So, it seems our yesterday suggestion was correct and BTC perfectly (almost) completes as 1H H&S pattern as 4H AB=CD. Also you could recognize minor butterfly "Sell" on CD leg of this pattern.
I said "almost" because target stands slightly higher, around 13.1K area. But this is minor detail...
What is really important - what will happen...
Let's step out a bit from long-term suggestions and focus on our tactical setup that we have. Yesterday we've discussed reverse H&S pattern on 4H chart and now it comes to culmination point.
Right arm's bottom is almost completed. Thus, if you plan to go long - that's your point where you have to make a decision.
On 1H chart we could see the whole...
BTC shows response on major daily 9K target, which is also strong Fib support area and former oversold level. Now we could recognize Morning star candlestick pattern on daily, which takes the shape of reverse H&S on 4H chart
This is common thing.
Thus, within 2-3 sessions we will deal with this pattern. As usual, those who wants to go long - keep...
As we've discussed medium-term perspective yesterday, today we pay attention to minor thing, technical price action around major target.
Depsite that our AB=CD journey to 9K area mostly is done - BTC has not quite reached the target yet, as it stands at 8970$ area, but started upside action.
We want to warn you - if you consider long entry by...
So, yesterday setup is done perfect, market stands in few bucks from 9000$ major daily AB=CD target.
But today we want to talk on medium-term perspective... what's next and what we see from recent price action.
If we pay some attention to details then we could recognize strong bearish efforts. Indeed, as yesterday as two days ago - sell-off was...
So, upside bounce that we've suggested yesterday is done. Now we have to match the facts. Such combination as uncompleted major targets at 9680 and 9000$, downside acceleration on daily chart and
reaching of strong resistance on 1H chart (BTC is not at oversold on daily any more). Upside harmonic swing is done as well.
Thus, if market still...
So, our 11K-12K ping-pong trading plan has done perfect. The H&S pattern that we've discussed on Thu is almost done. Due to the solid drop on Friday, BTC stands oversold on daily chart and at the same K-support area.
As a result, it is difficult to count on immediate downside continuation.
Nearest target is H&S AB=CD at 9700. BTC could try to...
So, reversal setup around 13.12K predefined area has worked perfectly. Thanks to JPowell negative comments on Libra, BTC has got downside acceleration.
Still, on the daily chart we do not cancel totally idea of upside butterfly, at least until price stands above 10K area.
Today - tomorrow we're mostly focused on tactical price action. Our...
Last week we talked on two possible ways of major retracement - either in the shape of wide AB=CD pattern or extended H&S pattern.
And we said - keep an eye on price action inside triangle. If BTC will not break it down, or stops downside action by some reason - be careful. It could be early signal of possible upside continuation.
We conitnue our journey with major retracement on BTC market. The price shape points that usually retracement takes two most common directions. First scenario we already have considered, and
it suggests AB=CD downside action first to ~9K area then pullback and second CD leg to 7K area. Thus, it will be big AB=CD, based on weekly shooting star...
So, yesterday's factors were really strong, deadly combination for the bears of daily K-support and oversold. As a result our suggestion on pullback seems to be correct.
But, still, we treat it just a reaction on daily oversold, but not as starting of new upside swing. Mostly because bearish pressure stands strong, and two days ago market ignored...
It is difficult to express in one post the whole picture that we see. It would be better if you watch the video, where we cover all time frames...
Market ignores strong technical issues. Yesterday it drops deeper in oversold and broken through intraday K-resistance area.
Now BTC stands at major daily K-support and OS area as well. On...
While we keep our long-term view intact and now it is really good chances that recent huge spike on weekly chart is a starting point of the retracement that we're waiting for,
today we take a look at short-term perspective.
As sell-off was rather fast, last week we've suggested that some downside continuation should happen in a shape of AB-CD...
So, as we've said last time - we go from one major resistance to another and nearest was major 5/8 on weekly around 13500$. It has been hit.
We do not consider right now our major target here of 15.3K, just because it stands beyond weekly Overbought and we do not need it for few weeks probably.
As a result we've got DiNapoli bearish "Stretch"...
It seems that we have to show our longer-term view, because not everybody watching our videos on FPA website. Our previous updates stands at daily and below and
doesn't show total view. In fact our trading plan consists of two parts. Longer-term, strategical one suggests two things - major retracement and take long-term investing on BTC market....
Our 3-Drive "Sell" that we've discussed last time on daily was disrespected by BTC market and has not triggered any major retracement. But this is doesn't change the core of our major trading plan.
Sooner or later but major retracement will start, this is just how market works. Our suggestion - once it starts it should reach ~6500$ area....
Our H&S setup has been erased by market as price has climbed above 8300$ on Friday. We warned in our report, if this will happen - H&S setup will fail and market moves above the top (i.e. the head).
Still, we keep our larger context the same - we expect moderate retracement on BTC and sooner or later but it should start. Our context doesn't...
So, our upside AB=CD action, based on last report to 8300$ area is done. As a result our "222" Sell on 4H chart stands ready to trigger downside action.
In fact, "222" Sell is a part of our H&S pattern on daily. Currently the final stage of our retracement trading plan should start. We should get downside continuation to 6400-6600$ area.