butterfly could be formed...
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.