Morning guys,
So, harmonic drop down and reaching of first K-support area on 4H chart has happened. Now BTC stands at important moment - it has to proceed higher or retracement becomes stronger. Here is our trading plan.
Now, as market stands at strong support area and Agreement (1H XOP target stands here as well) - it is relatively safe to buy against recent lows. Potential loss is small. We suggest that market should show at least AB=CD action to
10.10-10.20 area.
Then we need to take carefully. As you can see on the chart, we could get H&S pattern and market should reverse down precisely around 10.20$. That's will be the thing to keep an eye on. Downside reversal there suggests drop to the next K-support area around 9050$, while breakout through 10.2 suggests upside continuation to 11$.
So you could buy against the lows, when market moves to 10.1-10.2 - adjust stops to breakout and/or book some profit. Then just watch the movie...
P.S.
Bears could consider short entry at the 10.2 top of the shoulder.
So, harmonic drop down and reaching of first K-support area on 4H chart has happened. Now BTC stands at important moment - it has to proceed higher or retracement becomes stronger. Here is our trading plan.
Now, as market stands at strong support area and Agreement (1H XOP target stands here as well) - it is relatively safe to buy against recent lows. Potential loss is small. We suggest that market should show at least AB=CD action to
10.10-10.20 area.
Then we need to take carefully. As you can see on the chart, we could get H&S pattern and market should reverse down precisely around 10.20$. That's will be the thing to keep an eye on. Downside reversal there suggests drop to the next K-support area around 9050$, while breakout through 10.2 suggests upside continuation to 11$.
So you could buy against the lows, when market moves to 10.1-10.2 - adjust stops to breakout and/or book some profit. Then just watch the movie...
P.S.
Bears could consider short entry at the 10.2 top of the shoulder.
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/