Morning folks,
So, we've got the drop that counted on last time and BTC once again at 5/8 support. But is it ready to be bought now? I have big doubts on it. BTC now stands in tight performance with the US interest rates. Once they have jumped to 1.56% area - BTC has dropped.
Right now, interest rates suggest minor retracement, as "222" Sell pattern has been completed there. The reflection of this we have on BTC - a bit ugly 3-Drive buy, suggesting possible pullback to 48.1-48.3K area. But this is only for scalp traders.
In a bit longer perspective, we think that the time is not come yet to invest. First is - drop was rather deep and choppy. Market stands at 5/8 support for the second time, which increases the chance of further drop back to the lows. Second - right now we do not have any clear bullish pattern and no solid bullish performance that could assure us with reversal.
That's being said - if you trade on 1H or lower time frames, you could try to buy with 48.1-48.3 target at K-resistance area. While on higher time frames, daily/weekly basis, we do not see sufficient context for long entry right now. Chances on re-testing of major lows have increased as well, with this recent downside action...
So, we've got the drop that counted on last time and BTC once again at 5/8 support. But is it ready to be bought now? I have big doubts on it. BTC now stands in tight performance with the US interest rates. Once they have jumped to 1.56% area - BTC has dropped.
Right now, interest rates suggest minor retracement, as "222" Sell pattern has been completed there. The reflection of this we have on BTC - a bit ugly 3-Drive buy, suggesting possible pullback to 48.1-48.3K area. But this is only for scalp traders.
In a bit longer perspective, we think that the time is not come yet to invest. First is - drop was rather deep and choppy. Market stands at 5/8 support for the second time, which increases the chance of further drop back to the lows. Second - right now we do not have any clear bullish pattern and no solid bullish performance that could assure us with reversal.
That's being said - if you trade on 1H or lower time frames, you could try to buy with 48.1-48.3 target at K-resistance area. While on higher time frames, daily/weekly basis, we do not see sufficient context for long entry right now. Chances on re-testing of major lows have increased as well, with this recent downside action...
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.