Greetings everybody,
Well, guys, it is "big surprise" of BTC price action in headlines today, but, those who trade on classic markets could say only one thing "Welcome to exchange-traded markets". BTC, once exchanges added them in trading list, starts to show the same classic tricks of market makers that calls "Stop grabbing". In DiNapoli terms it calls "wash *& rinse".
As a result, on daily chart we have grabbed stops (overall loss is around $350 Mln.), failure breakout and good engulfing pattern. As a rule, it leads to the action that you can see on the chart - levels might be different, but overall shape should stand the same. Thus, downside action should take the shape of some AB=CD pattern and reach 8.5-8.8K level, depends on the depth of current pullback.
In a longer-term, it could put the foundation of deeper retracement on the daily chart...
Well, guys, it is "big surprise" of BTC price action in headlines today, but, those who trade on classic markets could say only one thing "Welcome to exchange-traded markets". BTC, once exchanges added them in trading list, starts to show the same classic tricks of market makers that calls "Stop grabbing". In DiNapoli terms it calls "wash *& rinse".
As a result, on daily chart we have grabbed stops (overall loss is around $350 Mln.), failure breakout and good engulfing pattern. As a rule, it leads to the action that you can see on the chart - levels might be different, but overall shape should stand the same. Thus, downside action should take the shape of some AB=CD pattern and reach 8.5-8.8K level, depends on the depth of current pullback.
In a longer-term, it could put the foundation of deeper retracement on the daily chart...
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/