Morning guys, here is just fast add-on to our recent analysis. Daily chart is most representative right now as it shows pattern and potential drop to 2900 target. Meantime, intraday chart also brings some clarity today as we could recognize clearer triangle/pennant pattern, which could be treated as continuation one.
Morning guys, Market shows very weak reaction on any bullish patterns that was forming on intraday charts. Current situation is not an exception. This makes us to wait for 1.618 butterfly target on daily chart around 2900$. Reaction on 1.27 target was just minor harmonic swing. Once trend stands bullish by MACD but price shows flat action - this makes us think...
Greeting everybody, We're still watching for extention of upside retracement and patterns that could trigger it. Since taking of bearish position is postponed on indefinite time, because we need to wait either when upside retracement will be over or for clear signs of BTC failure and downside action. Now we do not have anything of this kind. For short-term...
Morning guys, Now we're investigating upside retracement on daily chart, which could happen by one of the three patterns - "222' Buy", Double Bottom or butterfly "Buy". As '222" Buy already stands in place - we're watching of market reaction on it. Yesterday we've talked that upside action could start by H&S pattern, and indeed, market hit the neckline and now...
Greeting everybody, We continue to work with short-term retracement action on BTC. As our downside target has been perfectly hit yesterday - 4H AB-CD pattern and butterfly "Buy' on 1H, we've got perfect "222" Buy, which could lead to fargoing consequences. First is, at least 30% upside action, but potentially we could get DRPO "Buy" pattern on daily chart and...
Morning guys, Our K-resistance area of 4250-4300$ that we've mentioned last week is working well. Market indeed has failed to break it on marche. Taking in consideration strong bearish momentum that still stands on the market, our most conservative expectation is deep retracement to 3717 area and completion of AB=CD pattern, which should give us daily '222"...
Morning guys, yesterday we've talked about possible sell trade around 4300$ K-resistance area, which also was an Agreement with our AB-CD pattern. As a result we've got "222" Sell, which suggests at least pullback to 3900$ area. Although drop could be stronger, since bearish momentum still stands here and BTC now shows first moderate upside retracement after...
Morning guys, Miracle has not happened, (to be honest we don't count on it too much) as market has failed to complete our AB-CD pattern and dropped after it has failed to break trendline on hourly chart. Now, again, theoretical chances exist with action to 4200$ by AB=CD retracement, as market has two bullish grabbers on 4H chart. But my suggestion is -...
Hey everybody, Here we introduce possible scenario of upside pullback on BTC. This is not the call to buy it, this is just a suggestion the shape of retracement. Depending on your view, you could treat this either as setup for scalp buy trade or rally to sell into. In general we have long-term bearish view, we've talked about it many times in our previous...
Morning everybody, BTC has hit long term targets around 4000-4200 area - daily 1.618 and weekly 1.27 butterflies. Since they are accompanied by daily oversold as well - this good background at least for technical pullback. On 4H chart we also have steep AB=CD pattern. At first glance, pullback is possible at least to 5000 $ area which is Fib K-resistance area,...
Morning guys, Action on BTC is so strong that we do not need even intraday charts now. As we've mentioned recently, BTC has no meaningful technical supports any more - only extension targets and oversold levels. Thus, next area is 4400$ 1.27 weekly butterfly target and 4100$ daily 1.618 butterfly + oversold area. Maybe there some retracement will take place....
Morning guys, On Friday we've talked about potential retracement that BTC could form reverse H&S. But, it was not formed. Current price action lets us think that downside tendency should continue. Our next target is ~5000$ - 1.618 butterfly on 4H chart and 1.27 of daily butterfly. For more extended targets and wider analysis - watch daily video on our website.
Morning guys, As we've said, market has completed few long-term targets and yesterday has re-tested daily Oversold for 2nd time. Although long-term view, as well as momentum still stand bearish - BTC needs relief. IT could happen by reverse H&S pattern that is forming there with upside potential to 5/8 Resistance around 5900$ area
Morning guys, So, our long-term weekly trage that we've talked about in recent 2-3 months has been mostly reached (just 100$ difference). Collapse was really miserable. BTC has completed our daily butterfly as well and now stands oversold on daily chart. There is definitely some kind of shock exists here, which turn BTC to some time of flat action and...
Morning guys, As you know we keep long-term bearish view on bitcoin market. Previously we've discussed a lot of patterns that chould be formed here - daily butterfly with 5800 target and 4H one with 6100 just to name some. Today we would like to talk on psychological backround of BTC situation. It has started on Bitfinex collapse and explosive demand for...
Morning guys, BTC confirms our bearish expectation by far and now is coiling around major 5/8 Fib support, although mostly it has broken already. Widening triangle is forming. Usually it breakout starts from inability of the market to reach upper border. In this case we could watch for "222" Sell pattern and it could become nice background for entry on short...
Morning guys, At first glance overall momentum and sentiment looks bullish for EUR, but we see alternative factors from US 10 year yield jump, short-term sentiment analysis and dollar index price behavior. Thus, instead of upside bounce from 1.1360 and forming reverse H&S pattern, we mostly expect to see big 1.618 3-Drive "Buy" and drop to 1.12-1.1230 area next...
Morning everybody, BTC has broken two strong support level which were crucial for keeping bullish scenario valid. Now market looks weak and price stands at last major 5/8 support level. The manner how market response this level looks weak and this lets us think that downside action should continue. As a result we expect to see either AB-CD or, ultimately...