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BTC 117.70K determines the next stepMorning folks, So, old Donny has put dirt to everybody... of course we were watching for the drop, as we discussed it on Thu, but it should had to be just a pullback. Obviously we got no entry signal on Friday collapse. Now there are a few interesting patterns are forming monthly/weekly charts, but it is a different story. Here we suggest to give market some time to calm down. In fact, daily price shape is very similar to huge Bearish engulfing pattern. So, we do not exclude some downside continuation if BTC holds below 170.70K resistance area. In fact, this is the key to the next step. Upside breakout of this area will erased the whole Friday's collapse, and mostly will be bullish... But right now we do not consider any trades.
COINBASE:BTCUSD
by Sive-Morten
Going to 102KToday, guys we show you the longest and shortest our charts. First one is a monthly time frame, and it shows strategical targets, and the nearest one is 102K. Pay attention that price is coming to historical record of overbought level. This combination significantly increases the retracement chances once 102K target will be reached. Still, on 1H chart BTC accurately completed our 98K target - butterfly and 3-Drive patterns. Although downside retracement here is also possible, thus minimal butterfly target is 3/8 pullback to 96.50K area. But we do not expect that retracement will become more extended. The attractiveness and magic of 100K level strongly acts on the minds of investors, so by all efforts BTC will tend to touch 100K area
BITFINEX:BTCUSDLong
by Sive-Morten
1
19.5-20K is a moment of truthMorning everybody, We have hoped that BTC completes 25K butterfly on daily chart, but it seems that situation turns different. Still, this is not vital, but technically it would be perfect, if this would happen. Anyway, as we expect that downside action continues on other assets, as we do on BTC. In nearest term we expect minor upside bounce (as on EUR, Gold as well), but then downside action should continue by our view. On daily chart (not shown here) we have DiNapoli DRPO "Sell" pattern. Here, on 2H chart, performance takes the shape of round top with multiple upside AB-CD's. So, hopefully this sequence continues, and once pullback will be done, we get another downside extension. All in all, we're mostly watching for 19.5-20K downside target, because this is potential bottom of the reverse H&S right arm on weekly chart. This is the level where the major perspective will be determined... Now it is just tactical fluctuations... Oh, yes - now we do not consider any bullish positions. Daily trend is bearish...
COINBASE:BTCUSD
by Sive-Morten