Morning folks, We're keep watching for BTC suffering around bullish vital 26.5K support area. First pullback looks not impressive and is looking not like the start of new upside action. Now, market is coming on 2nd test. For the truth sake, our preferable scenario is downside breakout, just because of not friendly fundamental background. This week US Treasury...
Morning folks, As we've warned you last time - don't be too happy with debt ceil rally, as it is nothing to celebrate by far. Formally, BTC keeps bullish scenario valid, but it stands at the edge. We suggest that 26.5-26.8 is a vital area for the bulls, because this is last logical retracement level. Downside breakout opens road to next 23K support and target...
Morning folks, So, Debt ceil achievement, as any external factor, has brought its own adjustment to technical picture. BTC emotional reaction is understandable, but what will happen, when, say bill will stuck in Congress or Senate? In both Houses we have very fragile majority of Rep and Dems correspondingly. But, most interesting - what will happen to BTC...
Morning folks, So, BTC confirms our suggestion of weakness and slipped a bit lower. It is big temptation to think about possible upside reversal, treating this price shape as "222" Buy, or even potential double bottom, but I wouldn't hurry up with this conclusion. In general, I would wait for more bullish signs. If this is upside reversal indeed - market very...
Morning folks, Last time we've discussed possible upside reaction on daily target and support area, and suggested, that BTC could try to take it in a shape of upside AB-CD pattern. Since we were not considering and are not considering right now any long positions due to our fundamental view on BTC. And upside bounce should be nice chance to sell at good...
Morning folks, Once our first major daily target around 25.7-26K has been completed, BTC has started reasonable retracement. By the price shape we can't treat it as upside reversal and suggest that most probable it could become an AB=CD shape up to 28.4K area, at best. Then, we think that downside action could continue. Our next downside daily target stands...
Morning folks, So, our 1st daily H&S target is completed perfectly, in a way of downside AB-CD, with CD leg shape in a way of butterfly pattern. The question is - should be we buy already? I would say - no. First is, because daily H&S also has 1.618 ultimate target around 24K that agrees with major daily support area of 23.8-25K. But not this moment is a major...
Morning folks, we do not big changes in our trading plan - everything goes by classic scenario of H&S pattern. Now price stands around the neck. We do not consider any long positions by far. Supposed target of this pattern is 25-26K, which is the vital one for further bullish BTC scenario. For short entry you could consider near standing resistance levels....
Morning folks, We do not need to make drastic shifts to our trading plan as BTC is going accurate with it. The core is daily H&S pattern with 26K destination point. Next week was some risk around the top of right arm and it was seemed that BTC could break it, but it couldn't, and H&S starts to work. Now, market is coming to 27K neckline area. We do not consider...
Morning folks, Today we need just 1H chart to make an update, because BTC shows humble reaction on Fed statement, at least compares to gold market. Despite minor bounce - the daily H&S is still valid and we could talk about its failure only if BTC returns back into 30-31K range, at least. For now - the only Fed's fruit here is "222" Sell pattern. If you believe...
Morning folks, BTC accurately follows to our daily H&S scenario. Now it seems that the top of right arm is in place already. If you're looking for bearish position taking but missed to do this around 29.5K area, discussed last time - here you could watch for 3/8 retracement on 1H chart, somewhere to 28.9-29K area. The top around 29.5K also is an indicator of...
Morning folks, BTC very accurately follows to our H&S shape. So, the right arm's top that we've discussed on Monday is completed now. For the bears - this is the moment of decision making on entry. Additionally, H&S is great directional indicator. Its failure (which we think as less probable scenario), suggests immediate upside continuation and 31K level...
Morning folks, BTC accurately follows to our H&S plan. Our intraday target around 26.5-27K which is the neckline, is mostly done. Next step that we're watching is a forming of the right arm around 28-28.5K and then major extension to 24-25K area - strong daily support. Depending on your view you could choose corresponding positions. Intraday bulls could...
Morning folks, So, BTC starts nice with our minor 1H H&S pattern, and its minimum target, OP around 28.3K area is done. CD leg shows acceleration, so after some minor bounce we expect continuation to the next ~27K area. This action is a part of our larger H&S scenario on daily chart and 26.5-27K actually is a neckline.
Morning folks, Once our 31K OP target has been hit - BTC starts to show tactical signs of weakness. It is vital for BTC to stay above 25.5-26.5K support area to keep major upside trend with 36-38K destination point. Downside breakout of 26K support level could significantly increase chances on downside acceleration. In very short-term, we consider first step...
Morning folks, So, this part of our plan is done - market hits 29.4-30K area. Let's say "thank you", JPow. Does it mean that price is already on the way to next 35.5-38K target/resistance area? I wouldn't say it yet. Just because around 30.5-31K we have resistance. And before take position for further upward action, we have to be sure that this is real upside...
Morning folks, So, market stands quiet in recent 3 weeks and we have not many thinks to add to our previous view. In short-term perspective, we still think that here we should get some upside spike, supposedly to 29.4-31K at least. THus, we do not consider any short positions by far. Concerning longs one - we follow the same tactics of searching patterns inside...
Morning folks, No big changes so far. We do not see yet the crash of bullish context. Since our major 29.4K target has not been completed yet - we could take position that could lead us there. Today we consider intraday 27.2K area as potential entry. Once major target will be hit - we need to see in what manner this will happen. If BTC will hold above 30K we...