Morning guys,
Yesterday we've said that BTC has to hold above major K-support area to keep bullish sentiment. Despite dollar-supportive Fed decision yesterday, BTC was able to stay above major K-support
and formed "222" Buy pattern. Currently I'm not sure on real upside continuation, as upside channel has been broken, but minor pullback as respect of this area is possible, somewhere to 6450 area.
At the same time, we do not like sighs of acceleration in downside action in recent 2 session. As our long-term view is bearish on BTC and we treat this action just as a retracement, adding mostly dollar supportive
sentiment on the traditional markets - we suggest with high degree that downside action on next week will continue.
Right now market stands at final bullish outpost. So, if you still would like to go long - that's the last area and bullish invalidation point. Breaking of this support will turn technical picture bearish.
We still suggest move stop to breakeven asap on any long position here as foundation for BTC appreciation looks fragile.
Yesterday we've said that BTC has to hold above major K-support area to keep bullish sentiment. Despite dollar-supportive Fed decision yesterday, BTC was able to stay above major K-support
and formed "222" Buy pattern. Currently I'm not sure on real upside continuation, as upside channel has been broken, but minor pullback as respect of this area is possible, somewhere to 6450 area.
At the same time, we do not like sighs of acceleration in downside action in recent 2 session. As our long-term view is bearish on BTC and we treat this action just as a retracement, adding mostly dollar supportive
sentiment on the traditional markets - we suggest with high degree that downside action on next week will continue.
Right now market stands at final bullish outpost. So, if you still would like to go long - that's the last area and bullish invalidation point. Breaking of this support will turn technical picture bearish.
We still suggest move stop to breakeven asap on any long position here as foundation for BTC appreciation looks fragile.
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.