Sive-Morten

7.9-8.1 invalidation point

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Morning guys,

Well BTC was not able to complete our cup pattern, so we were out at breakeven. But it doesn't mean that bullish scenario is failed.

Invalidation point is 7.9-8.1 level. 7.9K stands for daily K-support, while 8.1 is a butterfly vital bottom. Dropping below these levels BTC breaks the tendency of higher lows and this means the reversal. Until this happens - BTC keeps chances on upside continuation.

Now price stands at 5/8 Fib level and Agreement area. If you take a look at 1H chart you'll see pretty nice engulfing pattern which is also puny "222' Buy. It suggests upside bounce at least to 9.2 area, so you could try to buy with stops against the lows and then move to breakeven.

If BTC is not able start upward action right from here, then it drops to 7.9-8.1 area and it will be decisive.

As usual - detailed analysis in the video on forexpeacearmy website.

Comments

Hello my dear friend
Your analysis is unparalleled
But I was surprised to receive 10,600 or bullish butterfly!!!!
The hash ribbon indicator has been and is deeply declining
Thanks a lot sive
Reply
Hi.thank you for perfect analysis
According to your full description
If the price fails to stabilize above 9263, then is it possible that the butterfly pattern will be canceled?
Reply
Sive-Morten Dorsakhojasteh
@Dorsakhojasteh, Well, theoretical cancellation comes at 8K lows. But, downside breakout of major 5/8 support area could become a negative sign.
Reply
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