Morning guys,
BTC shows real strength, shows minor reaction on potential daily 3-Drive "sell", mostly ignoring it.
Intraday bearish patterns that we've mentioned yesterday also has been erased. Now BTC stands above major daily resistance of 5600, ignoring bearish patterns that could become a background of healthy reaction on resistance. It means that BTC shows real strength.
In current circumstances we have to increase the scale and see what stands ahead as all daily levels have been broken already.
As we've said last week, our next upside target is 6500. And here is why - this is natural support/resistance area and former all time 5/8 Fib support. But it is not all yet. Here we also have weekly K-resistance area of two Fib levels. Normally, market should show meaningful reaction on such a strong area.
BTC shows real strength, shows minor reaction on potential daily 3-Drive "sell", mostly ignoring it.
Intraday bearish patterns that we've mentioned yesterday also has been erased. Now BTC stands above major daily resistance of 5600, ignoring bearish patterns that could become a background of healthy reaction on resistance. It means that BTC shows real strength.
In current circumstances we have to increase the scale and see what stands ahead as all daily levels have been broken already.
As we've said last week, our next upside target is 6500. And here is why - this is natural support/resistance area and former all time 5/8 Fib support. But it is not all yet. Here we also have weekly K-resistance area of two Fib levels. Normally, market should show meaningful reaction on such a strong area.
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/