Bitcoin has done the complete opposite of our outlook. Last week it had a massive sell-off, losing over -18%. Its movement has changed the pattern that we are watching. It still is a bullish pattern, converting from a Symmetrical Triangle to a Bull Flag Pattern.
With the force of the move from over $10,000.00 moving bellow $7,800 before settling above $8,000 shows us this move may not be over. We are not taking any buys on BTC at this point. A break and close above $9,000 would give us the confidence to look for bullish setups on this pair.
Due to the large pattern, we don’t see any selling opportunities since it has made the major impulsive move. If the price cannot break about the $9,000 region, we could see more bearish setups in the future
THE PLAY: Neutral as the bearish impulse has already taken place, and the bullish pattern has changed, but not confirmed yet.
BTCUSD
With the force of the move from over $10,000.00 moving bellow $7,800 before settling above $8,000 shows us this move may not be over. We are not taking any buys on BTC at this point. A break and close above $9,000 would give us the confidence to look for bullish setups on this pair.
Due to the large pattern, we don’t see any selling opportunities since it has made the major impulsive move. If the price cannot break about the $9,000 region, we could see more bearish setups in the future
THE PLAY: Neutral as the bearish impulse has already taken place, and the bullish pattern has changed, but not confirmed yet.
BTCUSD