Morning guys,
Today we can't say anything sweet to the bulls. Recent action shape doesn't correspond to idea of upside reversal and mostly reminds retracement due reaching of daily oversold area on Friday.
Now, BTC is not at oversold anymore, and on 4H chart we have signs of bearish dynamic pressure as trend stands Bullish by MACD but price action shows no upside action.
This leads us to couple thoughts. First is - currently we do not have good background for taking long position. Second - it seems that our scenario with large downside AB=CD 7.5 K retracement is valid.
Today we can't say anything sweet to the bulls. Recent action shape doesn't correspond to idea of upside reversal and mostly reminds retracement due reaching of daily oversold area on Friday.
Now, BTC is not at oversold anymore, and on 4H chart we have signs of bearish dynamic pressure as trend stands Bullish by MACD but price action shows no upside action.
This leads us to couple thoughts. First is - currently we do not have good background for taking long position. Second - it seems that our scenario with large downside AB=CD 7.5 K retracement is valid.
ForexPeaceArmy BTC analytics :
www.forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
www.forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
www.forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
www.forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/